US Large Cap Growth Equity Fund

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Strategie

Kurzbeschreibung

Wir suchen nach Aktien, die das Potenzial haben, ein nachhaltiges, zweistelliges Gewinn- und Free-Cashflow-Wachstum zu erzielen und dabei sowohl von disruptivem, hohem Wachstum als auch von dauerhaftem, säkularem Wachstum zu profitieren. Wir sind geduldige Anleger und nutzen unser Research, um differenzierte Erkenntnisse zu gewinnen und mit großer Überzeugung in Unternehmen zu investieren, die im Verhältnis zu ihrem langfristigen Potenzial attraktiv bewertet sind. Die Förderung ökologischer und/oder sozialer Merkmale wird durch die Selbstverpflichtung des Fonds erreicht, mindestens 10% des Portfoliowertes in nachhaltigen Anlagen im Sinne der Verordnung über die Offenlegung nachhaltiger Finanzen (SFDR) zu halten. Darüber hinaus wenden wir interne Filter für die Auswahl an (Ausschlussliste). Der Portfoliomanager wird durch den Vergleichsindex des Fonds, der lediglich zum Performance-Vergleich dient, in seinen Entscheidungen nicht eingeschränkt.

Risiken

Nähere Informationen: siehe „Risikohinweise“

Aktienrisiko
ESG-Risiko
Geografisches Konzentrationsrisiko
Investmentfondsrisiko
Emittentenkonzentrationsrisiko
Verwaltungsrisiko
Marktrisiko
Operationelles Risiko
Stilrisiko

Typisches Anlegerprofil

Anleger mit mittel- bis langfristigem Anlagehorizont, die:

am Wachstum ihrer Anlageinvestitionen interessiert sind
die Risiken des Fonds verstehen und akzeptieren, einschließlich der Risiken in Verbindung mit Anlagen in Aktien

30-Juni-2017 - Taymour Tamaddon, Portfoliomanager,

We bought shares of Starbucks during the quarter. We have liked the company for some time given its dominant global brand in both retail and consumer products channels. The coffee chain sells an addictive product and has a long runway for growth, particularly as it expands internationally. We also expect growth to accelerate due to increasing mobile order usage, new food and beverage innovation, and pricing increases.
We sold shares of Amazon.com on strength during the quarter. Although we trimmed our position size, the company remains a top holding as all indications continue to confirm that the long-term story remains intact. Improving profitability bodes well for future earnings given the healthy topline growth and operating leverage in the business.
We bought shares of medical device maker Becton, Dickinson & Company. We like the company's compelling risk/reward profile, and we believe it is poised to benefit from relatively steady revenue increases and balance sheet improvements. We are also positive on the company's pending acquisition of fellow medical technology company C.R. Bard, which could lead to scale benefits, non-U.S. growth opportunities, and cost synergies.
We trimmed our position in Danaher during the quarter to partially fund our purchase of Becton, Dickinson & Company, which we believe offers a more compelling risk/reward ratio. Danaher is a highly diversified producer of medical, industrial, and commercial products and services. While we like that the majority of Danaher's end markets offer secular growth or low cyclicality, we are less enthusiastic about the company's growth rate.

30-Juni-2017 - Taymour Tamaddon, Portfoliomanager,

Shares of PayPal Holdings traded higher following its latest quarterly report, with total payment volume and active accounts coming in higher than expected. Incremental user engagement across their product suite (PayPal, Credit, One Touch, and Venmo), combined with expanding strategic partnerships (Google, Wells Fargo, and Visa) bodes well for the company's mobile-first strategy aimed at enabling consumers with more convenient and affordable payment options.
Shares of Alphabet traded higher after the company reported another strong quarter of earnings. The diversification of products contributing to revenue growth continues to increase as YouTube, hardware, Google Play, and cloud now make up 18% of total revenue. While the search business is still a significant driver of revenue, it is encouraging to see the breadth and depth of its product offering expanding, which should support long-term durable revenue and profit growth through diversification.
Amazon.com shares rose following its latest quarterly report, with top- and bottom-line results coming in ahead of consensus expectations. Expansion of its fulfilment and logistics networks has helped drive accelerated growth and allowed it to meet the needs of its increasing global footprint. Amazon Web Services, the company's highly profitable cloud computing business, also continues to grow at a rapid pace. In our view, Amazon.com remains well positioned to compound at a healthy rate for several years as it continues to disrupt the traditional retail business model. Its recent bid to acquire Whole Foods is a prime example, as it would allow Amazon to establish an omnichannel presence and extend into new product categories while also expanding its services and private label offerings.
Shares of Tesla continued to trade higher as the company remains on track to begin production of the Model 3 in July. The overwhelming demand for the Model 3, Tesla's first mass-market car, confirms the broad appeal of all-electric vehicles and helps support the company's mission to accelerate the world's transition to sustainable energy and transport. Based on the high level of differentiated innovation at Tesla, we continue to view the company as a dominant player in the shift to autonomous vehicles.
Intuitive Surgical's robotic da Vinci surgical system continues to see growing adoption, helping propel its shares higher. Procedure growth is the engine of the business model and its latest quarterly results confirm a sufficiently broad and deep accelerating trend in that area. Growth is likely to get an additional boost as the company plans to roll out its new and previously undisclosed surgical system, da Vinci X, by year-end.
Humana reported solid first-quarter earnings, primarily driven by prior-period development in its Medicare Advantage business, sending shares higher during the period. The company also reported that its Affordable Care Act individual exchange business performed better than expected and management raised its 2017 guidance. While its merger with Aetna was shelved, Humana remains a possible acquisition target given its focus on the fast-growing Medicare market.