September, 2023
The Fund declined in absolute value in the September quarter and underperformed the index return. Themes are discussed below in order of contribution.
Data and Al Bullish sentiment about artificial intelligence (AI) was a broad tailwind for holdings in this theme, led by Alphabet, RELX and
Mastercard Alphabet introduced Duet Al (similar to Microsoft's Copilot) that allows for live integration of customer data Software as a Standard Bullish Al sentiment was also a broad tailwind for holdings in the theme. Intuit, Adobe, and Autodesk rose the most on robust operating results
Energy Transitions: Integrated Energy holdings, TotalEnergies, BF Shell, and Equinor, advanced in sympathy with the rise in the price of oll, as OPEC tightened supply whilst global demand remains robust.
Future Health UnitedHealth and Danaher advanced with the stabilisation in recent operational challenges. Changes in Chinese regulations potentially favoring domestic suppliers represented a headwind for medical technology companies, including Siemens Healthineers
Sustainable Solutions Jacobs traded higher on strong engineering services demand. Avery Dennison climbed on signs of improvements in the inventory situation impacting its radio frequency identification (RFID) products. Nutrien gained in sympathy with the rise in the price of agricultural products.
Scarce Commodities Anglo American and Antofagasta outperformed with robust commodity prices Gold miners, led by Barrick Gold declined in sympathy with the fall in gold prices due to a strengthening US dollar and higher bond yields.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-2-2.pdfAugust, 2023
The Fund produced a positive absolute return in August in Australian dollar terms but was unable to keep pace with the index return. Themes are discussed below in order of contribution.
Software as a Standard: Bullish sentiment about artificial intelligence (AI) continued to be broad tailwinds for the theme with Intuit, Adobe, and Autodesk rising most. Intuit and Autodesk also reported strong operating results, with the former surprising the market with strength in its QuickBooks and Credit Karma businesses and the latter with resiliency in its subscription model and renewals amidst macroeconomic headwinds.
Data and AI: Bullish sentiment about AI and data-related companies remain a broad tailwind for holdings in this theme such as Mastercard, Alphabet, and Visa. At its Cloud Next event, Alphabet introduced Duet AI (similar to Microsoft’s Copilot), that allows for live integration of customer’s data.
Sustainable Solutions: AZEK rose on better-than-feared sell-through in the US residential market, ongoing reduction in inventory, and margin expansion coming through from its cost saving initiatives. Jacobs gained on ongoing engineering services demand from its semiconductor, biotech, and electric vehicle clients and on increasing interest in the sale of its Critical Mission Solutions (CMS) business. Future Health: Danaher gained on news it plans to acquire Abcam, a life science company specialising in antibodies. Siemens Healthineers retreated with operating results showing weaknesses in its imaging and Varian businesses.
Energy Transitions: Integrated energy holdings, BP and Total, climbed in sympathy with the rise in the price of oil. Vestas traded lower on slow orders and industry challenges with renewable developers (e.g. Orsted). Enduring Brands: Spirits holdings, Pernod Ricard and Remy Cointreau, dropped on China-related weakness. Pernod Ricard also pointed to further weakness in the US, with dampening demand for on-trade channels.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-31.pdfJuly, 2023
The Fund produced a positive absolute return in July but was unable to keep pace with the strong index return. Themes are discussed below in descending order of contribution.
Software as a Standard: Adobe, Intuit, and Salesforce were the top contributors within this theme, as bullish sentiment about artificial intelligence (AI) continued to provide a strong positive tailwind. Microsoft declined with ongoing optimization of broader cloud and IT spending.
Data and AI: Alphabet rose on robust operating results, highlighting both revenue acceleration and cost control and on excitement around further integrating AI into its advertising and search products. Tencent advanced as part of a broader gains made by Chinese equities, thanks to expectations on further stimulus measures.
Empowered Consumer: Alibaba climbed on expectations for a recovery in Chinese consumption demand driven by policy support.
Reliance Industries rose on market share gains in its consumer-oriented businesses, particularly in groceries and media. Estée Lauder faltered after reporting a cybersecurity incident that may cause further disruption to parts of its business operations. Live Nation fell on rumours that the Justice Department may file an antitrust lawsuit against the company.
Sustainable Solutions: Nutrien gained with strong crop prices and expectations of a recovery in fertilizer demand. Avery Dennison rose on expectations for a faster end to customer destocking. Jacobs traded higher on strong demand on construction end market. Waste Management fell on weaker recycling and special waste volumes and delays to permitting of its sustainability investment projects. PPG declined on weakness in its coating and European businesses.
Scarce Commodities: Miners Antofagasta and Anglo American advanced in sympathy with the rise in the price of copper.
Bits of Chips: Infineon and Aptiv climbed on strong first half auto production volume. Applied Materials gained on optimism around opportunities surrounding broader adoption of AI. Keysight retreated on weakness in broader data centre spending. Taiwan Semiconductor Manufacturing Company receded on slower demand recovery, inventory correction, and delays in the production schedule of its Arizona N4 fab.
Digital Runway: Promise of further government stimulus targeting Chinese consumption boosted China-exposed holdings Ping An Insurance and DBS. ICICI rose on acceleration in loans and deposit growth.
Enduring Brands: Remy Cointreau advanced on quarterly results showing signs of the end of its inventory correction.
Future Health: UnitedHealth rose on better-than-expected operating results after previously warning about higher medical loss ratio (MLR). Zoetis climbed following positive news flow about its heartworm disease franchise. Danaher and Thermo Fisher both advanced on expectations of a demand upcycle, thanks to an improving biotech funding environment.
Energy Transitions: Integrated energy holdings BP and Total advanced in sympathy with the rise in the price of oil. Iberdrola declined after raising additional capital via green bond issuance.
Smart Capex: Caterpillar rose on dealer inventory replenishment, positive business mix, and strength in its construction business.
Hexagon traded lower after a short seller report. Fanuc fell on weak orders in its robotics division and inventory destocking. Honeywell receded on weakness in its shorter-cycle Building Technologies and Safety & Productivity Solutions businesses. Cognex faltered on concerns about potential slowdown in warehouse automation demand.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-30.pdfJune, 2023
The Fund produced a solid absolute return in the June quarter but was unable to keep pace with the impressive index return. The top performing themes are discussed below in order of contribution.
