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Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

SICAV
Global Value Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU0859254822
FACTSHEET
PHS
SFDR DISCLOSURE
31-Aug-2016 - Sebastien Mallet, Portfolio Manager, Global Value Equity Fund,
Despite renewed bouts of volatility, we see enough pockets of improvement to retain a modestly positive outlook for global equities. Our focus remains on selecting companies with strong free cash flow generation, which are not yet fully appreciated by the market and with the ability to increase shareholder returns.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a widely diversified portfolio of undervalued shares of companies (i.e. shares of companies which the Investment Manager considers are inexpensive relative to the market, peers, and the shares’ own history) anywhere in the world, including emerging markets.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2023 - Sebastien Mallet, Portfolio Manager,
Global equities gained in November as inflation eased, largely in Europe and the US, which raised hopes that interest rates may be near their peak. In the US, the Federal Reserve held its benchmark rate steady for the second consecutive meeting. Within the portfolio, stock selection and our above-benchmark positions in health care and energy dragged on relative performance. In health care, shares of a global medical technology company retreated after its earnings forecast for 2024 fell short of investor expectations, which was attributed to broader macroeconomic headwinds and inventory adjustments. However, we believe that the company will see better performance and its defensive business mix could provide multiple tailwinds against a tough macroeconomic environment. In contrast, stock choices in information technology (IT) added value, although the gains were largely offset by our underweight allocation. At the country level, our holdings in the US, the UK, and Japan hurt relative performance. Conversely, our off-benchmark positions in Brazil, South Korea, and Vietnam helped. In South Korea, shares of a memory chip maker gained after it reported encouraging third quarter earnings amid improved demand in its memory chips as well as its smartphone and tablets segment.
30-Nov-2023 - Sebastien Mallet, Portfolio Manager,
We adopted a balanced profile in the portfolio over the last year or so by adding to more defensive parts of the value universe. The remainder of the portfolio is devoted to more cyclical and deep value companies. This approach is most appropriate given the ongoing material economic uncertainties, in our view. With this in mind, we have relative overweight positions in financials as well as the traditionally more defensive health care and utilities sectors. In contrast, we remain underweight in information technology and consumer discretionary.

Disclosure on Vendor Indices can be found here.