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 30/09/2021
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | 1.48 | 24.83 | 10.95 | 10.71 | * | 8.34 | 20/2/2015 |
| MSCI All Country World Index (EUR) | 1.35 | 29.49 | 13.22 | 13.07 | * | 10.18 | |
| World Equity Fund (USD) | -0.87 | 23.33 | 10.86 | * | * | 11.18 | 24/5/2017 |
| MSCI All Country World Index (USD) | -0.95 | 27.98 | 13.14 | * | * | 12.9 |
Characteristics as of 30/09/2021
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 43.6B | € 75.4B |
| Average Price/Book | 3.4x | 2.9x |
| Average Price/Earnings | 20.6x | 19.8x |
| Average Yield | 1.6% | 1.7% |
| Beta (ex ante) | 1 | N/A |
| Active Share | 20.4 | N/A |
| 5 Yr Earnings Rate | 12.5% | 14.5% |
| Ten Largest Portfolio Holdings | 15.0% | 12.3% |
| # Securities in Portfolio | 465 | 2,977 |
| Turnover Rate (12 Mo) | 45.0 | N/A |
| Fund Size (EUR Class) | € 412.8MM | |
| Fund Size (USD Class) | $ 44.7MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 6.9 | 9.3 | -2.4 |
| Consumer Discretionary | 18.8 | 12.4 | 6.4 |
| Consumer Staples | 7.2 | 6.8 | 0.4 |
| Energy | 5.6 | 3.5 | 2.1 |
| Financials | 8.3 | 14.4 | -6.1 |
| Healthcare | 9.1 | 11.7 | -2.6 |
| Industrials | 10 | 9.7 | 0.3 |
| Information Technology | 23.7 | 22.3 | 1.3 |
| Materials | 6.5 | 4.7 | 1.8 |
| Real Estate | 0.6 | 2.6 | -2.0 |
| Utilities | 1.1 | 2.6 | -1.6 |
| Cash | 2.4 | 0.0 | 2.4 |
| Region | Fund | Index |
|---|---|---|
| France | 3.3 | 2.7 |
| Germany | 2.1 | 2.3 |
| Italy | 0.2 | 0.5 |
| United Kingdom | 4.1 | 3.9 |
| Japan | 10.1 | 6.2 |
| Canada | 1.3 | 3.0 |
| United States | 54.1 | 57.8 |
| Other Developed Europe | 12.5 | 9.2 |
| Other Developed Asia | 4.0 | 3.2 |
| Other Emerging Asia | 7.0 | 9.1 |
| Other Emerging Markets | 1.4 | 2.1 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 3.1 |
| Apple Inc. | 2.2 |
| NIKE, Inc. Class B | 1.4 |
| HOYA CORPORATION | 1.3 |
| Amazon.com, Inc. | 1.3 |
| Nestle S.A. | 1.1 |
| Alphabet Inc. Class C | 1.1 |
| Alphabet Inc. Class A | 1.1 |
| Ulta Beauty Inc | 1.1 |
| Electronic Arts Inc. | 1.1 |
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2Q 2021 Performance Review
12-Month Review
- Overweight allocations to Consumer Discretionary and Materials had a positive effect to relative results. The underweight to Utilities helped to offset some of the negative allocation decision results. Holding transactional cash was a drag on performance.
- Security selection in aggregate also had adverse effect.
3-Month Review
- Aside from Utilities, sector returns were positive, with some stronger than others. Overweight the Consumer Discretionary was the biggest detractor within benchmark relative allocation effects followed by the underweight to Health Care. The underweight to the poor performing utilities sector helped to offset some of the negative results.
- Relative results were hurt by selection decisions.
- The overweight allocation to the Japanese Yen, which weakened versus the Euro during the quarter, hampered relative results as the Yen weakened versus the Euro.
Current Positioning:
- The Fund indicates a bias toward value over growth with a lower that market P/E ratio.
- Sector allocations include overweight in Consumer Discretionary, Consumer Staples, Energy Materials and Information Technology and underweights in Financials, Communication Services and Health Care.
- The Fund is positioned for long term economic growth at reasonable prices.
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Fund Fact Sheet
PDF