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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 | 2.64% | -19.15% | 22.85% | 7.87% | 0.58% |
| Appropriate Market Index (AMI)2 | -2.93% | -12.68% | 12.34% | 19.06% | 18.29% |
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 | 2.60% | -19.35% | 22.67% | 7.83% | |
| Appropriate Market Index (AMI)2 | -2.93% | -12.68% | 12.34% | 19.06% |
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 |
|---|---|
| Palantir Technologies Inc | 9.67% |
| Tesla Motors Inc | 9.04% |
| Roblox Corp | 7.28% |
| Coinbase Global Inc | 6.93% |
| Roku Inc | 5.35% |
| Robinhood Markets Inc | 4.68% |
| Tempus Ai Inc | 4.52% |
| Shopify Inc | 4.34% |
| Meta Platforms Inc | 3.45% |
| Amazon Com Inc | 2.59% |
Commentary
As of 30 April 2025
Market Overview
• Broad-based global equity indexes traded up slightly, reflecting a strong bounce back after tariff announcements shocked the global markets.
• Relative to the MSCI World Index Utilities, Consumer Staples, and Communication Services sectors outperformed on balance in April, while the Energy, Health Care, and Real Estate sectors lagged.
Fund Commentary
Key contributors for the month include Palantir (PLTR), Coinbase (COIN), Roblox (RBLX), Robinhood (HOOD), and Tesla (TSLA). Shares of Palantir contributed to fund performance this month following the announcement that NATO would be acquiring the Maven Smart System from Palantir. Palantir, along with SpaceX and Anduril, will also reportedly play a meaningful role in the US's Golden Dome missile defense project. Shares of Coinbase contributed to the fund this month, participating in a broad rally across technology stocks following President Trump's announcement of a 90 day pause on reciprocal tariffs on most countries. Coinbase's performance also largely tracks the increase in the price of bitcoin over the month. Shares of Roblox contributed to the fund this month. The company was upgraded to outperform by an investment back, who suggested that revenue contribution from programmatic video ads will materialize in 2025 and in the long term, the company is well positioned to sustain bookings growth and margin expansion at rates that outperform the video game industry, based on its unique user growth momentum, technology infrastructure, and untapped monetization potential. Shares of Robinhood contributed to the fund this month, participating in a broad rally across technology stocks following President Trump's announcement of a 90 day pause on reciprocal tariffs on most countries. Shares of Tesla contributed to performance during the month re-bounding from an initial sell-off following heightened uncertainty in global markets triggered by U.S. tariff announcements as well as a lower-than-expected first-quarter delivery report. The company later reported its first-quarter earnings, with Elon Musk confirming that starting in May he will allocate more of his time to Tesla, while spending less time on DOGE. Notably, Tesla reaffirmed plans to launch its robotaxi service in Austin this June and to introduce a low-cost model in the first half of the year.
Key detractors for the month include Pinterest (PINS), Teradyne (TER), Roku (ROKU), Meta Platforms (META), and PagerDuty (PD). Shares of Pinterest, Roku, and Meta detracted from the fund this month due to weakness in consumer stocks. Shares of Teradyne detracted from the fund’s performance this month following heightened uncertainty in global markets triggered by U.S. tariff announcements. Although the company reported better-than-expected results, the cautious second-quarter guidance from the management and limited visibility into near-term demand weighed on the stock. Shares of PagerDuty Inc. detracted from fund performance this month on little company-specific news, as macroeconomic uncertainty weighed on the stock.