Single Sector Fund
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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 | -0.07% | -1.12% | 35.00% | -19.22% | |
| Appropriate Market Index (AMI)2 | 2.94% | 15.27% | 45.94% | 18.39% |
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 | -0.07% | -1.13% | 35.30% | -19.27% | |
| Appropriate Market Index (AMI)2 | 2.94% | 15.27% | 45.94% | 18.39% |
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 | 8.22% |
| Coinbase Global Inc | 8.21% |
| Block Inc | 6.60% |
| Roku Inc | 6.33% |
| Zoom Video Communications Inc | 4.41% |
| Robinhood Markets Inc | 4.35% |
| Roblox Corp | 3.84% |
| Draftkings Inc | 3.69% |
| Crispr Therapeutics Ag | 3.46% |
| Palantir Technologies Inc | 3.41% |
Commentary
As of 31 March 2024
Market Highlights
Key contributors for the month include Coinbase (COIN), Robinhood (HOOD), Block (SQ).
Coinbase was a contributor to the fund this month, benefiting from continued strength across crypto markets. Bitcoin broke through $70,000 and set a new all-time high in March. Robinhood was a contributor to the fund this month. The company benefited from a positive research report and was supported by continued strength across cryptocurrencies. In addition, Robinhood unveiled a new credit card offering competitive with other premium cards in the US. Block was a contributor to the fund this month, also benefiting from continued strength across crypto markets.
Key detractors for the month include Tesla (TSLA), CRISPR Therapeutics (CRSP), Recursion Pharmaceuticals (RXRX).
Shares of Tesla detracted from performance during the month amid Wall Street concerns over a slowdown in global EV adoption and on the back of several pieces of company specific news. Some notable events include suspension of operations for one week at its Berlin facility following an arson attack, and an analyst downgrade over concerns that price cuts are having a diminishing effect on demand. Separately, at the end of the month, Elon Musk announced that Tesla, no longer limited by computing power for Artificial Intelligence training, will allow for biweekly software updates to its Full-Self Driving (FSD) feature and offer a one-month free trial to all US-capable cars. CRISPR Therapeutics was a detractor from the fund this on no company specific news. Recursion Pharmaceuticals detracted from the fund this month, after the company reported fourth-quarter results at the end of February, including a decline in revenues on a year-over-year basis, which management attributed to lumpiness in milestone payments.