September, 2023
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 0.4%, with the fund down -4.3%. The best performing stock during the month was Novartis (+2.1%). Over the last few years Novartis have transformed from being a medical conglomerate into a fully focused pharmaceuticals behemoth. They have divested their consumer health business, their eye care division (called Alcon), they have sold their large stake in Roche, and are listing their generics business, called Sandoz, in October.
This will allow them to focus on producing blockbuster drugs, something they have historically had a mixed track record in doing. These changes have been recognised by the market positively. Since the market peaked in early 2022, Novartis has been one of our best performing names. We now see the risk reward less favourably and have exited the name. Other strong performers during the month were Akamai (+1.7%) and Electronic Arts (+1.5%). In terms of laggards, Kering (-14.5%) and Bayer (-12.0%) underperformed. The luxury goods industry has been under pressure this year as the Chinese consumer has been less resilient than expected.
New Creative Director for Gucci, Sabato de Sarno, debuted his first collection to generally positive reviews. However, a negative broker note weighed on sentiment.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-09.23.pdfAugust, 2023
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 0.2%, with the fund returning 1.3%. The best performing stock during the month was Akamai (+15.7%). The company has two primary businesses. The legacy business is the world’s largest content delivery network (CDN). A CDN is a geographically distributed group of servers that store content close to end users. The network allows for quick transfer of assets needed for loading internet content, including videos. As the amount of data that traverses the internet grows, Akamai’s network becomes more valuable. Akamai’s second business is in cybersecurity and cloud. This is faster growing and less capital intensive than their CDN business and, in their most recent results, made up 59% of revenues.
Guidance was raised at these results, leading to strong share price performance. Other strong performers during the month were Philips (+12.7%) and Intuit (+10.2%). In terms of laggards, Electronic Arts (EA) (-8.3%) and Alibaba (-5.4%) underperformed. EA reported their Q1 results which provided guidance for Q2. This guidance was below expectations, but full-year guidance was maintained.
July, 2023
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 0.2%, with the fund up 2.3%. The best performing stock during the month was Alibaba (+21.1%). Over the last few years Alibaba has suffered at the hands of a regulatory crackdown, the covid pandemic, and increased competition in their all-important e-commerce division. Management have made moves to try and unlock value by changing the structure of the company and allowing their smaller divisions to run more independently, including raising outside capital. This should lead to various IPOs of these smaller divisions that will allow the market to assign them a valuation. The company are also in the process of buying back huge amounts of its own stock. There is currently a $40 billion buyback in progress, which is more than 15% of their current market cap. We have seen some estimates that say the company could return up to 80% of its market cap to investors over the next three years. Their net cash balance remains at $84 billion, 33% of their market cap.
With market share losses decreasing, the shares have started to respond. Other strong performers during the month were NetEase (+11.1%) and Intuit (10.5%). In terms of laggards, Philips (-4.7%) and Samsung (-3.0%) underperformed.
June, 2023
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 1.0%, with the fund up 1.8%. The best performing stock during the month was Philips (+11.7%).
The shares have struggled for the last few quarters as the company faced litigation due to a recall in their Respironics division. However, performance this year has been better, especially in the Diagnostics & Treatment and Connected Care businesses. The company operate in the €150 billion HealthTech industry which is growing in the 3-6% range. We believe that they will benefit from the increased integration of electronic health records, data analytics (including artificial intelligence), patient monitoring, and clinical decision-making. Other strong performers during the month include NetEase (+11.0%) and Fiserv (+9.3%). NetEase has a long and successful history of game development and managing franchises over multiple years.
Their launch slate over the coming months is comprehensive, with Justice Mobile, Harry Potter: Magic Awakened, and Eggy Party all released this year. We believe that their opportunity to gain market share outside of China over the next few years should provide a strong avenue for growth. In terms of laggards, Roche (-5.8%) and Reckitt Benckiser (-5.6%) underperformed.
