Objective
Seeks capital appreciation through investment in European equities with market capitalization greater than 65 million euros. Focuses exclusively on developed European markets.
Strategy
Diversify portfolio using strict controls on the level of investment in any particular industry to maximise the impact of individual stock selection – assess relative earnings strength and valuation discrepancies within industry groups, based upon the premise that stock markets are reasonably, but not perfectly, efficient; investor sentiment is considered through analysis of earnings revisions, analyst recommendations and price behavior
| Fund Facts | |
|---|---|
| Asset Manager |
|
| Benchmark | MSCI Europe Index |
| Fund Inception Date | July 12, 2010 |
| Mimimum Investment | €50,000 |
| Expense Ratio | 1.55% |
| ISIN | IE00B3DD4Y80 |
Annual Average Total Returns
(%) as of 30/09/2021
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| European Equity Fund | 0.84 | 28.75 | 3.35 | 6.07 | 8.91 | 6.12 | 9/7/2010 |
| MSCI Europe Index | 0.83 | 29.48 | 8.51 | 8.82 | 10.39 | 8.63 |
Characteristics as of 30/09/2021
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 17.1B | € 48.2B |
| Average Price/Book | 1.3x | 2.1x |
| Average Price/Earnings | 13.8x | 17.3x |
| Average Yield | 2.3% | 2.5% |
| Beta (ex ante) | 1.1 | N/A |
| Active Share | 78.3 | N/A |
| 5 Yr Earnings Rate | 2.9% | 0.0% |
| Ten Largest Portfolio Holdings | 17.2% | 6.2% |
| # Securities in Portfolio | 125 | 432 |
| Turnover Rate (12 Mo) | 82.3 | N/A |
| Fund Size | € 143.3MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 4.1 | 3.8 | 0.3 |
| Consumer Discretionary | 11.8 | 11.7 | 0.2 |
| Consumer Staples | 12 | 12.5 | -0.6 |
| Energy | 5.2 | 4.8 | 0.4 |
| Financials | 17.6 | 16 | 1.6 |
| Healthcare | 12.5 | 14.4 | -1.9 |
| Industrials | 14.7 | 14.9 | -0.2 |
| Information Technology | 8.5 | 8.6 | -0.2 |
| Materials | 7.6 | 7.8 | -0.2 |
| Real Estate | 1.3 | 1.3 | 0.0 |
| Utilities | 4.3 | 4.1 | 0.2 |
| Cash | 0.4 | 0.0 | 0.4 |
| Country | Fund | Index |
|---|---|---|
| France | 29.5 | 16.2 |
| Germany | 14.4 | 14.1 |
| Italy | 3.8 | 3.3 |
| United Kingdom | 15.4 | 19.7 |
| Other Developed Europe | 36.9 | 46.3 |
| Other Developed Asia | 0.0 | 0.5 |
| Top 10 Holdings | % Weight |
|---|---|
| TotalEnergies SE | 2.9 |
| Siemens AG | 2.0 |
| OMV AG | 1.8 |
| SAP SE | 1.7 |
| L'Oreal SA | 1.6 |
| UCB S.A. | 1.5 |
| Alcon AG | 1.5 |
| Pernod Ricard SA | 1.5 |
| QIAGEN NV | 1.4 |
| EssilorLuxottica SA | 1.4 |
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2Q 2021 Performance Review
12-Month Review
- Excess return is generated through stock selection. Outperformance was concentrated in Industrials and Financials. Sectors that adversely affected results were Information Technology and Consumer Discretionary.
- Negative impact from Information Technology was due to a combination of owning cheaper names and not owning expensive names.
3-Month Review
- Stock selection within sectors contributed to almost all excess returns.
- Overweight to the lowest Price/Book quintile and underweight to the highest P/B were the primary driver of underperformance.
- Stock decisions in Consumer Discretionary, Information Technology, and Health Care were the primary detractors to relative performance.
Current Positioning
- The weighted average market cap of the portfolio is less than half that of the benchmark index.
- The overall P/E and P/B ratios are lower than the index.
- Sector weights do not deviate significantly from the index.
- Excess return is generated by quantitative and fundamental stock analytics within sectors.
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Fund Fact Sheet
PDF