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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 | 6.50% | -1.15% | 20.87% | 14.94% | 14.06% |
| Appropriate Market Index (AMI)2 | 5.11% | -3.78% | 16.95% | 15.58% | 14.20% |
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 | 6.49% | -1.23% | 20.74% | 14.94% | 14.11% |
| Appropriate Market Index (AMI)2 | 5.11% | -3.78% | 16.95% | 15.58% | 14.20% |
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 | 5.75% |
| Nvidia Corp | 4.93% |
| Amazon Com Inc | 4.41% |
| Meta Platforms Inc | 4.18% |
| Netflix Inc | 3.34% |
| Broadcom Corp Com | 2.96% |
| HDFC Bank Ltd | 2.93% |
| Coca-Cola Europacific Partners | 2.84% |
| Intercontinental Exchange Inc | 2.80% |
| Haleon Plc | 2.72% |
Commentary
As of 31 May 2025
Market Overview
Fund Commentary
As a result of actions taken over the last 12 months, we are significantly underweight in IT, though the IT stocks we do own have a high beta. We also remain overweight in the Consumer Discretionary and Healthcare sectors. The portfolio is diversified - only slightly overweight in the U.S. and continues to be well-positioned to handle ongoing volatility. As always, we intend for stock selection to be the key driver of future returns. Amid the policy upheaval, we continue to search for - and find - new Future Quality ideas.
Contributors: Curtiss-Wright Corporation rose over 25% in May, driven by robust Q1 2025 results and an upgraded full-year outlook. The company reported a 13% year-over-year increase in sales to US Dollar 806 million and a surge in adjusted earnings. Strong demand across the Aerospace & Defense and commercial nuclear markets, along with operational strength in the Defense Electronics segment, contributed to this outperformance. Notably, Curtiss-Wright secured record new orders exceeding US Dollar 1 billion, reflecting a 1.26x book-to-bill ratio. Broadcom Inc. continued its strong performance in May, supported by solid fundamentals and investor optimism around AI and connectivity trends. Its diversified exposure to data centers, telecom, and industrial automation, combined with leadership in analog and mixed-signal semiconductors, positions Broadcom to benefit from AI proliferation across sectors. Palomar Holdings Inc. impressed investors with its Q1 2025 results, reporting strong net income growth and EPS of US Dollar 1.87. The specialty insurer’s robust underwriting performance and disciplined risk management supported earnings growth, while its diversified portfolio, spanning earthquake, flood, and hurricane insurance, provided resilience.
Detractors: Despite reporting solid Q1 2025 results, Genpact Limited’s stock underperformed in May due to tempered forward guidance caused by potential delays in several large client contracts. The company posted 8.3% year-over-year revenue growth, with strong performance in its Data-Tech-AI segment, which grew 11.7%. Elevance Health Inc. delivered strong Q1 2025 results, with revenue up 15.4% to US Dollar 48.8 billion and adjusted EPS of US Dollar 12. However, the stock lagged in May due to concerns around rising Medicare Advantage medical costs, following a profit warning from peer UnitedHealthcare. While Bio-Techne Corporation highlighted improved pharma end-market conditions and strong execution in Protein Sciences, sentiment toward Life Science Tools remains poor. U.S. government biotech funding remains in question, and potential drug price cuts continue to undermine biotech investor confidence.