Software as a Standard: Positive news flow and product demonstrations of the integration of new generative AI tools into software products benefited holdings, with Microsoft and Adobe rising the most. PTC, SAP, and Salesforce also rose.
Asset Efficiency: Robust demand, easing supply-chain headwinds and market expectations for AI-driven automation growth led to rises in Johnson Controls, Cognex, Rockwell, and Schneider.
Data, Networks & Profits: Alphabet rose on expectations for faster adoption of generative AI and integration within its suite of products. Sustainable Solutions: AZEK rose on expectations for cyclical recovery following channel destocking of decking inventory and easing of raw materials inflation. Ecolab and PPG rose on easing supply chain impact.
Empowered Consumer: Amazon rose on stronger-than-expected retail sales data and expectations for higher demand for cloud infrastructure due to broader adoption of generative AI.
Bits of Chips: Anticipation of increased AI-related semiconductor spending drove higher share prices at Applied Materials and TSMC. Aptiv declined on continued supply chain-driven margin pressure.
Digital Runway: Bank Rakyat climbed on continued growth in micro-banking and expectations for monetary easing from Indonesia’s central bank.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-29.pdfMay, 2023
The Fund fell in May in absolute terms and underperformed the index return. Themes are discussed below in descending order of contribution.
Software as a Standard: Positive news flow and product demonstrations of the integration of new generative artificial intelligence tools into software products benefited holdings with Microsoft, Adobe, Salesforce, and Accenture rising most.
Bits of Chips: Applied Materials and Taiwan Semiconductor Manufacturing Company rose on bullish sentiment about the demand outlook for semiconductors linked to artificial intelligence (AI). Keysight gained on strength in automotive and industrial end markets.
Asset Efficiency: Cognex traded higher on easing supply chain headwinds and on market rotation towards technology and companies with exposure to artificial intelligence.
Data, Networks & Profits: Alphabet rose on expectations for faster adoption of generative AI and integration within its suite of products. Wolters Kluwer traded lower on weaker margins and market rotation.
Empowered Consumer: Amazon rose on stronger-than-expected retail sales data and expectations for higher demand for cloud infrastructure, with broader adoption of generative AI. Live Nation advanced on robust operating results showing less cyclicality in demand for live events.
Digital Runway: Bank Rakyat climbed on continued growth in micro banking and expectations for monetary easing from Indonesia’s central bank.
Extreme Risks: In the aftermath of three of the largest bank failures in US history occurring in the last two months, lenders PNC and Truist Financial fell on ongoing concerns about the stability of the US banking sector. Both positions were liquidated early in May.
First World Health: Medical device companies Siemens Healthineers, Thermo Fisher, Stryker, and Olympus all declined on worries about a weakened demand outlook. Olympus was sold on further idiosyncratic risks around increased compliance costs imposed by the US Food and Drug Administration.
Sustainable Solutions: Nutrien faltered on disappointing Potash and retail sales. AZEK declined on concerns about a weak demand outlook for US residential construction and remodelling.
Energy Transitions: Integrated energy holdings BP, Iberdrola, Shell, and Equinor all fell in sympathy with the fall in the price of oil, as a stronger US dollar and weak data from China, the world’s top oil importer, fuelled concerns about demand.
Enduring Brands: Beiersdorf, Unilever, and Remy Cointreau all receded as part of a larger rotation away from consumer staples stocks.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-28.pdfApril, 2023
The Fund produced a solid return in April though was marginally behind the strong index return. For the 12 months to 30 April 2023, the Fund is ahead of the index return by 1.01%. Themes are discussed below in order of contribution.
Enduring Brands: Consumer staples holdings, led by Beiersdorf, Unilever, Nestle, and Colgate-Palmolive, rose on strong volume and pricing data, along with the easing of raw materials cost inflation.
Energy Transitions: Integrated energy holdings Total and BP gained after OPEC announced it would cut production by 1.1 million barrels per day, more than the market expected.
Digital Runway: Pan-Asian insurer Prudential rose, thanks to a sales recovery in Hong Kong and mainland China. Indonesian lenders Bank Central Asia and Bank Rakyat advanced on declining credit costs. Sustainable Solutions: AZEK rose on expectations for cyclical recovery in the wake of channel destocking of decking inventory and easing of raw materials inflation.
Data, Networks & Profits: Marsh & McLennan rose on strength in its Risk and Insurance Services division and higher fiduciary income helped by a rise in short-term rates. Market rotation and the potential of artificial intelligence were tailwinds for the theme, benefiting holdings Wolters Kluwer, RELX, and S&P Global.
Empowered Consumer: EssilorLuxottica advanced on broad-based strength in operating results across all geographical regions as customers continue to show no signs of trading down. Electronic Arts climbed on strength in its FIFA franchise.
First World Health: Medical device companies Siemens Healthineers, Stryker, and Boston Scientific traded higher on expectations for easing cost pressures and a demand recovery for elective procedures.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-27.pdfMarch, 2023
The Fund produced a solid absolute return in the March quarter but was unable to keep pace with the strong index return. For the 12 months to 31 March 2023, the Fund is comfortably ahead of the index return. Themes are discussed below in descending order of contribution.
Software as a Standard: Software stock holdings broadly rose, thanks to the decline in bond yields and perceived earnings stability.
Salesforce rose most on strong quarterly results indicating robust demand and news that management will impose cost controls in a longawaited move to improve profit margins. Microsoft traded higher on bullish sentiment about its initiatives in artificial intelligence (AI).
Bits of Chips: Continued strength in automotive and industrial end markets, anticipation of increased spending from an AI arms race, and signs of a bottom in weaker segments, such as memory, drove a broad rally in semiconductor stocks. Taiwan Semiconductor Manufacturing Company, Applied Materials, and Infineon were the top performers.
Data, Networks, and Profits: Wolters Kluwer and RELX rose on accelerating organic growth, driven by new product innovation. Tencent traded higher as results showed a return to growth. Alphabet rose on market rotation and anticipation of new growth opportunities from integrating AI into its product suite.
