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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.

SICAV
Global Technology Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU1244139660
FACTSHEET
PHS
31-May-2017 - Joshua Spencer, Lead Portfolio Manager,
Against a backdrop of lagging global growth and political uncertainty, we seek to invest in truly innovative companies capable of delivering durable growth. We maintain our view that companies developing, or enabled by, disruptive technology are uniquely positioned to create shareholder value during times of uncertainty.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares of technology development or utilisation companies, with a focus on leading global technology companies. 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.

Effective 1 July 2024, the comparator benchmark for the fund changed to MSCI AC World Information Technology 10/40 Net Index. Prior to this change, the comparator benchmark was MSCI AC World Information Technology Index Net. Historical benchmark representations have not been restated.

30-Nov-2023 - Dom Rizzo, Portfolio Manager,
Global equities advanced strongly in November amid hopes that central banks may not have to raise interest rates further to combat inflation. Within the portfolio, our stock choices in semiconductors contributed to relative returns. Shares of a semiconductor capital equipment company that focuses on back-end assembly equipment for advanced packaging applications rose as investors appreciated its unique role in the semiconductor manufacturing space. We like the company’s dominant market share in hybrid bonding, the most advanced and capital-intensive method of packaging, and high-margin structure. Our lack of exposure to telecommunications equipment also aided relative results as the subsector advanced but trailed the benchmark during the month. Not owning a large global vendor of networking products including routers and switches, contributed to relative returns as management lowered guidance for 2024 in its most recent earnings report. We believe there are higher-quality investment opportunities elsewhere in the portfolio, and we are focusing our investments there. Alternatively, our avoidance of business services detracted from relative results as the subsector outperformed the index during the month.
30-Nov-2023 - Dom Rizzo, Portfolio Manager,
Our positions in consumer internet companies continue to benefit from improving fundamentals in terms of e-commerce demand trends, operational efficiency, and the ability to show improvement in earnings and free cash flow. Our largest holding in the subsector is a leading e-commerce platform and reflects our belief that the company’s e-commerce division and margins will improve over the next year. We also maintain a position in a leading US online food delivery platform. We continue to like the positioning of the company within its industry as well as its strong management team.

Disclosure on Vendor Indices can be found here.