Both names have been out of favour amid strong growth in.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-06.23.pdfMay, 2023
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 3.7%, with the fund down 2.4%. The best performing stock during the month was Alphabet (+16.4%). The company hosted a Google Marketing Live event that delivered some tangible examples of how AI-driven products and tools can improve advertiser performance. The market seems confident that Alphabet will emerge as a net-winner from the proliferation of AI usage into the world. Having seemingly fallen behind Microsoft at the beginning of the year with a less-than-impressive debut for their generative AI tool, Bard, Alphabet have continued to show an impressive pace of innovation since, in getting AI-driven products into the hands of users and businesses. Their next-generation language model is available in more than 180 countries, and can be linked into other Google products, such as Lens, Docs, Drive, Gmail, and Maps. Other strong performers during the month were Akamai (+14.7%) and Samsung (+11.6%). In terms of laggards, ABI (-15.7%) and Kering (-13.8%) underperformed. ABI sent one of their products to a transgender influencer, which unfortunately led to some of their existing consumers boycotting the brand. This has resulted in some softer volumes.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-05.23.pdfApril, 2023
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 1.7%, with the fund up 4.7%.
The best performing stock during the month was Philips (+16.6%). They reported a strong set of Q1 numbers which exceeded expectations. Their diagnostics and treatment division, which makes up half their sales, grew organically by 15%, led by double digit growth in ultrasound and image-guided therapy. The company are also carrying out cost reduction initiatives and are about halfway through their planned reduction of 10,000 global roles. Success here led to a 74% EBITA beat in the latest set of results. However, the name remains under the cloud of litigation in their Connected Care division. The company faces court cases over the noise-dampening foam inside ventilators that treat sleep apnoea. That said, we are starting to hear more positive news on compensation agreements with some patients. The conclusion of litigation would remove a major overhang on the stock. Other strong performers during the month were Medtronic (+14.3%) and Novartis (+13.1%). In terms of laggards, Alibaba (-16.0%) and Tencent (-9.6%) underperformed the market. Both names suffered from a change of sentiment in China after a strong start to the year.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-04.23.pdfFebruary, 2023
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 1.7%, with the fund up 0.1%.
The best performing stock during the month was Fiserv (+12.7%). Fiserv is a global leader in payments and financial technology and they reported strong full year results early in February. They serve more than 12,000 clients around the world and provide account processing systems, electronic payment processing products, as well as Clover, their point-of-sale processing system, mainly used by small businesses. They should continue to benefit from cash to card secular shifts in the U.S. Their medium-term revenue target of 7-9% is higher than their historic top line growth, and we will expect the stock to perform well if it executes on this. They have also announced a large share repurchase authorisation.
Other strong performers during the month include Edwards Lifesciences (+9.6%) and Anheuser-Busch InBev (ABI) (+6.0%). In terms of laggards, Sabre (-22.4%) and Alibaba (-18.7%) underperformed the wider market. Sabre shares responded negatively to soft 2023 guidance, whereas Alibaba’s move was part of a wider sell-off in China, having started the year very strongly.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-03.23.pdfJanuary, 2023
The Sanlam Global High-Quality Fund underperformed the MSCI World Index during the month by 1.2%, with the fund up 2.4%. The best performing stock during the month was Alibaba (+21.0%). The company has been a key beneficiary of the loosening of covid restrictions, post lockdown. The company is leveraged to a consumption recovery in China, which the market expects to happen throughout the year. Moreover, Alibaba over indexes on discretionary categories such as apparel and cosmetics, which we expect to outperform staples in this environment. We also see a better regulatory environment aiding Alibaba as well. The overhang from a possible ADR delisting in the US has been resolved, and any positive regulatory event regard Ant Financial would be a further positive catalyst for the stock. Other strong performers include NetEase (+18.0%) and InterContinental Hotels Group (+16.3%). NetEase has benefited from the resumption of game approvals in China, the early success of new game ‘Egg Party’, and the improving macro situation in the country. In terms of laggards, Johnson & Johnson (-10.5%) and General Dynamics (-8.6%) underperformed the wider market. These were two of the strongest performers in 2022 and have suffered because of portfolio rotation.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-02.23.pdfDecember, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 2.4%, with the fund down 3.5%. The best performing stock during the month was Tencent (+14.9%). Sentiment continued to improve in December as covid restrictions continued to ease. This was despite the virus now having ripped through the population. Almost of third of Tencent’s revenues come from gaming and this segment is seeing news flow improve.
