Single Sector Fund

Nikko AM Global Equity Unhedged Fund

About the fund

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Risk Indicator (volatility)

Target Asset Allocation


As of 30 September 2021

Market Highlights

  • Global equity markets took two steps forward and one step back over the quarter – advancing 0.80% in July and 1.64% in August before retreating 2.19% in September.
  • For much of the quarter, investors were reassured that gradually rising energy prices and softening economic data would slow the pace of any tightening of monetary policy. By the end of September, however, the inflation observed in energy markets was so severe that investors started to worry much more about their impact on future economic activity.
  • For the three-month period, the MSCI All Countries World Index had a return of 0.22% (NZD, unhedged). Despite losses incurred in September, investors were encouraged by a reasonably strong reporting season.

The fund returned 1.55% in the third quarter to outperform the Benchmark return of 0.22% by 1.33%. All three underlying managers outperformed, while in terms of style drivers, Growth modestly outperformed Value.  The fund benefitted from its overweight exposures to HCA Healthcare, Old Dominion Freight Line, West Pharma Services and Constellation Software, as well as nil exposure to China’s Alibaba Group which plunged 34% over the quarter. The main detractors from performance were underweight exposures to Apple and Tesla, which both outperformed over the quarter, as well overweight exposures to Magazine Luiza, LHC Group and Tencent Holdings which all underperformed over the quarter. WCM added three new holdings over the quarter (Lam Research, Floor & Décor Holdings and Repligen Corp), while selling out of Tencent Holdings. US-based Lam Research is a leading manufacturer of equipment used to make semiconductors. Floor & Décor (FND) Holdings is a hard flooring retailer with a differentiated business model, talented management team, good box economics and a long reinvestment runway. Repligen Corp is a bioprocessing company focused on the development, production, and commercialisation of innovative products used in the process of manufacturing biologic drugs. Regarding Tencent, the Chinese government has taken significant steps this year to reign in its large technology companies that have enjoyed home field advantage and years of unfettered growth.


Nikko AM investment Scheme
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at 31 December 2021
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 1.97% 6.85% 25.44% 24.43% 17.21%
Appropriate Market Index (AMI)2 3.10% 7.49% 24.66% 19.55% 14.82%
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5 year cumulative performance $10,000 invested

Top 10 Holdings

Security Name Percentage
Microsoft Corp USD0.00005 5.44%
Amazon Com Inc 3.46%
Progressive Corp 2.77%
Old Dominion Freight Line Inc 2.20%
Anglo American Plc 2.19%
Steel Dynamics Inc 2.13%
Constellation Software Com 2.05%
Taiwan Semiconduct Manufacturing Usd 2.04%
Reliance Steel & Aluminum Co 2.04%
Unitedhealth Group Inc Com Stk Us0.01 2.02%

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