Sustainable Solutions: Rentokil gained on strong quarterly results and reduced concerns over termite litigation in the wake of its merger with Terminix. Ecolab gained on strong pricing trends in its operating results.
Empowered Consumer: LVMH and Alibaba gained on expectations that the companies will benefit from the resumption of Chinese discretionary spending in the wake of China’s economic re-opening. Shares of Alibaba received another boost on news of its plans to split into six units.
Enduring Brands: Pernod Ricard advanced on strong results, with pricing power and low demand elasticity. Beiersdorf and Reckitt Benckiser rose on robust results.
Energy Transitions: Integrated energy holding BP rose on results showing high levels of cash generation and buybacks. Linde and Air Liquide gained on strong backlogs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-26.pdfFebruary, 2023
The Fund rose by 0.85% in Australian dollar terms but was unable to outperform the index return. Themes are discussed below in order of contribution. Energy Transitions: Integrated energy holdings BP and Shell rose on results showing high levels of cash generation and capital discipline. Linde also gained as it completed its re-listing in the US. Bits of Chips: Analog Devices, Applied Materials and Dolby all advanced on strong quarterly results and continued demand in industrial and automotive end markets. Aptiv traded higher on medium-term guidance at its analyst day. Keysight declined on results showing a deceleration from strong demand for 5G testing. Sustainable Solutions: Ecolab gained on strong pricing trends in its operating results. Kerry climbed on continued volume growth in its food service segment. Enduring Brands: Pernod Ricard rose on strong results, with pricing power and low demand elasticity. First World Health: Stryker and Boston Scientific traded higher as medical activity normalizes. Olympus and IQVIA declined on weak quarterly results. Digital Runway: Indian and Indonesian banks rose with strong loan growth, led by HDFC Bank and Bank Central Asia. China-related holdings, led by Ping An Insurance, declined in a reversal of January trends on concerns that the rebound in China’s economic activity will take longer than anticipated in the aftermath of the Chinese government abandoning its “zero COVID” policy. Asset Efficiency: Rockwell advanced on strong organic growth in quarterly results. Cognex traded lower as results showed a pause in demand from large warehouse automation customers. Software as a Standard: Microsoft traded higher on well-received communication about its initiatives in artificial intelligence. Adobe faltered on regulatory challenges to its acquisition of Figma. Data, Networks, and Profits: Wolters Kluwer rose on accelerating organic growth, thanks to new product innovation. Tencent traded lower as part of a larger decline in Chinese equities. Alphabet slid on concerns over increased competition from Microsoft in search. Extreme Risks: Gold miners Agnico Eagle and Newmont in sympathy with the softening in the price of gold after recent strength, concerns about margin pressure stemming from high costs reported in the company’s quarterly results, and the acquisition of Newcrest by competitor Newmont.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-25.pdfDecember, 2022
The Fund produced a strong return in the December quarter and was ahead of the solid index return. Calendar year-to-date, the fund is comfortably ahead of the index return. For the fourth quarter of 2022, all themes rose in value. Themes are discussed in descending order of contribution below:
Energy Transitions: Vestas traded higher on strong order intake, particularly for offshore wind. Integrated energy holdings, BP and Total, advanced despite near-term oil price volatility on demand prospects from China’s re-opening and confidence in longer-term cashflows.
Asset Efficiency: Caterpillar, Honeywell, and John Deere all rose on quarterly results showing robust demand in commodities, aerospace, and agriculture end markets respectively. Johnson Controls gained on quarterly results showing resilient demand for building automation.
Bits of Chips: Infineon rose on strong quarterly results and raised mid-term guidance on strong demand for automotive power semiconductors. Analog Devices gained on continued strength in demand from industrial and automotive markets.
Digital Runway: Asian insurers AIA, Prudential, and Ping An all rose on news that the Chinese government was loosening China’s COVID restrictions and the re-opening of the HK-China border. Indian banks HDFC and ICICI rose on strong credit growth in India.
First World Health: Boston Scientific rose after re-affirming its 2026 margin targets with its quarterly results. Stryker advanced with normalisation in elective procedures and improvement in the supply chain for their robotic surgery platform Mako.
Extreme Risks: Gold miners, led by Agnico Eagle, gained in sympathy with the rise in the price of gold, thanks to a weakened US dollar and reduced input costs. US bank Truist lagged on mixed quarterly reported results.
Enduring Brands: Coca-Cola advanced on robust operating results, showing pricing power and market share gains across most markets. Colgate rose on news that activist investor Third Point has taken a stake in the company.
Empowered Consumer: Nike rose on strong quarterly results and an improvement in its inventory position. Chinese-related stocks rose on prospects for China’s re-opening, led by Alibaba, Estée Lauder, and LVMH.
Data Networks and Profits: Visa and Mastercard gained on a recovery in cross-border travel and strong transaction data. Tencent rose on China’s re-opening and signs of reduced regulatory headwinds. Clarivate receded on slower organic growth.
Software as a Standard: SAP rose on strong growth in its cloud division and prospects for raising midterm cashflow guidance. Adobe traded higher on robust quarterly results.
Sustainable Solutions: Azek advanced as results showed progress in working through inventory challenges and long-term growth potential. Rentokil climbed on the completion of its acquisition of Terminix.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0617AU-fund-focus-19.pdfNovember, 2022
The Fund produced an impressive return of 3.73% in November and was comfortably ahead of the index return. Themes are discussed below in order of contribution. Bits of Chips: Infineon rose on strong quarterly results and raised mid-term guidance on strong demand for automotive power semiconductors. Analog devices gained on continued strength in demand from industrial and automotive markets. Taiwan Semiconductor Manufacturing Company climbed on easing of US-China tensions.
