Strategy
Investment Objective
The fund’s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognised exchanges and/or markets of developing countries.Investment Approach
- Single decision maker provides clear accountability.
- Identify "best ideas" by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio.
- Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
- Macroeconomic and local market factors are integrated in stock selection decisions.
- Valuation appeal is measured against local market and broad sector opportunity set.
- Broad range of large-cap stocks, incorporating developed and emerging markets.
Portfolio Construction
- Number of holdings: Typically around 90-145 holdings.
- Individual positions: Typically 0.3%-3.0%, maximum 5%.
- Emerging markets exposure: +/- 15% of benchmark.
- Broad sector ranges: +/- 10% of benchmark.
- Country ranges: +/- 10% of benchmark (USA is +/- 20%).
- Currency hedging: Currency views incorporated in stock selection.
- Cash target range: Typically less than 5%.
- Expected tracking error: 300 to 700 basis points.
Past performance is not a reliable indicator of future performance.