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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 | Insync noted the key to the Fund's outperformance over FY20 has been its downside risk management as well as the selection of stocks with long growth runways that aren't closely linked to prevailing economic conditions. Insync maintains a positive view for the medium to long-term. Their view is that very low interest rates are making quality sustainable growth companies extremely valuable. They also believe the Megatrends in which they invest are likely to resist a severe recession and a pandemic. At month-end, the portfolio's top holdings included PayPal, Visa, Microsoft, Adobe, JD Sports Fashion, Walt Disney, Accenture, Facebook, S&P Global and Domino's Pizza. The top three Megatrends in the portfolio by weight were the 'Age Related Health Solutions' and 'Digitisation' megatrends (both at 14% of the portfolio), followed by the 'Cashless Society' megatrend (13% of the portfolio). |
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