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
  • Scott Investment Partners LLP
  • Los Angeles Capital Management and Equity Research Inc.
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 30/06/2020

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
World Equity Fund (EUR) 18.55 1.99 6.41 5.32 * 5.21 22/2/2015
MSCI All Country World Index (EUR) 16.64 4.07 7.25 6.86 * 6.67
World Equity Fund (USD) 20.77 0.77 5.83 * * 5.75 24/5/2017
MSCI All Country World Index (USD) 19.39 2.64 6.70 * * 6.73

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
  • 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.
  • Fund Fact Sheet

    PDF
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