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| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 9.01 | -1.25 | 8.16 | 13.48 | 8.75 |
| Appropriate Market Index (AMI)2 | 6.75 | 6.41 | 32.04 | 21.77 | 15.14 |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Nvidia Corp | 7.71% |
| Microsoft Corp | 5.42% |
| Amazon Com Inc | 5.40% |
| Broadcom Corp Com | 3.58% |
| Netflix Inc | 3.43% |
| Compass Group Ord GBP0 1105 | 2.80% |
| Coca-Cola Europacific Partners | 2.79% |
| Mastercard Inc - Class A | 2.72% |
| US Foods Holding Corp | 2.71% |
| Linde Plc | 2.61% |
Commentary
As of 20 April 2026
Market Overview
Global equity markets rebounded strongly in April 2026, recovering from March’s geopolitical tensions (Middle East conflict) amid solid corporate earnings, renewed AI enthusiasm, and easing concerns in some areas.
Major country/region indices showed broad gains, with notable leadership from tech-heavy areas: US equities gained 7% while the Nasdaq Composite gained more than 10%.
Key sector drivers centred on AI, with broad participation but clear leadership in growth-oriented areas: the information technology (15.84%) and communication services (11.21%) sectors were the top performers (with semiconductors soaring 24%).
Fund Highlights
The fund returned 5.63% for the month, underperforming the benchmark which returned 6.75%.
Positive contributors to performance over the month included Amazon.com, ASM International and Broadcom.
Negative contributors to performance included Option Care Health and Netflix.