Investment Objective of the Sicav
The investment objective of the SICAV is to achieve long term growth in value.
The SICAV will invest in equities on a global basis. The SICAV’s approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies. The SICAV has stringent investment criteria which the Investment Manager adheres to in selecting securities for the SICAV’s investment portfolio. These criteria aim to ensure that the SICAV invests in:
high quality businesses that can sustain a high return on operating capital employed;
businesses whose advantages are difficult to replicate;
businesses which do not require significant leverage to generate returns;
businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;
businesses that are resilient to change, particularly technological innovation;
businesses whose valuation is considered to be attractive.
It is envisaged that the investment portfolio of the SICAV will be concentrated, generally comprising between 20 and 30 stocks.
Portfolio Comment for August 2020
There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Facebook, Microsoft, Estée Lauder, Nike and Intuit. The top 5 detractors were Becton Dickinson, Diageo, L'Oréal, Coloplast and Stryker.
Just a small number of high quality, resilient, global growth companies that are good value and which we intend to hold for a long time, and in which we invest our own money.
" Active Share measures how much the portfolio holdings differ from the benchmark index (MSCI World) i.e. a portfolio that is identical to the benchmark would have 0% active share.
* The OCF (Ongoing Charges Figure) is the total expenses paid by the fund (excluding bank overdraft interest), annualised, against its average net asset value. The OCF will fluctuate as the average net assets and costs change. The OCF is updated following the publication of accounts for the periods ending 30th June and 31st December.
# The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the CSSF. This compares the total share purchases and sales less total creations and liquidations with the average net asset value of the fund.
> 7 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.
< Gross Yield reflects the historic dividend income received by the fund in the preceding 12 months before the deduction of all expenses including management fees. Net yield is Gross Yield less the deduction of all expenses including management fees i.e. Gross Yield less the OCF. In both cases we use T Class Shares as reference. Please note that rates would very for I Class and R Class shares. Additional fund expenses will further reduce the yield received.