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水平及可持續盈利增長率的美國大型公司股票的多元化投資組合。
  2. 投資於本基金涉及風險,包括一般投資風險、股票市場風險與預託證券相關的風險、剔除標準風險和地理集中風險,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網站而投資於本基金 。
普徠仕(盧森堡)系列
美國大型增長股票基金
務求發掘具備雙位數字盈利增長潛力的投資機遇。
ISIN LU0174119429
基金單張
產品資料概要
SFDR 披露
2016年12月31日 - Taymour Tamaddon, 基金經理,
Fundamental research and bottom-up stock selection remain key to our navigation of current market conditions as we seek to identify companies that can deliver durable earnings growth over time.

概覽
策略
基金概要
投資於具吸引力的美國公司,該等公司具備優質盈利流、強勁自由現金流增長且管理層以股東為重,藉此尋求賺取長線回報。
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 - Taymour Tamaddon, 基金經理,
U.S. stocks established record highs in mid-December before pulling back slightly at the close of the year. In the portfolio, stock selection in the information technology and health care sectors hurt relative performance. On the positive side, stock selection in the financials and industrials and business services sectors boosted relative results.
2016年12月31日 - Taymour Tamaddon, 基金經理,

Following the election, we saw a sharp bifurcation between the performance of growth and value stocks. Value-oriented sectors, including financials, energy, and industrials and business services, got a boost from the reflation trade as investors rotated into cyclical industries deemed to benefit the most from the policies proposed by the incoming U.S. presidential administration. On the other hand, growth-oriented sectors, such as information technology, health care, and consumer discretionary, lagged. Regardless of the market's initial reaction, it's too soon to definitively declare winners and losers. As such, we remain steadfast in our bottom-up approach to stock selection based on rigorous fundamental research. Sentiment can certainly be a powerful force in the near term; however, over the long run, returns in the stock market are driven by growth in earnings and cash flows. Despite recent lackluster returns, fundamentals in information technology, consumer discretionary, and several health care names are actually quite vibrant.

Information Technology

In the information technology sector we continue to emphasize disruptive business models and technologies that that we believe can sustain high growth for several years. Secular demand for public cloud computing services remains a key growth driver; select companies benefiting from the shift of advertising spending to digital and social media channels also present compelling investment opportunities. We also favor companies driven by the convergence of communications and computing, including Internet software companies and those that will benefit from broad global tailwinds in digital payments.

  • We increased our position in Microsoft as we believe the company's continued evolution to cloud computing remains on track. The company's recent acquisition of LinkedIn should also be additive to Microsoft's core Office franchise. We believe the software giant is also improving its market positioning, execution, long-term prospects, and capital allocation management.
  • Juniper Networks made progress in diversifying its customer base, ramping new products across its portfolio, and improving its cost structure. Shares advanced after the company reported strong quarterly earnings and guidance, driven by sales growth in new products, particularly in the switching segment. We opportunistically sold shares on recent strength in the stock.

Consumer Discretionary

Our sizable exposure to the consumer discretionary sector is composed primarily of companies that we believe are well positioned to take advantage of powerful secular trends in retail spending. Consumption continues to grow and consumer confidence is strong, with unemployment at multiyear lows and wages starting to grow after years of stagnating. Within the sector, we continue to emphasize companies with innovative business models that are benefiting from secular growth in ecommerce retail and shifting dynamics in travel and leisure services.

  • Yum! Brands, the parent company of Taco Bell, KFC, and Pizza Hut, spun off its China business during the period. Following the spinoff, we bought shares of the legacy enterprise. We are positive on the company's refranchising initiatives, which we believe can lead to higher margins, a more stable cash flow stream, and more capital being returned to shareholders.
  • We sold shares of Hanesbrands during the quarter on concerns that the vertically integrated and owned supply chain model is becoming increasingly less efficient with more acquisitions. We also believe the company is exposed to negative tax reform optionality. Thus, we redeployed the proceeds of the sale to fund investments with stronger upside potential.

