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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 Focused Growth Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU0143551892
31-Aug-2016 - David J. Eiswert, Portfolio Manager,
Many markets appear to be on hold as investors mull over the possibility of another U.S. rate rise, how the UK will extract itself from the EU, and the U.S. presidential election. We remain wary that we could be heading into a period with slower growth and have therefore made efforts to reduce risk in the portfolio.

Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares of companies that have the potential for above average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2023 - David Eiswert, Portfolio Manager,
Global equities advanced in November amid hopes that major central banks may not have to raise interest rates further to combat inflation. Within the portfolio, our holdings in the information technology sector, coupled with an overweight position, contributed the most to relative returns. Shares of an e-commerce omnichannel platform surged following the release of stronger-than-expected third-quarter earnings and fourth-quarter revenue guidance. Management noted that third-quarter gross merchandise value strength was primarily driven by merchant growth across the platform. We think the company is well positioned for accelerating returns given the fact that its strategic positioning as the digital operating system for smaller merchants has only strengthened over the last couple years, and recent plans for increased monetisation are encouraging. Conversely, stock picks and an overweight position in energy detracted. Shares of a large oil field services company declined as falling oil prices pressured energy names. We believe the company is the technology leader in its field with the greatest scale and best reputation with customers. In our view, the firm is also well positioned to benefit from increased international spending that we expect to occur both onshore and offshore and across commodities.
30-Nov-2023 - David Eiswert, Portfolio Manager,
We are underweight industrials and business services given the growing possibility of a global economic slowdown, which generally pressures demand in industrial end markets. However, we still believe our exposure within the sector is poised to capture the tailwinds of accelerating economic fundamentals as COVID-19 distortions continue to abate and the world begins to normalise in a more synchronised fashion. Our exposure is focused on long-cycle industrials and commercial services companies that have strong competitive positions, as well as aerospace-related names that have a significant backlog and pent-up demand.