Domestically, Beijing have now approved various imported games that Tencent now has the right to distribute. These include Pokemon Unite from Nintendo and Valorant by Riot Games. This is the first-time imported games have received approval since the end of 2021. The pipeline remains strong, and we expect to see better growth for the segment in 2023 vs 2022. Other strong performers during the month were ABI (+2.7%) and Novartis (+1.6%). In terms of laggards, Alphabet (-13.7%) and the London Stock Exchange Group (-13.7%) underperformed the wider market. Big tech has struggled in 2022, a reversal of what we have got used to over the last decade. The market remains sceptical as to whether Alphabet can control their costs in the wake of slowing growth.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-01.23-1.pdfNovember, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 1.8%, with the fund up 3.8%. The best performing stock during the month was Tencent (+34.2%). Sentiment towards China turned positive during the quarter as Beijing’s tone towards their zero covid policy softened. It would appear that the government’s political will to impose prolonged strict lockdowns is exhausted, not only due to the enormous economic costs, but also the overwhelming pandemic fatigue and discontent among its population. Tencent remains a bellwether for the Chinese stock market and so this change of stance has been beneficial for them.
They are also profiting from the resumption of game licence approvals. These were banned last year amid Beijing’s crackdown on their own Internet sector. Tencent will also be distributing their large holding in Meituan to shareholders as a dividend. This is consistent with their recent strategy of divesting investments and seems likely to be a move done with placating the regulator. Other strong performers during the quarter were Alibaba (+31.5%) and Yum China (27.6%). In terms of laggards, Medtronic (-13.6%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-11.22.pdfOctober, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 7.3%, with the fund up 15.6%. The best performing stock during the month was General Dynamics (+19.1%). General Dynamics has two sides to its business, both of which are performing well. The Defence part of the business – this makes tanks, munitions, weapon systems and nuclear submarines – is a beneficiary of the war in Ukraine. The other part of the business – called Gulfstream, which makes business jets – is also firing on all cylinders. The order book continues to grow as a result of increasing numbers of ultra-high net worth individuals during the pandemic, the high oil price and an extremely low level of used planes available for sale. Other strong performers during the month included Imperial Brands (+18.8%) and SAP (+17.8%). In terms of laggards, both Meta Platforms (-30.9%) and NetEase (-26.0%) had tough months. Meta reported their Q3 results, where they guided for a steep step up in costs for 2023. The market took a dim view of this and remains sceptical about the company’s ability to transition their business to the metaverse. NetEase suffered from further negative sentiment towards China, as President Xi took over total control of the Chinese Communist Party as it was confirmed that he will sit for a third term.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-10.22-1.pdfOctober, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 7.3%, with the fund up 15.6%. The best performing stock during the month was General Dynamics (+19.1%). General Dynamics has two sides to its business, both of which are performing well. The Defence part of the business – this makes tanks, munitions, weapon systems and nuclear submarines – is a beneficiary of the war in Ukraine. The other part of the business – called Gulfstream, which makes business jets – is also firing on all cylinders. The order book continues to grow as a result of increasing numbers of ultra-high net worth individuals during the pandemic, the high oil price and an extremely low level of used planes available for sale. Other strong performers during the month included Imperial Brands (+18.8%) and SAP (+17.8%). In terms of laggards, both Meta Platforms (-30.9%) and NetEase (-26.0%) had tough months. Meta reported their Q3 results, where they guided for a steep step up in costs for 2023. The market took a dim view of this and remains sceptical about the company’s ability to transition their business to the metaverse. NetEase suffered from further negative sentiment towards China, as President Xi took over total control of the Chinese Communist Party as it was confirmed that he will sit for a third term.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-10.22.pdfSeptember, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 1.7%, with the fund down 1.6%. The best performing stock during the month was Roche (+8.5%). Part of this strong performance was data from Biogen for their Alzheimer’s disease drug, which was a surprise to the market. This has a positive read-across to Roche and their Alzheimer’s readout in November. The company also hosted a capital markets day which aided positive sentiment. Not only did it serve to remind investors of their strong collection of drugs for 2022, but it also showcased their strong mid- and late-stage pipeline assets which may be still underappreciated. Other strong performers during the month include Johnson & Johnson (+7.9%) and Unilever (+3.4%). In terms of laggards, both Sabre (-23.7%) and Tencent (-13.2%) had tough months. Travel names were in the crossfires as the market worries about the strength of the consumer moving into the latter half of the year and into 2023. Tencent’s fate continues to be tied to that of the Chinese economy, with covid-inspired lockdowns continuing to hinder them.