Health Care

We are taking a more cautious approach given the real risk of regulatory reform for the health care sector, particularly on drug pricing. While we've reduced our exposure to the sector, we still believe there are opportunities in select therapeutics companies developing promising drugs that address large, unmet clinical needs. In our view, some of the most attractive investment themes in the sector include managed care industry consolidation, innovations in medical equipment, and robotic technology.

  • We bought shares of biotechnology firm Biogen as we believe the company has significant medium- and long-term growth potential in several of its pipeline programs. We expect Spinraza, a recently approved treatment for all types of spinal muscular atrophy, to be accretive to earnings starting in 2017. The firm also has a steady base business of multiple sclerosis treatments, including Tecfidera, which should be a reliable revenue generator for the next several years.
  • We trimmed our position in Allergan during the period; however, we still maintain a constructive view of the company as we believe it is well positioned to deliver organic growth from several of its business segments. More streamlined operations following the sale of its generic drug business in the third quarter of 2016, along with a number of upcoming product launches, could also bode well for the firm's long-term earnings growth.
2016年12月31日 - Taymour Tamaddon, 基金經理,
We maintain a large position in information technology as disruptive business models and technologies continue to present compelling investment opportunities. Secular demand for public cloud computing services continues to be a growth driver, and select companies are benefiting from the shift in advertising spending towards digital and social media channels. We also favour companies driven by the convergence of communications and computing.

指示性基準數據來源: Russell Investment Group 為資料來源且為Russell 指數相關商標、服務標誌及版權的擁有人。Russell® 為 Russell Investment Group的商標。

除另有說明外,所有基金評級、獎項和數據均截至 2024年09月30日,且相關數據來自普徠仕。 

SICAV是指普徠仕(盧森堡)系列。普徠仕(盧森堡)系列是一家盧森堡投資公司,具有可變資本,在盧森堡金融業監管委員會註冊(Commission de Surveillance du Secteur Financier),並獲認可為可轉讓證券集體投資計劃(「UCITS」)。

表現資料來源:普徠仕。基金表現使用資產淨值以股份類別貨幣計算,並將股息再作投資 (如有)。投資價值和任何所得收益可升可跌,投資者可能取回低於投資之金額。。此值會因基金的基本貨幣與認購基金之間的匯率變動 (如有不同) 而受到影響。銷售費用(A類最高可達5%)、稅款及其他當地適用的成本 (如適用) 皆尚未扣除,這些款項會降低表現數據。指示性基準回報包括再投資的股息總額。

請參閱基金單張查看最基本的業績表現資料及其他詳情。  

投資涉及風險。過往業績表現並非未來業績表現的可靠指標。某些基金的投資回報以美元/港元以外的外幣計值。以美元/港元為基礎的投資者因而承受美元/港元兌其他外幣的貨幣風險。投資者應參閱公開說明書,以了解目標、投資政策及風險的全面詳情。公開說明書可向當地代表索取。   

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成立少於一年的股份類別(和相關基準)的業績回報為累積計算,而非年度化。

年度表現僅代表有關股份類別的成立日至該年度最後一日之表現,並不代表整年回報。

所示的所有風險及回報資料乃屬所顯示之股份類別,並不一定反映本基金整體的情況。倘股份類別有足夠的歷史業績表現,則根據所選股份類別超過3年(倘股份類別的往績紀錄期介乎3至5年)或5年的回報及標準差計算該等風險及回報資料。股份類別的歷史業績表現少於3年者,則未能提供風險及回報資料。

本網站中提及與描述的特定證券不代表附屬基金購買、出售或推薦的所有證券,亦不應假設所提及和討論的證券為盈利證券或將會盈利。

本網站持倉部分所示的十大貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,按正面或負面貢獻百分比計算的十大貢獻/拖累證券。

所示的個別主要貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,於十大基金表現貢獻因素及拖累因素當中,按基金規模百分比計算的最大貢獻/拖累因素。

貢獻/拖累因素的計算方法乃應要求提供。所提及與描述的特定證券並不代表基金購買、出售或推薦予客戶的所有證券。涵蓋期間的貢獻/拖累因素完整列表乃應要求提供。

由於四捨五入,本網站的部分數字未必等於所列總和。 

晨星(Morningstar)星號評級資料來自晨星公司(Morningstar, Inc.) 。

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