Digital Runway: Hong Kong and China exposed insurance companies AIA, Ping An and Prudential all rose on signs of progress in the reopening in the country. Energy Transitions: Vestas traded higher on strong order intake, particularly for offshore wind. Total rose with confidence in long-term cashflows. Asset Efficiency: Johnson Controls gained on quarterly results showing resilient demand for building automation. Deere climbed on strong results and backlog. Empowered Consumer: Chinese-related stocks rose on prospects for China re-opening, led by Alibaba and LVMH. Live Nation declined despite strong quarterly results on public challenges to its prior Ticketmaster acquisition. Amazon and Disney declined on weak quarterly results, with high content costs at Disney.
Enduring Brands: Pernod Ricard and Beiersdorf rose with strong quarterly results. J&J declined after recent strong stock price performance. Extreme Risks: Gold miners rose with gold prices and a weaker dollar. US banks PNC and Truist fell with US yields. Sustainable Solutions: PPG advanced with improved global supply chains. Ecolab faltered after quarterly results showed slower growth. Nutrien traded lower after quarterly results showed higher costs in fertilizer production.
Data, Networks, and Profits: Tencent rose on Chinese re-opening and signs of reduced regulatory headwinds. Clarivate receded on slower organic growth. Software as a Standard: Autodesk dropped on quarterly results showing slower growth and a shift in customer preference to yearly subscription impacting cashflows. Intuit declined on news that its Credit Karma division saw a slowdown in activity. First World Health: Siemens Healthineers rose on quarterly strong results. Medtronic fell on weak quarterly results and program failures. Olympus declined as results showed higher costs in results.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-23.pdfOctober, 2022
The Fund rose in absolute terms in October but was unable to keep pace with the strong index return. Themes are discussed below in order of contribution.
Asset Efficiency: Caterpillar, Honeywell, and John Deere all rose on quarterly results showing robust demand in commodities, aerospace, and agriculture end-markets respectively.
First World Health: UnitedHealth gained as quarterly results highlighted improving pricing/cost dynamics and growth in Optum Health, driven by continued shift to value-based care. Medical equipment manufacturers Stryker and Olympus advanced in anticipation of procedure recovery and inflationary pressure on margins abating. Software as a Standard: SAP climbed on quarterly results showing good progress in its cloud transition. Adobe rose on additional details around potential synergies from its acquisition of Figma.
Energy Transitions: Integrated Energy holdings BP and Total advanced in sympathy with the gain in the price of oil. BP also announced an acquisition of bioenergy company Archaea which was well received by the market.
Bits of Chips: Automotive components suppliers Aptiv and TE Connectivity climbed on continued robust end-market demand in automotive driven by content growth in electric vehicles amidst a tight supply-demand dynamic.
Sustainable Solutions: Rentokil climbed on the completion of its acquisition of Terminix. Bureau Veritas rose on expectations for ongoing growth in its Buildings & Infrastructure and Agri-Food & Commodities businesses.
Data Networks and Profits: Visa and Mastercard gained on a recovery in cross-border travel and strong transaction data. RELX and Wolters Kluwer rose in anticipation of ongoing resilience in their subscription-based business models. RELX also guided to continued recovery in its exhibitions business.
Empowered Consumer: EssilorLuxottica rose on top-line strength, particularly from its professional solutions business, including continued growth of Stellest anti-myopic lenses in China and strong sunglasses sales in Latin America. Disney climbed on anticipation that the imminent launch of new pricing tiers for Disney+ will accelerate subscriber growth.
Extreme Risks: Bank holdings PNC Financial Bank of America rose on strong net interest income growth and margin expansion with limited signs of stress in consumer balance sheets. Barrick Gold traded lower on weaker production volume data.
Enduring Brands: Johnson & Johnson rose on strong operating results from its medical devices business. Coca-Cola advanced on robust operating results showing pricing power and market share gains across most markets. Colgate rose on news that activist investor Third Point has taken a stake in the company.
Digital Runway: Indian banks HDFC and ICICI rose on strong credit growth in India. Pan-Asian insurers Ping An, AIA, and Prudential all declined on concerns of further delays in re-opening of the Chinese economy.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-22.pdfSeptember, 2022
The Fund has performed broadly in line with the index return in the September quarter and calendar year-to-date.
In Australian dollar terms, seven themes rose in value while four (Empowered Consumer, Extreme Risks, Software as a Standard, and Data, Networks, and Profits) declined. Themes are discussed below in order of descending order of contribution. Asset Efficiency: AVEVA rose on news that it was being acquired by its parent, Schneider. Deere gained in sympathy with the rise in agricultural prices. Johnson Controls rose with progress on cost control and their Open Blue building automation system, which saw 87% year-over-year growth.
Sustainable Solutions: Waste Management gained with demand recovery and cost pass through. Nutrien advanced in sympathy with the rise in agricultural prices stemming from the ongoing Ukraine disruption. Digital Runway: Indian lenders ICICI and HDFC climbed on robust loan growth and low inflation.
Indonesian lenders Bank Central Asia and Bank Rakyat traded higher, thanks to loan growth and elevated prices of commodities Indonesia export. Bits of Chips: Keysight gained on strong quarterly results that demonstrated ongoing demand for 5G testing equipment. Texas Instruments rose on robust industrial and automotive demand. Aptiv and TSMC declined on fears of broad weakening of spending on technology. Enduring Brands: Pernod Ricard and Diageo performed well on continued demand strength, premiumization, and the re-opening of bars and travel. Energy Transitions: BP advanced on strong cash generation.
NextEra Energy climbed on growth opportunities from the passage of the Inflation Reduction Act in the US, which will make sizable investments in “energy security and climate change.” First World Health: Boston Scientific and Stryker climbed on strong quarterly results showing improvements in demand. Danaher and UnitedHealth advanced on strong quarterly results. Software as a Standard: Autodesk rose on strength in their subscription revenue. Adobe declined in their acquisition of collaborative design software company Figma which was viewed as expensive and defensive by the market.
Salesforce and Microsoft declined with market rotation away from software. Extreme Risks: Gold fell on a stronger US dollar. Gold miner Newmont declined most on results showing lower volumes and higher costs. Empowered Consumer: Amazon rose on prospects for cashflow generation on lower capital expenditures. Sony faltered on consumer weakness and a rotation away from technology stocks. Data, Networks, and Profits: Wolters Kluwer advanced, thanks to ongoing strong organic growth.
