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 31/12/2018
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | -11.25 | -3.81 | 3.77 | - | - | 2.58 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| MSCI All Country World Index (EUR) | -11.25 | -4.34 | 5.37 | - | - | 3.92 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| World Equity Fund (USD) | -12.41 | -8.15 | - | - | - | 1.22 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| MSCI All Country World Index (USD) | -12.65 | -8.93 | - | - | - | 1.4 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | 30.7B | 47.6B |
| Average Price/Book | 2.8x | 2.2x |
| Average Price/Earnings | 21.6x | 17.1x |
| Average Yield | 1.9% | 2.4% |
| Beta (ex ante) | 0.9 | 1.0 |
| Active Share | 72.2% | N/A |
| 5 Yr Earnings Rate | 8.9% | 10.0% |
| Ten Largest Portfolio Holdings | 12.3% | 5.7% |
| # Securities in Portfolio | 452 | 2,781 |
| Turnover Rate (12 Mo) | 61.9% | N/A |
| Fund Size (EUR Class) | € 217.9MM | |
| Fund Size (USD Class) | $ 16.8MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Consumer Discretionary | 16.6 | 12.4 | 4.2 |
| Consumer Staples | 7.4 | 8.1 | -0.7 |
| Energy | 13.0 | 6.8 | 6.2 |
| Financials | 9.2 | 17.5 | -8.2 |
| Healthcare | 11.7 | 11.1 | 0.6 |
| Industrials | 8.1 | 10.5 | -2.4 |
| Information Technology | 19.6 | 19.6 | 0.0 |
| Materials | 6.4 | 5.2 | 1.2 |
| Real Estate | 2.1 | 3.0 | -1.0 |
| Telecomm Services | 0.9 | 2.8 | -1.9 |
| Utilities | 1.7 | 2.9 | -1.2 |
| Cash | 3.2 | 0.0 | 3.2 |
| Region | Fund | Index |
|---|---|---|
| France | 5.0 | 3.5 |
| Germany | 2.8 | 3.0 |
| Italy | 0.5 | 0.8 |
| United Kingdom | 5.8 | 5.7 |
| Japan | 8.0 | 7.6 |
| Canada | 1.3 | 3.1 |
| United States | 54.4 | 53.6 |
| Other Developed Europe | 8.0 | 7.3 |
| Other Developed Asia | 4.9 | 3.8 |
| Other Emerging Asia | 8.4 | 8.7 |
| Other Emerging Markets | 0.9 | 2.9 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 1.7 |
| LVMH Moet Hennessy Louis Vuitton SE | 1.3 |
| Paychex, Inc. | 1.2 |
| Royal Dutch Shell Plc | 1.2 |
| NIKE, Inc. | 1.2 |
| Apple Inc. | 1.1 |
| Hong Kong & China Gas Co. Ltd. | 1.1 |
| SAP SE | 1.1 |
| Chevron Corporation | 1.1 |
| Essilor International (Compagnie Generale d'Optique) S.A. | 1.1 |
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Q2 2018 Performance Review
The World Equity Fund returned 7.32% versus the MSCI All Country World Index benchmark of 6.09% for the quarter (USD Class: 1.86% versus 0.72% for the benchmark).
3-MONTH REVIEW
- The euro based World Equity Fund outperformed its ACWI benchmark by more than 100 bps in Q2. LA Capital finished even with the index; Scott rebounded with 300+ bps of excess return after lagging for several quarters.
- The Fund’s underweight in financials and overweight in energy, driven by Scott’s long term growth driven thesis, combined to add 100 bps in excess return. Other sector impacts were minimal.
- Double digit gains were registered within energy, information technology and healthcare. Combined, the stock selection within those sectors added 70 bps against the Index over 3 months.
- Offsetting some of those gains were the disappointing results among several industrial machinery holdings.
12-MONTH REVIEW
- After a strong quarter, the Fund was about even with the Index for the trailing 12 months. The sub-advisers both exhibited volatility vs. the index in recent quarters, but their 12 month numbers are closely aligned at the end of 2Q.
- Consistent with the quarter, the Fund’s positioning was overweight in energy and underweight in financials was beneficial. Transactional cash in an up market subtracted 40 bps from relative return.
- Specific stock selection results were mixed. The exclusion of tobacco helped the consumer staples holdings outperform (+59 bps). The large pharma underweight was the primary driver for 50 bps added in healthcare.
- Selection in industrials detracted 47 bps.
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Fund Fact Sheet
PDF