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| Fund Overview | There is a relatively low number of individual securities in the Fund which may result in periods of high volatility. Ideally, investments should be made for a minimum of five years so that short term volatility may be offset by high capital growth over time. Companies are chosen using an active, bottom-up approach with particular attention paid to valuation and the sustainability of return on equity. The Fund takes a long term view when investing. Companies of all sizes are considered for inclusion in the Fund. The Fund invests in a mix of both developed and emerging markets. Investments in emerging markets may carry risk associated with delivery difficulties, failed or late settlement of market transactions and the registration and custody of securities is more complex. The lack of liquidity and efficiency in these markets may mean that from time to time the Fund may experience more difficulty in purchasing or selling securities than it would in a more developed market. |
| Manager Comments | After five months of strong gains, a number of stocks in the Fund ran into profit taking. During the month, we re-initiated a position in KWG Property Holdings Limited, a Chinese property company. Recent weakness in the share price provided an opportunity to buy after the strong performance by Chinese property stocks in 2012. Having recently visited six companies in the sector, it is clear that end-user demand is strong and interest costs have fallen sharply. In fact, demand for corporate bonds issued by Chinese property companies is the strongest we have ever seen. This bodes well for the performance of the shares over coming years. Largest sector exposures were financials, real estate and consumer discretionary. |
| More Information | » View detailed profile of this fund |
