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Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of Chinese companies and may have significant exposure to smaller capitalisation companies. 
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, geographic concentration risk, risks associated with depositary receipts, currency risks and exclusion criteria risk which may result in loss of a part or the entire amount of your investment.  
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.

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.

Global Value Equity Fund
An actively managed, conviction-based global portfolio of around 80-100 attractively valued companies. We invest across the value spectrum, from deep value through to higher quality, more defensive companies, seeking to deliver positive excess returns regardless of which value substyle is currently favoured by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0859254822
30-Nov-2023 - Sebastien Mallet, Portfolio Manager,
Valuation spreads in the marketplace remain compelling and relative valuations of value versus growth are attractive compared to history. With supply chains being restored, and the effects of deglobalization accelerating, we anticipate higher levels of capital expenditure, which could benefit many value-oriented areas of the market and may also keep upward pressure on inflation and interest rates.

Fund Summary
We employ a relative value approach that looks holistically across the value spectrum to identify companies with durable free cash flows that are not fully appreciated by the market. We aim to maintain a core portfolio of quality companies but will also pursue attractive risk/reward opportunities in out-of-favour cyclical companies and deep-value turnaround situations. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

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.