Alphabet fell on concerns over consumer spending and advertising revenues. Tencent fell as part of a larger decline in the Chinese stock market. Clarivate fell on foreign exchange related downgrades, leverage, and a change of CEO.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0617AU-fund-focus-15.pdfAugust, 2022
The Fund declined in absolute terms in August and was slightly behind the index return. All themes fell in August except for Digital Runway and Energy Transitions. Themes are discussed below in order of contribution. Digital Runway: Bank Central Asia rose on strong lending growth. Prudential declined on slow progress in the reopening of the key Hong Kong-China border due to the rising coronavirus cases on both sides of the border.
Energy Transitions: BP gained on strong cash generation and return in results. NextEra Energy rose after the passage of the US’s Inflation Reduction Act, which may accelerate significant investments in clean energy technology. Industrial gas stocks,
Asset Efficiency: Aveva traded higher on news that its, parent company, Schneider, was pursuing a full buyout of the UK-based software developer. Deere climbed in sympathy with the rise in agricultural prices.
Empowered Consumer: Reliance rose on bullish sentiment about the demand outlook for oil after OPEC signalled that it would be cutting crude production. Disney advanced on strong results showing profitability in its theme parks and price increases for its streaming service, Disney+. Sony declined due to video games related weakness.
Extreme Risks: Newmont declined as the strong US dollar and oil price pressured gold miners. US banks traded lower on concerns about a domestic economic recession. Sustainable Solutions: Nutrien rose in sympathy with the rise in global agricultural prices. Waste Management gained on strong profitability in quarterly results as pricing caught up with inflation. Intertek declined on margin pressure in the quarterly results.
Enduring Brands: Johnson & Johnson declined with market rotation away from the healthcare sector due to new US legislation about drug pricing. Bits of Chips: Semiconductor stocks declined after strong recent performance on macroeconomic concerns and memory market weakness led by Analog Devices and Applied Materials.
Data Networks and Profits: Tencent rose on asset sales and results. Wolters Kluwer and Relx both fell on market rotation. Clarivate declined on disappointing organic growth guidance in results.
Software as a Standard: Software holdings declined on market rotation, as the rise in US government bond yields put pressure on the broader technology sector. Salesforce declined most on signs of slowing sales activity.
First World Health: Olympus climbed on quarterly results showing an easing of supply chain disruption and a faster-than-expected recovery in therapeutic solutions. Market rotation impacted IQVIA and Zoetis.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-20.pdfJune, 2022
The Fund declined in absolute terms in the June quarter but was comfortably ahead of the index return. All themes except Enduring Brands declined in value. Themes are discussed below in descending order of contribution. Enduring Brands: Colgate and Coca-Cola both rose on robust quarterly results, relatively favourable currency exposure, Unilever outperformed on news that activist investor, Nelson Peltz, had joined its board.
Digital Runway: AIA and Ping An Insurance traded higher on improved prospects for China’s re-opening. Indian banks outperformed on strong lending data and the merger of HDFC Bank and parent HDFC.Energy Transitions: Renewable-focused utility holdings outperformed thanks to a rotation to defensive stocks, higher power prices, and prospects for accelerated long-term growth.First World Health: Olympus climbed on strong quarterly results. Medical device companies Stryker, Siemens Healthineers, and Medtronic declined on fears of consumer slowdown and inflationary margin pressure. Extreme Risks: Gold miners declined on tightening liquidity, a strong dollar, and high input costs. US bank stocks fell on concerns about an economic recession.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-8.pdfMay, 2022
The Fund retreated in Australian dollar terms and was unable to outperform the index return. Themes are discussed below in order of contribution.
Energy Transitions: The continuation of the Russia-Ukraine conflict saw oil holdings perform well led by TotalEnergies and BP. Bits of Chips: Robust demand and backlogs in results saw Analog Devices, Infineon and Applied Materials perform well. First World Health: Olympus and Siemens Heathineers gained on strong quarterly results. Medtronic declined on supply disruption. Digital Runway: AIA and Prudential rose on improved activity levels in Hong Kong on economic reopening in the wake of a coronavirus outbreak in the region. HDFC Bank rose on more details over its strategy to merge with mortgage lender HDFC. Indonesian lenders Bank Central Asia and Bank Rakyat both receded on profit-taking after strong recent stock price appreciation.
Software as a Standard: Autodesk rose on solid quarterly results that showed better-than-expected demand. Adobe climbed on strong quarterly results showing momentum in sales. Salesforce declined on concerns over a pull forward of demand through the pandemic. Salesforce’s stock recovered in early June after reporting a positive first-quarter earnings surprise and raised its revenue forecast for the full year.
Empowered Consumer: Electronic Arts advanced on solid quarterly results and news that it is actively seeking merger or acquisition opportunities. Sony rose on strong quarterly results and strategy briefings. Reliance traded lower after strong performance. Live Nation fell on concerns over consumer spending
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-7.pdfApril, 2022
The Fund retreated in absolute terms in April but was strongly ahead of the index return. Top performing themes included Enduring Brands and Sustainable Solutions. Themes are discussed below in order of contribution.
Enduring Brands: Coca-Cola and Reckitt Benckiser rose on robust results that demonstrated their respective pricing power. Sustainable Solutions: Waste Management and Avery Denison advanced on strong quarterly results, with solid demand and good pass-through of costs.Energy Transitions: Iberdrola climbed on robust quarterly results, reiteration of 2025 targets, and the evolving European energy outlook. NextEra Energy declined on tariff-related delays to solar installations. Digital Runway: Bank Rakyat and Bank Central Asia rose with robust quarterly results, thanks in part to accelerating Indonesian loan growth in the wake of the pandemic.
