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Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares from large capitalization companies in the United States that have the potential for above-average and sustainable rates of earnings growth.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, exclusion criteria risk and  geographic concentration 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 document.

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
US Large Cap Growth Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU0174119429
FACTSHEET
KFS
SFDR DISCLOSUR
30-Nov-2023 - Taymour Tamaddon, Portfolio Manager,
While many market participants believe that the US Federal Reserve (Fed) is at the peak of its policy-tightening cycle, and some are expecting rate cuts in the not-so-distant-future, we are exercising caution. We maintain some defensive positioning given the potential lagged effect of tighter monetary policy and the Fed overshooting its intended target.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares from large capitalisation companies in the United States that have the potential for above-average and sustainable rates of earnings growth.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Taymour Tamaddon, Portfolio Manager,
US equities advanced in November, enjoying their best month in over a year as investors welcomed signs of cooling inflation and falling bond yields. Within the portfolio, stock choices and an overweight position in the health care sector detracted, primarily due to our significant holding in a managed care provider whose shares fell on reports that it was considering a sale of its Medicare Advantage business. Unfavourable stock selection in the consumer discretionary sector also hurt performance, led by our lack of exposure to a leading electric vehicle manufacturer that rebounded following a post-earnings sell-off in October. On the positive side, information technology added the most value due to our security choices. Here, our overweight position in an enterprise software provider boosted performance as its shares surged late in the month following its release of consensus-topping quarterly earnings results. Financials also assisted relative results due to security selection. In particular, shares of a leading buy now pay later company climbed higher after reporting better-than-expected gross merchandise volume and improving expense discipline, along with a report that it would be partnering with a large ecommerce company.
30-Nov-2023 - Taymour Tamaddon, Portfolio Manager,
We are content with how the portfolio is currently structured and made no material changes to positioning during the month. While many investors are speculating that continued disinflation trends and resilient economic growth could offer an increasingly suitable runway for a soft landing, with rate cuts to follow in 2024, we continue to exercise caution and maintain some defensive posturing. In addition to traditional defensive exposure, we would note that given the relative strength in fundamentals for many of our mega-cap technology holdings, this sleeve of the portfolio could provide some underappreciated downside support in a downturn.

Disclosure on Vendor Indices can be found here.