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-09.22.pdfAugust, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 1.2%, with the fund down 1.3%. The best performing stock during the month was Sabre (+18.9%) as the company reported better-thanexpected Q2 results. Travel volumes continue to be affected by the pandemic, but demand for travel remains strong. Guidance for the year was raised on the back of higher booking fees as the company continues to see a better mix from greater business and international travel. Alibaba (+8.6%) and Tencent (+8.5%) both had strong months. Chinese names listed in the US responded well to reports that the US and Chinese government had come to an agreement concerning access to accounts. This means the risk of a potential delisting has been lessened. In terms of laggards, Philips (-17.1%) and Bayer (-7.4%) struggled this month. Sentiment towards Philips continues to be weighed down by litigation fears.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-08.22.pdfJuly, 2022
The SPW Global High-Quality Fund underperformed the MSCI World Index during the month by 5.8%, with the fund up 0.7%. The best performing stock during the month was Fiserv (+17.2%), which reported better than expected Q2 results. Although all segments outperformed expectations, it was their merchant business that stood out. They have been able to carry out price increases in April and upsell some extra services to current clients. Their payment processing solution, called Clover, is performing well with SaaS penetration up to 15% and revenues up 24%. Management also commented on the call that July trends were in line with Q2. We believe that this has reassured investors in light of increased macro concerns moving into the next half of the year. Other strong performers during the month were Intuit (+17.0%) and InterContinental Hotels (+10.0%). Intuit was added to portfolios in May which is looking sensible in the short term. Alibaba (-22.4%) and Tencent (-14.6%) struggled this month. Both names were handed small fines by the Chinese regulator which, along with renewed covid outbreaks and resultant lockdowns, gave investors jitters about the outlook of the group.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-07.22.pdfJune, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 2.9%, with the fund down 2.2%. The best performing stock during the month was Alibaba (+23.4%). There were several positive developments that helped sentiment in the stock. The market became excited by new talk of a revitalised Ant Financial IPO. Alibaba own 33% of Ant Financial. The initial IPO was pulled in November 2020, in a move widely seen as Beijing asserting their authority over the Chinese technology sector. It was the start of an 18-month period that saw regulation being a large part of the Chinese investment story. The market is excited that the revitalisation of the Ant IPO signals the end of tensions between Chinese tech and the regulator. Alibaba also saw am improving operation environment during the quarter. The company had a strong 618 shopping festival and news of covid is getting better. Yum China (+11.2%) and London Stock Exchange (+3.6%) also performed well. In terms of laggards, Sabre (-19.1%) and Samsung (-15.2%) struggled. Travel industry sentiment has declined recently with fears of a recession later in the year growing.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-06.22.pdfApril, 2022
The SPW Global High-Quality Fund outperformed the MSCI World Index during the month by 4.8%, with the fund up 1.7%. The best performing stock during the month was Philip Morris (+12.4%). In the latter half of February, as Russian tanks rolled into Ukraine, the shares of Philip Morris began to be sold down. This made sense up to a point as the company is known to have significant dealings in the region, including production facilities. Since the sell-off, management have confirmed that they are exiting the Russian market, and that Russia and Ukraine made up around 10% of 2021 earnings. This, along with good Q1 results during the month, has meant the shares gaining some of their previous losses. News on their heat-not-burn next generation product, called iQos, remains positive. We are seeing strong share gains in some of their more mature markets, and this is helping company margin. NetEase (+12.30%) and Unilever (+8.5%) were also strong performers during the month. In terms of laggards, Alphabet (-13.1%) and Philips (-9.7%) underperformed global markets.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/1891-SPW-Global-High-Quality-Fund-Retail-04.22.pdfOctober, 2021
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 2.5%, with the fund down 1.0%. The best performing stock during the quarter was Microsoft (+13.1%). Microsoft has been a core holding of the fund since inception and the company continues to execute beyond expectations. Global IT spending continues to be a long-term driver for the company. Businesses going digital helps expand their cloud-computing platform, called Azure, by around 40% each quarter. This was borne out in their latest results which saw strength across the board. Legacy areas such as PCs, Windows and Office continue to grow double digits, despite supply constraints, and newer more strategic areas like Azure and LinkedIn are experiencing growth in the 30-50% range. Other strong performers this month were Anthem (+12.39%) and NetEase (+9.9. In terms of laggards, Sabre (-15.7%) and Fiserv (-12.7%) had difficult months. Sabre, and the travel industry in the US and Asia more generally, struggled as we saw a re-emergence of covid-19 and the delta variant.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/181273650.pdfAugust, 2021