Extreme Risks: Gold holdings outperformed the price of gold, which fell less than the benchmark. US banks fell on economic concerns. Data, Networks, and Profits: Mastercard and Visa outperformed on strong quarterly results showing a return to consumer spending, particularly cross border. Intercontinental Exchange retreated on market rotation and an anticipated slowdown in mortgage activity linked to higher interest rates.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-16.pdfMarch, 2022
The Fund fell in the March quarter and trailed the index performance. All themes declined in value except for Extreme Risks. Themes are discussed below in descending order of contribution. Extreme Risks: Gold miners Agnico Eagle, Newmont, and Barrick Gold all rose in sympathy with the sharp rise in the price of gold, as investors fled to safe-haven assets on worries about escalating geopolitical risk. Energy Transitions: Oil and gas producers Equinor, BP, Shell and Total, all advanced in sympathy with the sharp increases in oil and gas prices due to the fallout from the Russia-Ukraine conflict. Digital Runway: Bank Central Asia, Bank Rakyat and DBS, all traded higher thanks to improving pandemic-related conditions in Southeast Asia and higher commodity prices. AIA rose on robust quarterly results. Enduring Brands: Coca-Cola rose on data points highlighting the company’s pricing power. Johnson & Johnson gained on resolution of litigation and market rotation. Data, Networks, and Profits: Tencent declined due to concerns about ongoing Chinese regulation of the country’s technology sector. Clarivate retreated after issuing a profit warning.
Empowered Consumer: Activision rose on news that it was an acquisition target of Microsoft. Reliance gained on energy market exposure. Amazon outperformed on strong quarterly results and stock buybacks. Asset Efficiency: Deere climbed in sympathy with the increase in agricultural prices and on positive news flow about fully automated tractors. All other holdings declined on fears of cyclical weakness.
Sustainable Solutions: Nutrien traded higher with the rise in agricultural and fertiliser prices due to sanctions imposed on Russia. Ecolab, PPG, Kansai Paint, and Rentokil all faltered on market rotation and concerns about margin pressure due to high raw materials prices. First World Health: Medtronic, and Boston Scientific rose on improved healthcare activity as pandemic restrictions eased in the US. Other holdings fell on market rotation.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0580AU-fund-focus-1-5.pdfJanuary, 2022
The Fund fell in January in absolute terms and underperformed the index return. There was significant dispersion in theme performance, as investors assessed the impact of a likely near-term interest hike by the Fed and the resultant yield pressure it would put on certain stocks. Themes discussed below are in descending order of contribution. Digital Runway: ICICI Bank and HDFC rose on robust loan growth in India. Ping An traded higher, thanks to an easing of Chinese regulatory pressure. DBS advanced on higher interest rates. Prudential declined due to worries about China’s ongoing zero-COVID policy. Extreme Risks: Bank of America traded higher as part of larger gains made by US bank stocks, thanks to expectations of higher near-term interest rates, which would allow lenders to charge more on lucrative loans. Gold stocks declined on ongoing input cost pressures. Energy Transitions: Oil producer stocks, led by BP and Total, climbed in sympathy with the rise in oil prices, due to tight supply demand. Vestas and Siemens Gamesa slid on concerns about logistics and cost pressures. Air Liquide and Linde faltered on broader market rotation.
Data, Networks, and Profits: FIS, Mastercard, and Visa all rose on encouraging spending data. Tencent traded higher on easing regulatory pressure. Wolters Kluwer receded due to a market rotation. Clarivate declined on management change and an accounting restatement. Empowered Consumer: Activision rose on news that it was an acquisition target of Microsoft. Alibaba rose on easing of Chinese regulatory pressure. Sony retreated on Microsoft’s acquisition of Activision.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-5.pdfDecember, 2021
The Fund produced a strong return for the quarter but was unable to outperform the impressive index return. Ten themes rose in value while one declined (Digital Runway). Themes discussed below are in descending order of contribution. First World Health: UnitedHealth rose on strong quarterly results, growing pipeline at its subsidiary, the health information technology and services firm Optum. Thermo Fisher advanced on broad strength in quarterly results. Zoetis climbed on strong quarterly results, led by new products.
Bits of Chips: Keysight traded higher on strong results led by broad 5G testing demand. Applied Materials advanced on expectations for robust semi-cap spending due to industry results. TE Connectivity rose on signs of an improvement in automotive supply chains. Software as a Standard: Microsoft, Accenture, and Intuit all rose on strong quarterly results, driven by continued demand for digital transformation. Autodesk fell on coronavirus and supply chain disruption-related weakness in end markets. Enduring Brands: Alcoholic beverage companies Remy Cointreau and Diageo rose on strong quarterly results, with demand remaining robust.
Sustainable Solutions: Nutrien advanced on higher agricultural commodity and fertiliser prices due to a favourable supply-demand dynamic. PPG rose on signs of pricing power, end market recovery, and new growth opportunities such as electric vehicles battery coatings. Azek climbed on strong quarterly results.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-13.pdfNovember, 2021
The Fund produced a positive return in Australian dollar terms but was unable to outperform the index return. Themes discussed below are in descending order of contribution.
Bits of Chips: Aptiv rose despite cuts to near-term guidance on expectations for volume recovery in coming years. Infineon gain on longterm growth expectations at their Capital Markets day. Texas Instruments declined on conservative guidance. First World Health: Siemens Healthineers and Danaher both traded higher on strong results, new long-term guidance, and the expectations for increased coronavirus testing revenues due to variants. Medtronic, Boston Scientific and Styker fell on anticipated pandemic disruption to new procedures.
Enduring Brands: Remy Cointreau advanced on very strong results showing strong cognac demand. Kao receded on competition in domestic markets.
Sustainable Solutions: Rentokill and Waste Management climbed, thanks to ongoing strong demand for pest and recycling. Kerry retreated on worries that coronavirus risk will adversely impact food service companies. Asset Efficiency: Rockwell rose on strong organic growth guidance, driven by automation of automotive manufacturing. Schneider advanced on policy support for green buildings. Aveva faltered on mixed quarterly results, driven by business model evolutions.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-11.pdfOctober, 2021
The Fund produced a solid absolute return in October but was unable to keep pace with the strong index return. Themes discussed below are in descending order of contribution.
Software as a Standard: All stocks in this theme gained, led by Microsoft, thanks to strong quarterly results boosted by its Azure cloud division. Intuit also climbed in response to the company’s investor day, which focused on long-term cross-selling opportunities. Energy Transitions: Iberdrola rose, thanks to an improvement in the regulatory outlook in Spain. Equinor declined after strong recent share performance as gas prices stabilised.
