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The Nikko AM Europe team manages this fund, investing in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. The manager selects companies where they believe there is potential for quality and future value.
Download Morningstar's managed investment report on the Nikko AM Global Shares Fund
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.
Iain is a Portfolio Manager within the Global Equity Team based in Edinburgh. In this video, Ian explains his global investment philosophy, the objectives of this portfolio, and the concept of future quality. Iain also talks us through the long term focus on sustainability and what's personally satisfying about doing what he does. Find out more about the Global Shares Fund from Iain Fulton in the video now.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.74% | 1.83% | 27.41% | 8.02% | 12.42% |
| Appropriate Market Index (AMI)2 | 0.62% | 2.11% | 24.43% | 11.04% | 11.86% |
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 | 1.73% | 1.86% | 27.49% | 8.07% | 12.51% |
| Appropriate Market Index (AMI)2 | 0.62% | 2.11% | 24.43% | 11.04% | 11.86% |
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 |
|---|---|
| Microsoft Corp | 5.85% |
| Nvidia Corp | 5.55% |
| Amazon Com Inc | 4.16% |
| Meta Platforms Inc | 3.64% |
| Netflix Inc | 3.22% |
| Haleon Plc | 2.90% |
| Elevance Health | 2.90% |
| Coca Cola Co USD | 2.80% |
| Intercontinental Exchange Inc | 2.73% |
| Cencora Inc Com | 2.69% |
Commentary
As of 30 September 2024
Contributors: Haleon PLC continued to outperform in August, in sympathy with peers as the outlook for Consumer Staples became more favorable. More importantly, the company reported strong results at the beginning of the month, which demonstrated quality growth and strong cash generation. Investors were encouraged by the EBIT margin beat, as it likely signals the end of earnings downgrades. TransUnion followed up strong second quarter (Q2) results posted in August with a strong September for the share price. The company’s Financial Services business should benefit from an acceleration in mortgage enquiries now that interest rates have started to fall. The company has also made a US dollar 80 million debt prepayment and refinanced their debt with more favorable terms. Hoya Corporation shares recovered over the month of August after the company delivered better-than-expected quarterly numbers and forward-looking guidance. The IT business exceeded estimates, and the outlook is optimistic, with the sales recovery in IT expected to continue, destocking complete, and AI-related demand booming. Detractors: Synopsys, Inc. underperformed in sympathy with the semiconductor sector, which has come under significant pressure after strong performance in the first half of 2024. Despite the company delivering solid quarterly results in August, Synopsys’s peer, Cadence Design Systems reduced its full-year outlook. Elevance Health, Inc. also underperformed. This is attributed to a couple of factors. Firstly, the narrowing of the opinion polls, predicting the outcome of the upcoming US Presidential election. Secondly, the fall observed in bond yields could reduce the level of investment income enjoyed by the insurers. SLB (formerly Schlumberger) underperformed in September due to a combination of reduced funding in the oilfield services sector and a cautious outlook for the industry’s performance in 2024. These factors led to investor concerns about the company’s growth trajectory and profitability and despite the Chinese stimulus package, investors remain cautious on the Energy patch.