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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. |
| Manager Comments | The Insync Global Quality Equity Fund rose +2.16% in March, outperforming AFM's Global Equity Index by +0.93% and taking annualised performance since inception in October 2009 to +12.74% versus the Index's +11.06%. The Fund's Sharpe and Sortino ratios, 1.00 and 1.90 respectively, by contrast with the Index's Sharpe ratio of 0.84 and Sortino ratio of 1.40, highlights the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. In addition, the Fund's down-capture ratio of 60.35% indicates that, on average, the Fund has outperformed in falling markets since inception. The Global Quality Equity Fund differs from the Global Capital Aware Fund only in that it has no put-protection, otherwise the portfolio and strategy are exactly the same. Positive contributors in March included Accenture, Intuit, Visa, Amadeus IT and Tencent. Negative contributors were RELX, Boston Scientific, Wirecard AG, Twenty-First Century Fox - B and Biogen Idec. No currency hedging continues across both the Global Capital Aware Fund and the Global Quality Equity Fund as Insync consider the main risks to the Australian dollar to be on the downside. |
| More Information |