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 2.1%, with the fund up 0.8%. The best performing stock during the month was Alphabet (+8.2%), parent company of Google. The company continues to dominate the online search market with global share above 80%. Recent strong results suggested that the online advertising market has been growing faster and more sustainably than the market had previously anticipated. Other strong performers during the quarter were Facebook (+7.1%) and Booking Holdings (+6.8%). Facebook is continuing to see growth in the number of small and medium sized business than want to advertise on their platforms. Furthermore, the threat of IDFA has been less severe than first feared. In terms of the laggards, Alibaba (-14.0%) and Visa (-6.4%) struggled. Alibaba continues to be in the doldrums as the market digests a barrage of new regulatory developments.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/179249977-1.pdfJune, 2021
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 2.0%, with the fund up 2.7%. The best performing stock during the month was Microsoft (+11.9%). Microsoft continues to be a core holding for the Global High Quality Fund. Digital transformations at many businesses shifts the market opportunity for Microsoft from IT to overall operating expenditure spend, greatly expanding the market. If IT doubled from 5% of GDP to 10%, there would be an incremental $4 trillion IT spend opportunity for the company. With opportunities in machine learning, data management and networking, we see Microsoft as very well placed for future growth. Other strong performers during the month were Roche (+11.8%) and Alibaba (+9.3%). In terms of laggards, Philips (-9.2%) and Sabre (-7.1%) struggled. Philips have had to recall a product from its Sleep and Respiratory division. Despite this set back the company still expect to be within previously announced guidance due to strength in other business units
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/174853291.pdfMay, 2021
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 0.4%, with the fund returning 0.7%. The best performing stock during the month was Imperial Brands (+10.1%). Imperial posted a strong set of quarterly numbers which reassured investors that the long-awaited turn-around was finally on-track. The strategy recently has been to focus on their core markets that carry high profitability. These markets include the US, the UK and Germany. If the company continue to have success in this regard, we expect share repurchases to begin as the valuation remains, in our view, very attractive.
Other strong performers during the month were ABI (+7.0%) and Roche (+6.6%). In terms of laggards, Sabre (-7.7%) and Alibaba (-7.5%) struggled. The Sabre share price continues to gyrate on vaccination and covid-19-varients news. Alibaba continues to invest heavily behind future growth opportunities and the market took this negatively. During the month we sold out of our position in Danone and invested in Philips.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/173631348.pdfApril, 2022
The fund is an actively managed portfolio of global equities with a high quality bias and which are listed on recognised exchanges. The fund is exposed principally to high quality international listed companies. It seeks to invest in companies with predictable revenue growth that produce sustainable economic value over the long-term. The fund can have material exposure to cash where the portfolio manager considers this appropriate. Regional positioning is driven by bottom-up stock selection. The investment exposure is not subject to any geographical restrictions except that exposure to ‘emerging’ market listed companies is limited to no more than 30% of the assets. Sector positioning is also driven by bottom-up stock selection, and the investment exposure is not subject to any sector restrictions.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/189137786.pdfDecember, 2020
The SPW Global High Quality Fund underperformed the MSCI World Index during the month by 0.4%, with the fund down 0.8%.The best performing stock this month was Samsung (+15.1%). The company continues to profit from stay-at-home behaviours which have fuelled demand for their DRAM and NAND memory chips. These chips are used in tablets, smartphones and data centres, which have all seen a sharp increase in usage as a result of the pandemic. Their semiconductor business remains the company’s primary profits driver. Imperial Brands (+10.2%) and Electronic Arts (+7.4) also had good months.
In terms of laggards, Alibaba (-16.0%) and Unilever (-6.1%) underperformed during the month. Alibaba continues to suffer at the hands of the regulator as the government announced an anti-trust investigation into Alibaba’s relationship with its suppliers. This heavy-handedness looks, at least in part, a result of the critical comments from Alibaba founder Jack Ma about Chinese regulators. We still believe that the growth drivers of the company remain intact.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/164290522.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: ETL8834AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://sanlamprivatewealth.com.au/funds/spw-global-high-quality
FACTSHEET
Note:
PDF use the “Monthly commentary”
fund_features:
SPW Global High Quality – Retail aims in AUD to outperform the MSCI Daily World Total Return Net World Index, after management costs and usual expenses, over rolling 3 to 5 year periods. The Fund invests in an actively managed portfolio of global equities with a high-quality bias and which are listed on recognised exchanges.
structure: Managed Fund