June, 2023
Since inception the Fund - Class C Composite Adjusted2 has returned 26.1% p.a. net of fees in AUD. For the June Quarter (Q2 2021 or the Quarter), the Fund - Class A returned 14.9% net of fees in AUD.
During the Quarter the team exited one position in full - (Abcam PLC). Further details have been provided below. In addition, several positions in the Fund were trimmed / added to maintain position sizes commensurate with our views on risk contribution and fundamental alpha. Portfolio turnover for the 12 months to 30 June 2021 totalled 27.7%, while since inception remains <20% p.a. consistent with our desired long-term holding periods.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/GCF_QuarterlyReport_A-1.pdfJune, 2021
For the month of June, the Fund – Class A returned 7.91% net of fees in AUD. Since inception the Fund – Class A has returned 20.83% p.a. net of fees in AUD. Top 5 contributors for the month were Wuxi Biologics Cayman Inc, Adobe Inc, Intuitive Surgical Inc, IDEXX Laboratories Inc and Edwards Lifescience Corp. The top detractors for the month were Kweichow Moutai Co Ltd, Hai Tian, Ferrari NV, Assa Abloy AB and MarketAxess Holdings Inc. The fund continues to perform in line with our long term objective producing greater return to downside performance and lower number of negative periods.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ffs-wgef_a-1.pdfApril, 2021
For the month of April, the Fund – Class A returned 1.31% net of fees in AUD. Since inception the Fund – Class A has returned 18.20% p.a. net of fees in AUD. Top 5 contributors for the month were Gartner Inc, Hermes International, Kweichow Moutai Co Ltd, Wuxi Biologics Cayman Inc and Assa Abloy AB.
The top detractors for the month were Sartorius AG, ANSYS Inc, Amazon.com Inc, Jack Henry & Associates Inc and MarketAxess Holdings Inc. The fund continues to perform in line with our long term objective producing greater return to downside performance and lower number of negative periods.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ffs-wgef_a.pdfDecember, 2020
Since inception the Fund - Class C Composite Adjusted2 has returned 25.8% p.a. net of fees in AUD. For the December Quarter (Q4 2020 or the Quarter), the Fund - Class A returned 7.2% net of fees in AUD.
Markets have responded to a rapid, coordinated and sizeable policy response to the pandemic and in that context a lower discount rate for equities makes sense where the cost of capital is low and structural growth more highly treasured. We still maintain that investors can’t live off rerating’s forever and prefer the comfort of companies that offer stable fundamentals, high incremental profitability and access to growth trends that are less cyclical by nature. These companies are well placed to compound their cashflows at attractive rates over the long term, in other words they are able to grow their intrinsic worth over time and be worth more in the future whatever the weather.
In contrast we seek to avoid companies that are overly exposed to economic conditions and the vagaries of the economic cycle. We believe that cyclical, mature, low-return businesses make for poor long-term investments as they generally struggle to increase their intrinsic value over time. By definition, investing in overly cyclical and low return businesses can only ever be considered a short-term investment in our opinion and only at the opportune stage of the cycle, which is difficult to time and more akin to speculation than true investing in our view. Furthermore, cyclicality introduces additional and often material volatility to cashflows, a trait that we also aim to avoid.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/GCF_QuarterlyReport_A.pdfasset_class: Foreign Equity
asset_category: Large Blend - Fundamental
peer_benchmark: Foreign Equity - Large Fundamental Index
broad_market_index: Developed -World Index
manager_contact_details: Array
ticker: AMP7497AU
release_schedule: Quarterly
commentary_block: Array
factsheet_url:
https://www.ampcapital.com/au/en/investments/funds/global-equities/amp-capital-global-companies-fund
Quarterly Report
fund_features:
AMP Capital Global Coms On-platform A aims to deliver a compound rate of return greater than 10% per annum, after fees and costs, over the long term (typically 5 to 7 years).
- Expected to exhibit lower risk of capital loss than broader global equity markets, over the long term
- Invests in what we consider to be 25 to 35 global exceptional companies with strong wealth creation credentials.
- Invests in a diverse portfolio of 25 to 30 exceptional companies that have an established ability to consistently and reliably create generate wealth over the long-term.
- The Fund looks through short-term market noise to focus on delivering long-term returns greater than 10% p.a. with a lower risk of capital loss.
structure: Managed Fund