風險考慮因素:
  1. 本基金以主動方式管理及主要投資於具有潛力取得高於平均及可持續盈利增長率的公司股票的多元化投資組合。該等公司可能遍佈世界各地,包括新興市場。
  2. 投資於本基金涉及風險,包括一般投資風險、地理集中風險、貨幣風險、股票市場風險、與預託證券相關的風險、剔除標準風險和風格風險,並可能導致您損失部分或全部投資金額。
  3. 本基金可運用衍生工具作對沖及有效投資組合管理,因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
  4. 本基金價值可以波動不定,並有可能大幅下跌。
  5. 投資者不應僅根據本[文件/網站]而投資於本基金 。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標,亦不應作為選擇個別產品或策略的唯一考慮因素。

普徠仕(盧森堡)系列
環球焦點增長股票基金
旨在透過其投資價值的增長,長遠而言提高其股份價值。
ISIN LU0143551892
基金單張
產品資料概要
SFDR DISCLOSUR
2016年12月31日 - David J. Eiswert, 基金經理,
There remain many uncertainties at the global macro level, and the first 100 days of Donald Trump’s presidency in 2017 will be watched with great intensity by markets. We believe this will result in ongoing market volatility, as well as likely stock and sector rotation. Knowing the stocks you want to buy and being confident enough to buy them during periods of weakness is going to be an ongoing necessity.

概覽
策略
基金概要
以主動方式管理及主要投資於具有潛力取得高於平均及可持續盈利增長率的公司股票的多元化投資組合。該等公司可能遍佈世界各地,包括新興市場。
表現(已扣除費用)

過往表現並非未來表現的可靠指標。

2016年12月31日 - David J. Eiswert, 基金經理,
Global equities rose in December as investors took on more risk amid increasing optimism in developed regions, and emerging markets recouped some of their losses from recent months. Stock selection in consumer discretionary, coupled with our overweight position, detracted the most from relative performance, most notably our holdings in Dicks Sporting Goods, L Brands, and Coach. Both our stock picks and our overweight exposure to information technology names also hindered gains, particularly our positions in Alibaba Group, Splunk, and salesforce.com. On the positive side, stock selection in financials helped relative returns, led by Bank Central Asia, TD Ameritrade, and CME Group. At the regional level, our holdings in developed Europe proved detrimental.
2016年12月31日 - David J. Eiswert, 基金經理,

As always, our trading activity during the quarter was driven from the bottom up. Over the period, the market saw a dramatic shift away from secular growth and sectors that had performed well in recent months to more cyclical areas such as financials and energy. While we think this rotation could persist in the near term and made some changes early in the quarter to ensure that we can benefit and participate in this cyclical rally, uncertainty is still very high. We remain focused on the long term, making sure we are investing in companies on the right side of change and where we have a unique insight into those changes. Over the quarter, our allocations to financials and consumer staples increased, while our weighting in information technology decreased.

Information Technology

We have high conviction in the technology sector, as this is an area where rapid market share shifts mean growth companies are plentiful regardless of the broader macroeconomic environment. We look for innovative companies with the potential to be true market disruptors on the right side of change. The shifts toward greater connectivity, mobility, and use of cloud software applications are powerful long-term trends, and the markets for consumer and enterprise technology products are expanding in all regions. Rapid growth in the use of the Internet, particularly in Asia, has yielded many compelling stories with long runways for growth.

  • We eliminated our position in global payment operator MasterCard. While the company remains a solid, high-quality growth company, we have exposure to the industry through PayPal, and we chose to exit our position and reallocate funds to names where we have higher conviction.
  • We eliminated our position in Facebook. While the company continues to have the dominant global presence in online social networks, we anticipate the firm will be facing challenges over the next 12 months to accelerate monetization and expect growth to decelerate in 2017.
  • We initiated a position in Baidu, China's dominant search engine. We think the company's investment cycle is coming to an end, which should lead to accelerating revenues and margin recovery over the medium term. The company is also launching new initiatives, including a mobile app news feed that can be monetized over time. Valuation has been compelling on the back of several quarters of weak earnings.