Bits of Chips: Despite cuts to its near-term guidance, Aptiv rose on expectations for volume recovery in the coming years. Infineon traded higher on long-term growth expectations at the company’s Capital Markets day. Texas Instruments declined after the company issued conservative guidance.
First World Health: UnitedHealth rose on strong quarterly results, investor enthusiasm about the growing pipeline at its sister company, pharmacy benefits manager Optum, and additional detail on COVID-related utilisation. Thermo Fisher advanced on broad strength in its quarterly results. Medtronic traded lower on trial data. Boston Scientific faltered due to the COVID-driven impact to activity levels. Extreme Risks: Bank of America gained on strong quarterly results, which showed organic revenue momentum. Gold miner stocks declined with the fall in the price of gold and high costs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-4.pdfSeptember, 2021
The Fund produced a solid absolute return in the September quarter, though slightly underperformed the strong index return. Ten themes rose in value in the quarter while one declined. Themes discussed below are in descending order of contribution. First World Health: Life Sciences names Thermo Fisher, Danaher and Siemens Healthineers rose on strong quarterly results and expectations for protracted coronavirus-related test spending.
Software as a Standard: Intuit traded higher, thanks to strong quarterly results and investor enthusiasm about its latest acquisition of email marketing firm Mailchimp. Accenture gained on solid quarterly results, as digital transformations remain a priority. Salesforce climbed, thanks to strong quarterly results and a capital markets update. PTC fell on disappointing quarterly results.
Data Network and Profits: AON rose on strong quarterly results and the termination of its merger with Willis Towers Watson. Alphabet rose on broad strength in quarterly results, with YouTube advertising rising significantly. RELX rose as quarterly results showed organic growth picking up. Wolters Kluwer rose on expectations for higher organic growth. Visa, Mastercard, and Fidelity National Information Services all retreated as part of a larger decline in electronic payments companies due to concerns about the growing Buy Now Pay Later (BNPL) option trend and the slow global reopening of travel. Tencent declined on worries about regulatory risk stemming from the Chinese government’s crackdown on the domestic gaming industry.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-3-1.pdfAugust, 2021
The Fund produced a solid absolute return in August, slightly underperforming the strong index return. Ten themes rose in value in the month while one declined. Themes are discussed below in descending order of contribution. Energy Transitions: Equinor rose with European gas prices on limited imports and high demand. Vestas and NextEra Energy advanced on expectations of peaking raw material price impact.Software as a Standard: Microsoft, Salesforce, Adobe, Intuit all rose, thanks to strong results. PTC and Autodesk fell with results on expected macro impact fromcoronavirus Delta variant.First World Health: Danaher, Siemens Healthineers, and IQVIA all rose with expectations of longer-term positive impact caused by the coronavirus. Asset Efficiency: Schneider climbed with strong execution in results, as building efficiency demand continues. Safran traded lower on concerns about a slowerreturn to international travel.
Digital Runway: HDFC and Bank Central Asia gained as the impact from the coronavirus Delta variant ebbed and results supported limited balance sheet impact.Prudential climbed on progress with its spin-off of US variable annuity business. China’s tightening regulations on its domestic technology and property sectorsweighted on Ping An.Bits of Chips: ASML, Keysight, and Infineon all rose, thanks to strong results stemming from robust semiconductor demand. Aptiv declined on margin pressurein results.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-3.pdfJune, 2021
The Fund produced a solid absolute return in the June quarter but was unable to keep pace with the impressive index return. Ten themes rose in value while one declined. Themes are discussed in descending order of contribution. First World Health: IQVIA advanced on strong results and expectations for long duration COVID-19 related spending. Danaher gained on strong results and theacquisition of upstream bioprocessor, Aldevron. Zoetis rose on strength in their companion animal business and launch of new products. Sysmex declined afterannouncing the details of new product launches.
Software as a Standard: Intuit rose on strong results from tax season and signals that Credit Karma, which Inuit recently acquired, is working on expanding its platform’s outreach. Adobe traded higher on continued investment in digital, expanding use of creative cloud, and larger contract wins for digital experience. Microsoft rose on strong results, driven by cloud division. SAP climbed on results that showed robust license demand. PTC lagged on foreign exchange rate impact to results and profit-taking pressure after recent performance
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-1-1.pdfMay, 2021
The Fund produced a solid absolute return in May that was ahead of the index return. For the 12 months to 31 May 2021, the Fund is comfortably ahead of the index return.
Eight themes rose in value while three declined. Themes are discussed in descending order of contribution. Extreme Risks: Gold miner stocks rose with gold prices, thanks to US dollar weakness, inflation, and rotation out of bitcoin. Enduring Brands: Spirits companies, Diageo and Pernod Ricard, advanced on encouraging data. Beiersdorf rose on management change. Kao declined on slowprogress in Japanese vaccination deployment.
Asset Efficiency: Johnson Controls gained on strong heating, ventilation, and air conditioning (HVAC) sales. Assa Abloy rose on solid quarterly results and positivesentiment from its capital markets day. Deere declined after strong performance. Distribution Footprints: Nutrien rose with rising commodity prices. PPG Industries and Kansai Paint rose on strong quarterly results. Ecolab and Rentokil declinedon rotation from so-called pandemic winners.
Bits of Chips: Analog Devices, Texas Instruments, and Applied Materials all rose on strong quarterly results and expectations of continued tightness in semiconductor markets. Keysight declined despite posting strong quarterly results. Digital Runway: HDFC and ICICI rose on encouraging data despite the worsening public health emergency in India. Ping An Insurance faltered on news that it was seeking to acquire Founder Group, Peking University’s bankrupt corporate empire . Prudential lagged on news of a delay in the spin-off of the insurer’s USunit.
Software as a Standard: Intuit and Salesforce rose on strong first-quarter results. Accenture and Autodesk declined on market rotation. First World Health: Labcorp and UnitedHealth rose on strong first-quarter results. Medical device makers, Medtronic and Stryker, declined on disappointing quarterly results and potential tax changes. Energy Transitions: Wind turbine companies Siemens Gamesa, Vestas and renewable utilities NextEra Energy and Iberdrola all declined on rising input costs. Oilcompanies, Equinor and BP, advanced with the rising oil price on tightening supply.
