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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 | 3.02% | 6.35% | 18.64% | 17.12% | 14.47% |
| Appropriate Market Index (AMI)2 | 2.77% | 4.05% | 16.61% | 18.29% | 14.99% |
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 | 3.01% | 6.26% | 18.51% | 17.12% | 14.51% |
| Appropriate Market Index (AMI)2 | 2.77% | 4.05% | 16.61% | 18.29% | 14.99% |
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 | 5.97% |
| Nvidia Corp | 5.55% |
| Meta Platforms Inc | 4.58% |
| Amazon Com Inc | 4.54% |
| Netflix Inc | 3.56% |
| Broadcom Corp Com | 3.24% |
| Oracle Corp | 3.00% |
| HDFC Bank Ltd | 2.86% |
| Coca-Cola Europacific Partners | 2.76% |
| Uber Technologies Inc | 2.66% |
Commentary
As of 30 June 2025
Market Overview
Fund Commentary
Contributors: Oracle Corporation reported fiscal fourth-quarter beats on both the top and bottom lines, driven by strong performance in its applications and OCI segments. Management significantly raised their guidance for 2026, projecting 16% top-line growth. The company remains in the early stages of its growth inflection, benefiting from multiple tailwinds across its cloud, database, and application businesses. In the second quarter of 2025, Netflix, Inc. performed strongly, driven by robust subscriber growth and better-than-expected financial results. Analysts highlighted the company's continued success in international markets and its expanding ad-supported tier, which contributed to higher average revenue per user. Broadcom Inc. entered the ranks of the top 10 most valuable companies globally, with a market capitalisation exceeding US Dollars 1.2 trillion by the end of June. Its performance was fuelled by strong demand for custom chips used in AI data centres. Meta Platforms Inc. and Alphabet Inc. - two of Broadcom’s major customers - highlighted the company’s critical role in their infrastructure, particularly in networking chips that optimise data flow between servers. This endorsement, combined with massive AI-related capital expenditure plans, positions Broadcom as a key beneficiary of the AI boom.
Detractors: Elevance Health, Inc. faced pressure ahead of its Q2 earnings release, with analysts expressing caution over rising medical costs and regulatory headwinds in Medicare Advantage - partially fuelled by poor trading statements from peer UnitedHealth. Although Q1 results were strong, sentiment around the sustainability of growth amid expected margin compression in the second half of the year remains weak. Bio-Techne Corporation, despite reporting 9% organic revenue growth, missed EPS expectations by US Dollar 0.03. The slightly disappointing results heightened lingering uncertainty in the biopharma end-market, which tempered investor enthusiasm despite strong margin improvements. We still believe Bio-Techne’s end markets will recover, though it appears that the recovery will be uneven. Genpact Limited experienced a sharp slowdown in its core Digital Operations segment, prompting a downward revision to its full-year revenue growth forecast to just 2–5%. The downgrade was primarily due to large contracts not being signed amid increased uncertainty caused by Trump’s tariffs.