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This fund provides access to a global share portfolio that offers thematic exposure to disruptive innovation across a number of sectors and geographies.
Disruptive innovation is caused by the introduction of new technologically enabled products or services that permanently change an industry or economic sector by providing greater simplicity, accuracy, customisation and accessibility while driving down costs.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 4.59% | 1.28% | -2.62% | -22.03% | |
| Appropriate Market Index (AMI)2 | 0.90% | 10.46% | 29.36% | 15.60% |
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.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 4.61% | 1.28% | -2.64% | -22.12% | |
| Appropriate Market Index (AMI)2 | 0.90% | 10.46% | 29.36% | 15.60% |
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 |
|---|---|
| Tesla Motors Inc | 8.71% |
| Coinbase Global Inc | 6.35% |
| Roku Inc | 5.85% |
| Roblox Corp | 5.65% |
| Block Inc | 4.78% |
| Palantir Technologies Inc | 4.54% |
| Robinhood Markets Inc | 4.15% |
| Shopify Inc | 3.95% |
| Meta Platforms Inc | 3.20% |
| Crispr Therapeutics Ag | 3.08% |
Commentary
As of 31 July 2024
Key contributors for the month include Tesla (TSLA), Roblox (RBLX) and Beam Therapeutics (BEAM).
Shares of Tesla contributed to performance during the month after the company reported better-than-expected second quarter vehicle deliveries and record stationary energy deployments. Later in the month, the stock returned some gains after Tesla delayed its robotaxi event from August to October due to design changes to its upcoming Cybercab and reported second-quarter earnings that missed analysts' profit expectations. Separately, the company released a major update to its Full-Self Driving software (FSD), v12.5.1, with future updates expected to integrate the highway and city driving software stacks into a single end-to-end solution. Roblox - market research firm released stronger-than-consensus estimates for Roblox bookings, daily active users, and engagement hours earlier in the month. Shares continued to perform well into strong second quarter earnings announced in August. Beam Therapeutics contributed to the fund this month despite the company announcing a transition in the role of Chief Financial Officer.
Key detractors for the month include Pinterest (PINS), Robinhood (HOOD) and Shopify (SHOP).
Pinterest detracted from the fund this month after reporting second quarter earnings. While the company slightly beat revenue expectations, the third quarter guidance fell short of consensus, indicating further growth deceleration. Management pointed to tougher year-over-year comps and an FX headwind as guidance headwinds. Shares of Robinhood detracted from the fund this month on the back of mixed cryptocurrency performance. While Bitcoin ended the month flat, the price of Ethereum decreased during the period. Shopify detracted from the fund this month on the back of general weakness across e-commerce stocks.