Empowered Consumer: Inditex and LVMH rose on strong consumer activity. Activision climbed on strong first-quarter results. Nexon fell on weak quarterly results. Alibaba declined on negative sentiment about the e-commerce giant’s increased investment spending. Apple and Amazon declined on market rotation.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-5.pdfApril, 2021
Global equity markets continued to rally in April, as investor confidence about a global economic recovery remained steadfast despite mixed news flow. Trading was choppy at times during the month as investors mulled over the ramifications of two competing developments: indications that the global economy was strengthening and a fresh wave of coronavirus cases in key regions of the world that could derail an economic recovery. In the US, the economic outlook continued to brighten, thanks to massive monetary and fiscal stimulus, falling coronavirus cases, and increasingly positive domestic economic data.
In Europe, investors were cautiously optimistic about the region, due largely to encouraging signs that Europe’s economy was on the mend and that the latest wave of coronavirus infections was ebbing. In contrast, an intensifying viral outbreak in Japan led the government there to declare a state of emergency and the imposition of restrictive measures in four major regions, while the pandemic’s unchecked spread in India and Brazil threatened to upend the fragile economic recovery in the developing world. Stocks received a boost when the US Federal Reserve affirmed its intention to maintain an ultra-accommodative monetary policy stance for the foreseeable future. The yield on the benchmark 10-year US Treasury note, which has risen materially since the beginning of the year and thus became a headwind for risk assets, fell in April.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus-2.pdfDecember, 2020
The Fund posted a solid return in the December quarter which was ahead of the index return. For the 12 months to 31 December 2020, the Fund has comfortably outperformed the index return. Themes are discussed below in descending order of contribution. Nine themes rose in value while two declined (Enduring Brands and Extreme Risks).
Bits of Chips: All stocks rose, led by Applied Materials, Taiwan Semiconductor Manufacturing Company (TSMC), ASML, Infineon, and Aptiv on cyclical recovery vaccine-related optimism and on expectations of a more stable China policy from the incoming Biden Administration. Electric vehicle growth expectations also increased on signs of progress in battery technology and continued regulatory support.
Energy Transition: All stocks rose. Vestas and Siemens Gamesa were the top performers, thanks to continued strength in demand for wind turbines globally, renewal of US Protection Tax Credit and potential support from the Biden Administration. Oil holdings recovered on vaccine announcements and rising oil prices, led by Royal Dutch Shell, BP, and EOG. Asset Efficiency: Aerospace-exposed companies Safran and Honeywell rose most on prospects for a return of travel. Fanuc rose as quarterly results which indicated a cyclical bottom in demand. Assa Abloy lagged on expectations of a slower recovery in demand for commercial locks.
Digital Runway: Vaccine optimism and broadly improving COVID-19 data, particularly in India, boosted bank holdings in this theme, led by HDFC, ICICI, DBS, and Bank Rakyat. Prudential and AIA also gained in anticipation of higher sales of car insurance. Credicorp declined on political risk stemming from the impeachment of Peru’s president, Martín Vizcarra, and was sold.
Empowered Consumer: Physical-activity-exposed Disney and LVMH were the top performers, thanks to vaccine-driven optimism. Sony advanced on a strong launch of its PS5 console. Nexon rose on good results and news of its promotion to the Nikkei 225 Index. Alibaba declined on the cancellation of the initial public offering for its fintech affiliate, Ant Group, due to regulatory shifts.
Distribution Footprint: PPG and Kansai Paint gained on demand recovery and cost input relief. Nutrien rose on a positive investor day and with higher commodity prices. Rentokil declined on expectations of a slowdown in COVID-19-related hygiene spending.
First World Health: Sysmex rose most on anticipation of a major product refresh for its core hematology analyser in 2021. Stryker advanced in anticipation of a return to more normal hospital activity. Danaher, Thermo Fisher, and Zoetis lagged on rotation away from perceived COVID-19 beneficiaries. Boston Scientific declined on the discontinuation of its Lotus TAVR heart valve program.
Software as a Standard: PTC and Autodesk climbed most on robust results and in anticipation of a recovery in cyclical end markets. Accenture gained on good results as digital transformations accelerate. Salesforce declined on news of the company’s acquisition of Slack. SAP declined on new guidance and a strategy update to accelerate the shift to cloud.
Data Networks and Profits: Alphabet rose on good quarterly results as advertising spending recovered. Wolters Kluwer declined on market rotation. Fidelity National Information Services retreated on news stories relating to a potential acquisition and new UK restrictions.
Extreme Risk: US Bank holdings rose on shifts in the yield curve, vaccine optimism, and regulation change enabling capital returns, led by PNC, US Bancorp, Bank of America, and M&T Bank. Gold mining holdings declined on market rotation.
Enduring Brands: Spirits companies Pernod Ricard and Diageo rose on strong consumption data and anticipation of increased travel. Unilever, Reckitt Benckiser, and Nestle declined on market rotation.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/ZUR0061AU-fund-focus.pdfasset_class: Foreign Equity
asset_category: Large Growth
peer_benchmark: Foreign Equity - Large Growth Index
broad_market_index: Developed -World Index
manager_contact_details: Array
ticker: ZUR0061AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.zurich.com.au/personal/investments/managed-funds/global-thematic-share-fund.html
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fund_features:
Zurich Investments Global Thematic Share Fund’s investment objective is to provide long-term capital growth with the benefits of global diversification.The Fund uses a distinctive thematic approach that identifies emerging trends in the global economy and invests in stocks poised to benefit as a result.
- The fund pursues a differentiated process to offer a diversified portfolio of international shares that aims to deliver risk adjusted returns that exceed the benchmark over periods of seven years or more.
- This strategy is about identifying long-term wealth creation opportunities while protecting against concentrations of market risk.
- The Fund aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in A$ (net dividends reinvested) over periods of seven years or more.
structure: Managed Fund