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 31/03/2021
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | 7.81 | 44.45 | 13.12 | 10.73 | * | 7.99 | 20/2/2015 |
| MSCI All Country World Index (EUR) | 8.98 | 44.99 | 14.37 | 13.11 | * | 9.67 | |
| World Equity Fund (USD) | 3.49 | 53.59 | 11.32 | * | * | 11.34 | 24/5/2017 |
| MSCI All Country World Index (USD) | 4.68 | 55.31 | 12.66 | * | * | 12.83 |
Characteristics as of 31/12/2020
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 34.3B | € 63.3B |
| Average Price/Book | 3.9x | 2.7x |
| Average Price/Earnings | 30.0x | 25.0x |
| Average Yield | 1.4% | 1.9% |
| Beta (ex ante) | 0.9 | N/A |
| Active Share | 69.7 | N/A |
| 5 Yr Earnings Rate | 13.4% | 12.3% |
| Ten Largest Portfolio Holdings | 15.1% | 10.4% |
| # Securities in Portfolio | 456 | 2,982 |
| Turnover Rate (12 Mo) | 42.7 | N/A |
| Fund Size (EUR Class) | € 345.7MM | |
| Fund Size (USD Class) | $ 27.7MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 5.9 | 9.3 | -3.4 |
| Consumer Discretionary | 18.3 | 13 | 5.3 |
| Consumer Staples | 9.8 | 7.4 | 2.5 |
| Energy | 3.8 | 3.0 | 0.8 |
| Financials | 5.2 | 13.5 | -8.3 |
| Healthcare | 10.9 | 11.9 | -1.0 |
| Industrials | 10.2 | 9.7 | 0.5 |
| Information Technology | 22.8 | 21.9 | 1.0 |
| Materials | 8.1 | 4.9 | 3.2 |
| Real Estate | 0.3 | 2.6 | -2.2 |
| Utilities | 1.0 | 3.0 | -2.0 |
| Cash | 3.7 | 0.0 | 3.7 |
| Region | Fund | Index |
|---|---|---|
| France | 3.8 | 2.8 |
| Germany | 1.1 | 2.5 |
| Italy | 0.2 | 0.6 |
| United Kingdom | 4.5 | 3.9 |
| Japan | 9.4 | 6.8 |
| Canada | 0.5 | 2.8 |
| United States | 53.8 | 55.6 |
| Other Developed Europe | 12.0 | 9.0 |
| Other Developed Asia | 5.2 | 3.6 |
| Other Emerging Asia | 7.7 | 10.2 |
| Other Emerging Markets | 1.6 | 2.3 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 2.9 |
| Apple Inc. | 2.4 |
| Amazon.com, Inc. | 1.3 |
| Fanuc Corporation | 1.3 |
| Cerner Corporation | 1.3 |
| L'Oreal SA | 1.2 |
| Fastenal Company | 1.2 |
| Dollar Tree, Inc. | 1.2 |
| Facebook, Inc. Class A | 1.1 |
| HOYA CORPORATION | 1.1 |
-
Q4 2020 Performance Review
12-Month Review
- The Fund outperformed the benchmark.
- Sector allocation benefited relative results with more than half coming from the underweight to Financials. The overweights to Consumer Discretionary and Information Technology also helped. The underweight to Communications Services and modest overweight to Energy detracted.
- Security selection in aggregate detracted.
3-Month Review
- The modest contribution of selection was offset by the adverse effect in sector allocation.
- Selection within Consumer Discretionary and Information Technology was the biggest contributors.
Current Positioning:
- The Fund is modestly underweight to emerging markets and has a modest underweight to the U.S. There is an overweight to developed markets outside the U.S.
- 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.
- The Fund is positioned for long term economic growth at reasonable prices
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Fund Fact Sheet
PDF