Objective
Seeks long-term capital appreciation through investment in equities of medium to large capitalization companies (including preferred stock or convertible securities) issued by companies worldwide.
Strategy
Emphasizes diversification across companies in different regions and industry sectors, primarily in developed markets; may invest up to 30% in companies in emerging markets
| Fund Facts | |
|---|---|
| Asset Manager |
|
| Benchmark | EUR Class: MSCI All Country World Index (Euro); USD Class: MSCI All Country World Index (USD) |
| Fund Inception Date | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| Mimimum Investment | EUR Class: €50,000; USD Class: $65,000 |
| Expense Ratio | EUR Class: 1.30%; USD Class: 1.30% |
| ISIN | EUR Class: IE00BKRTPF98; USD Class: IE00BKRTPD74 |
Annual Average Total Returns
(%) as of 31/03/2020
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | -19.63 | -12.05 | -0.87 | 1.09 | * | 2.01 | 22/2/2015 |
| MSCI All Country World Index (EUR) | -19.44 | -8.68 | 1.18 | 2.97 | * | 3.83 | |
| World Equity Fund (USD) | -20.97 | -13.54 | * | * | * | -0.54 | 24/5/2017 |
| MSCI All Country World Index (USD) | -21.26 | -10.76 | * | * | * | 0.87 |
Characteristics as of 31/03/2020
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 29.6B | € 52.4B |
| Average Price/Book | 3.0x | 1.9x |
| Average Price/Earnings | 18.2x | 15.2x |
| Average Yield | 2.3% | 2.9% |
| Beta (ex ante) | 0.9 | 0 |
| Active Share | 68 | N/A |
| 5 Yr Earnings Rate | 15.1% | 14.4% |
| Ten Largest Portfolio Holdings | 15.8% | 9.8% |
| # Securities in Portfolio | 461 | 3,047 |
| Turnover Rate (12 Mo) | 43.5 | N/A |
| Fund Size (EUR Class) | € 239.9MM | |
| Fund Size (USD Class) | $ 16.3MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 6.3 | 9.3 | -3 |
| Consumer Discretionary | 16.5 | 10.8 | 5.6 |
| Consumer Staples | 11.2 | 8.8 | 2.4 |
| Energy | 3.7 | 3.7 | -0.1 |
| Financials | 7.8 | 14.4 | -6.7 |
| Healthcare | 12.9 | 13.3 | -0.3 |
| Industrials | 10.1 | 9.6 | 0.5 |
| Information Technology | 21.3 | 18.8 | 2.5 |
| Materials | 4.7 | 4.4 | 0.3 |
| Real Estate | 1.6 | 3.1 | -1.5 |
| Utilities | 1.7 | 3.6 | -1.9 |
| Cash | 2.2 | 0.0 | 2.2 |
| Region | Fund | Index |
|---|---|---|
| France | 4.6 | 3.1 |
| Germany | 1.8 | 2.4 |
| Italy | 0.7 | 0.6 |
| United Kingdom | 4.5 | 4.3 |
| Japan | 9.6 | 7.6 |
| Canada | 0.8 | 2.7 |
| United States | 55.9 | 56.8 |
| Other Developed Europe | 8.9 | 7.6 |
| Other Developed Asia | 3.6 | 3.2 |
| Other Emerging Asia | 8.5 | 9.5 |
| Other Emerging Markets | 1.1 | 2.2 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 3.2 |
| Apple Inc. | 2.0 |
| Nestle S.A. | 1.6 |
| L'Oreal SA | 1.4 |
| Medtronic Plc | 1.4 |
| Cerner Corporation | 1.3 |
| Abbott Laboratories | 1.2 |
| NIKE, Inc. Class B | 1.2 |
| Amazon.com, Inc. | 1.2 |
| Stryker Corporation | 1.2 |
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Q1 2020 Performance Review
12-Month Review
- The Fund trailed the benchmark over the 12-month period.
- Sector allocation benefited relative results with the largest contribution coming from the underweight to Financials and overweight to Information Technology. The overweight to the poor performing Energy sector detracted.
- Security selection detracted the relative results. Selection results were weakest in Information Technology followed by selection within Energy.
3-Month Review
- Sector allocation benefited relative results. Underweight in the Financials and overweight in the Information Technology were additive during the quarter. The overweight to Energy and underweight to Communication Services detracted. Holding transactional cash during a down-market period helped.
- Relative performance was hurt by security selection within the Information Technology, Consumer Discretionary and Health Care sectors.
Current Positioning
- Geographically, the Fund is modestly underweight to emerging markets and has a neutral weight to the US There is a modest overweight to developed markets outside the US.
- The Fund’s holdings indicate a bias toward growth over value with a higher than market P/E and P/B ratios and a lower dividend yield.
- Sector allocations include overweight in Consumer Discretionary, underweight to Financials and neutral weighting to Industrials. Consumer Discretionary and Consumer Staples are overweighted.
- The Fund is positioned for long term economic growth at reasonable prices.
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Fund Fact Sheet
PDF