Consumer Discretionary

We favor the consumer discretionary sector due to the strong growth stories we see in specific areas of the sector, rather than a broad-based affinity for this area. Market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Our focus is on identifying companies with product cycles that we believe will drive market share growth going forward. We have found Internet-based media and retailing companies particularly attractive, but most of our holdings will be driven by product-specific stories.

  • We initiated a position in Hennes & Mauritz, one of the world's largest specialty apparel retailers (known colloquially as H&M). We think H&M has a strong business model with high-quality management and high returns on capital, and we believe the firm can produce high single-digit organic revenue growth over the long term given its global appeal and space rollout opportunities. Recent headwinds for the company that we believe to be temporary, including a strong USD, an investment cycle, and a difficult macroeconomic backdrop, created an attractive entry point for us.
  • We eliminated our position in off-price retailer Ross Stores on strength. The stock jumped after the company reported strong third-quarter results, and we chose to take profits and reallocate to names with greater upside potential.

Financials

Our outlook for the sector has improved materially over the past several months as the results of the U.S. presidential election have made it likely that U.S. financials in particular are poised to benefit from several tailwinds, including rising interest rates and inflation, deregulation, and lower corporate tax rates. That being said, the recent rally in the sector has lifted valuations into more reasonable territory, and we are being cautious about any names we are picking up, making sure to focus on the long term rather than near-term momentum. We like regional U.S. banks, which are disproportionately better positioned to benefit from deregulation than larger banks, high-quality capital market firms, and select European banks that we think are undervalued and underappreciated.

  • We initiated a position in discount brokerage Charles Schwab. The company represents a premier franchise that is highly levered to rising short-term interest rates, with a sizable scale advantage over competitors. While the firm has been challenged in its traditional mutual fund offerings by ETFs and passive investments, we think the market is underestimating the tailwind from higher interest rates as the U.S. Federal Reserve moves toward rate normalization.
  • We eliminated our position in Brazilian bank Itau Unibanco on strength. The stock has experienced a significant runup in recent months amid a rally in the Brazilian markets, and we think the company has reached fair value and risk/reward is no longer attractive.

Consumer Staples

We have some concerns that consumer staples have become broadly expensive as investors have flocked to higher-yielding stocks in recent years. That being said, the recent rotation during the fourth quarter of 2016 into more cyclical names provided us with some stock-specific opportunities to pick up high-quality names at improved valuations.

  • We initiated a position in Reckitt Benckiser, a consumer staples company specializing in consumer health, hygiene, and home care products. We think the firm is a high quality company with an attractive portfolio of products, an excellent management team, and exposure to Europe and emerging markets. The company also has a unique position in consumer health, a category otherwise dominated by pharmaceuticals companies. The stock sold off in October following weak third-quarter results, which created an attractive entry point.

Health Care

While health care remains a fertile area for growth potential and accelerating technological discovery, our enthusiasm has been tempered of late due to broadly richer valuations in certain areas, uncertainty about the drug pricing environment, and a subdued pace of innovation and breakthroughs. That being said, increased market volatility has created pockets of opportunity that we have used to pick up some high-quality, high conviction names.

  • We initiated a position in Roche Holding, a Swiss pharmaceutical company with a focus on the oncology market. We think Roche operates a strong business model in an attractive, high-margin oncology segment, where it has a dominant position and a key growth driver in its cancer drug Avastin. The company also has a compelling long-term pipeline.
  • We eliminated our position in U.S. managed care company Aetna on strength after the firm reported solid third-quarter results, sending shares higher. We think there are several headwinds to growth for the firm moving into 2017, including exchange market exits and several lost Medicaid contracts, so we chose to exit our position and reallocate funds to names with greater upside potential.
2016年12月31日 - David J. Eiswert, 基金經理,
We have high conviction in the information technology sector, as this is an area where rapid market share shifts mean growth companies are plentiful, regardless of the broader macroeconomic environment. The shifts toward greater connectivity, mobility, and use of cloud software applications are powerful long-term trends, and the markets for consumer and enterprise technology products are expanding in all regions. Rapid growth in the use of the Internet, particularly in Asia, has yielded many compelling opportunities with long-term growth stories.

有關基準數據來源的披露僅提供英文版本,可在此處找到。