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(即整體上以增長型為導向的投資組合)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、股票市場風險、風格風險、地理集中風險、新興市場風險、新興國家股票市場大幅波動的相關風險、新興國家股票市場監管/交易所規定的相關風險、與預託證券相關的風險、剔除標準風險和貨幣風險,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 LU0382932902
基金單張
產品資料概要
SFDR DISCLOSUR
2016年12月31日 - Scott Berg, 首席基金經理,
The surprise victory of Donald Trump and the potential policy implications of a Republican-controlled legislature with tax cuts, deregulation, and possible U.S. fiscal stimulus, led to a rally in some cyclical segments of the market. However, with uncertainty on specifics at this point, we are retaining some caution against a broad-based cyclical bounce.

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 - Scott Berg, 基金經理,
Global equities rose in December as optimism pervaded developed regions, and emerging markets recovered some of the losses from recent months. Stock selection in information technology detracted the most from relative returns, most notably our holdings in Workday, Red Hat, and Alibaba Group. Investments in financials also weighed on relative results, particularly AIA Group. On the positive side, industrials and business services companies helped relative performance, led by SM Investments and DP World. At the regional level, our holdings in North America proved detrimental, while our underweight to Japan was beneficial.
2016年12月31日 - Scott Berg, 首席基金經理,

Our positioning is mainly driven by fundamental, stock-specific views. 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. We are avoiding chasing this cyclical rotation and have generally held steady in our positioning, although our weight in information technology rose as we took advantage of the sector sell-off to pick up high-conviction names that we think have long-term and stand-alone earnings power. We also took down our allocation to health care, mostly in pharmaceuticals where we think the outlook has become less attractive.

Consumer Staples

Given our view that we continue to be in a low to moderate growth environment, we find that high-quality consumer staples names with real, growing businesses that pay a decent dividend offer compelling opportunities. Our holdings in this area remain tilted toward companies that hold significant market share and benefit from demand growth in emerging markets. The recent rotation away from staples to more cyclical sectors has provided us with the opportunity to add to or pick up high conviction names where valuations have become more compelling.

  • We initiated a position in British American Tobacco, the third-largest tobacco maker in the world. We think the firm is positioned to be the fastest growing company in the industry, with exceptional sales growth and margin expansion. The company's recent bid for competitor Reynolds American would also be accretive to earnings, although the potential success of the deal does not affect our overall growth thesis. Valuation is also compelling as the stock has come down in recent months.
  • We eliminated our position in global infant and child nutrition staples company Mead Johnson Nutrition. Our thesis for the company (that revenue would stabilize and lead to improving returns) has not played out as expected, and the firm has seen weaker-than-expected demand in its emerging market segments and heightened price competition in the U.S. We, therefore, elected to reallocate funds to names where we think the risk/reward is more compelling.

Information Technology

We are cautious in our positioning within the sector as valuations have become stretched in certain areas, and rapid disruption has also been challenging for companies that are more established or behind the innovation curve. Within the sector, we remain positioned to benefit from the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward e-commerce, social media, and cloud software-areas where valuation appears high but is reasonable given the significant earnings growth potential these companies offer.

  • We initiated a position in Alibaba Group Holding, China's dominant online retailer. Alibaba has an asset-light business model, which we think is scalable, self-enhancing, and highly cash flow generative. We are impressed by the firm's powerful position in China's fast-growing e-commerce market and think the firm's moves into cross-border e-commerce and cloud computing via its AliCloud service are also compelling.
  • We eliminated our position in NXP Semiconductors following news that it would be acquired by Qualcomm. With limited upside remaining, we chose to exit our position and reallocate funds to more high conviction names.

Health Care

Our holdings are tilted toward drugmakers with strong pipelines, equipment makers with significant technology advantages, and health care providers that will benefit from lower health care utilization in the U.S.

  • We eliminated our position in U.S. hospital owner and operator HCA Holdings. With increased uncertainty surrounding the fate of the Affordable Care Act and health care exchanges, we are concerned that possible loss of coverage for individuals could negatively affect hospital profitability over the next few years. With the risk/reward less compelling, we chose to exit our position.
  • We eliminated our position in pharmaceutical firm Merck. We have concerns about the durability of the company's Januvia and HCV drug franchises and believe several upcoming patent expirations will pressure margins in the near term.

Consumer Discretionary

Our holdings in consumer discretionary are diversified across industries and geographies. However, many of our holdings have a strong presence in online retail and/or exposure to emerging markets with attractive demographics.

  • We initiated a position in home improvement retailer Home Depot, swapping out our position in Lowe's, which we eliminated. While both firms benefit from a duopoly industry structure and an ongoing rebound in the U.S. housing market, we have grown more bullish on Home Depot, which has had more consistently strong topline growth while our conviction in Lowe's has come down amid some recent execution issues.
  • We have a core holding in Inretail Peru, a Peruvian supermarket and retail food operator. We believe the company is well run and that the firm represents a compelling secular growth opportunity as formal retail penetration in the region remains very low.

Financials

Our holdings in this area are broadly diversified, but we retain a focus on commercial banks in fertile emerging market economies and high-quality U.S. banks and U.S. capital markets companies with global exposure. We also see opportunity in select regional U.S. banks, which are disproportionately better positioned to benefit from possible deregulation than larger U.S. banks.

  • We initiated a position in Fifth Third, a U.S. regional bank headquartered in Cincinnati, Ohio. We think Fifth Third is a high-quality bank with a new, top-notch management team committed to driving earnings growth through efficiency gains, and the stock's valuation is extremely compelling. At an industry level, we also think smaller regional banks in the U.S. like Fifth Third should benefit disproportionately from easing regulatory burdens and rising interest rates.
  • We have a core holding in discount broker 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.
2016年12月31日 - Scott Berg, 首席基金經理,
Our holdings in the financials sector are broadly diversified, but we retain a focus on commercial banks in growing emerging market economies and high-quality U.S. banks and U.S. capital markets companies with global exposure. We also see opportunity in select regional U.S. banks, which are disproportionately better positioned to benefit from possible deregulation than larger U.S. banks.

有關基準數據來源的披露僅提供英文版本,可在此處找到。