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 31/03/2019
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | 14.09 | 13.95 | 9.43 | * | * | 5.76 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| MSCI All Country World Index (EUR) | 14.36 | 12.99 | 11.82 | * | * | 7.13 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| World Equity Fund (USD) | 11.7 | 3.89 | * | * | * | 7.28 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| MSCI All Country World Index (USD) | 12.32 | 3.16 | * | * | * | 7.77 | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
Characteristics as of 31/03/2019
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 37.6B | € 49.9B |
| Average Price/Book | 3.0x | 2.2x |
| Average Price/Earnings | 19.5x | 16.8x |
| Average Yield | 2.0% | 2.5% |
| Beta (ex ante) | 1.0 | 1.0 |
| Active Share | 68.3 | N/A |
| 5 Yr Earnings Rate | 12.8% | 12.4% |
| Ten Largest Portfolio Holdings | 14.6% | 5.1% |
| # Securities in Portfolio | 447 | 2,771 |
| Turnover Rate (12 Mo) | 53.7 | N/A |
| Fund Size (EUR Class) | € 268.3MM | |
| Fund Size (USD Class) | $ 17.0MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 5.9 | 8.7 | -2.8 |
| Consumer Discretionary | 16.0 | 10.8 | 5.2 |
| Consumer Staples | 9.9 | 8.4 | 1.5 |
| Energy | 8.0 | 6.3 | 1.7 |
| Financials | 7.4 | 16.6 | -9.2 |
| Healthcare | 11.2 | 11.7 | -0.5 |
| Industrials | 9.4 | 10.4 | -1.1 |
| Information Technology | 18.7 | 15.7 | 3.0 |
| Materials | 5.3 | 4.9 | 0.4 |
| Real Estate | 3.9 | 3.3 | 0.6 |
| Utilities | 2.5 | 3.3 | -0.8 |
| Cash | 1.9 | 0.0 | 1.9 |
| Region | Fund | Index |
|---|---|---|
| France | 4.4 | 3.4 |
| Germany | 2.0 | 2.6 |
| Italy | 0.9 | 0.7 |
| United Kingdom | 4.7 | 5.2 |
| Japan | 7.8 | 7.2 |
| Canada | 1.2 | 3.0 |
| United States | 54.8 | 55.0 |
| Other Developed Europe | 9.6 | 7.3 |
| Other Developed Asia | 5.5 | 3.8 |
| Other Emerging Asia | 7.6 | 8.7 |
| Other Emerging Markets | 1.4 | 3.0 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 2.4 |
| Alphabet Inc. | 1.9 |
| L'Oreal SA | 1.3 |
| Nestle S.A. | 1.3 |
| Medtronic Public Limited Company | 1.3 |
| NIKE, Inc. | 1.3 |
| Hong Kong & China Gas Co. Ltd. | 1.3 |
| Stryker Corporation | 1.3 |
| Paychex, Inc. | 1.2 |
| EssilorLuxottica SA | 1.2 |
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Q1 2019 Performance Review
3-MONTH REVIEW
- Before fees, the Fund slightly outperformed the benchmark index by 8 bps in Q1.
- Not much stands out as significant contributors to or detractors from relative performance other than the 62 bps loss due to transactional cash held in a strong up market.
- The Fund‘s historical tendency to overweight Information Technology, Consumer Discretionary and Energy stocks while underweighting Financial stocks were all positive contributors in Q1.
- Stock selection results within various sectors were mixed but overall neutral for the fund in the quarter.
12-MONTH REVIEW
- Sector allocation decisions turned out mostly neutral for the year; the financial underweight added 70 bps, but transactional cash drag in an up market detracted 50 bps.
- Security selection in aggregate added more than 200 bps. Stock selection results were strongest in Consumer Discretionary (+116 bps), Materials (+64 bps), Healthcare (+61 bps) and Consumer Staples (+56 bps).
- A couple of strong performing specialty retail company stocks led the way within consumer discretionary. Similarly, three healthcare equipment and supply stocks with outsized returns drove the contributions to excess return within the Healthcare sector.
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Fund Fact Sheet
PDF