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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 | -0.92% | 5.06% | 18.85% | 6.37% | 12.02% |
| Appropriate Market Index (AMI)2 | -2.66% | 4.60% | 17.48% | 10.00% | 12.32% |
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 | -0.87% | 5.09% | 18.91% | 6.41% | 12.12% |
| Appropriate Market Index (AMI)2 | -2.66% | 4.60% | 17.48% | 10.00% | 12.32% |
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 31 August 2024
Contributors: Progressive Corporation outperformed in August. Growth in auto policies is accelerating as they continue to win market share, and the loss ratio continues to improve, resulting in higher profitability. 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. The healthcare business has been more challenged, margins were dragged down by promotional spending needed to maintain market position after a recent cyber-attack and the ongoing anti-corruption push in China. 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.
Detractors: Bio-Techne Corporation underperformed in August following lacklustre quarterly numbers. The problem in recent quarters has been the volatility in parts of the business tied to biotech funding and China, and management’s ability to frame guidance properly against this backdrop. This continues to weigh on the stock’s rating versus peers. Samsonite International S.A. shares continued to fall in August after the company reported disappointing results, which reflected a moderating demand environment. Consumption trade-down hurt luxury TUMI sales, and American Tourister suffered from promotional activity in India. The company also reduced its 2024 revenue guidance. There was no new news out on Schlumberger (SLB). The shares continued to underperform on the back of weak commodity prices and prolonged energy equity weakness. Recent results for SLB were solid, and we are becoming increasingly positive on their outlook as the valuation support strengthens. Continued expansion in international markets and the likely global soft-landing outlook should also support the share price as we head into 2025.