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GoalsGetter Nikko AM Global Shares Fund

About the fund

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.

 

Morningstar Bronze Rating Report 

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Download Morningstar's managed investment report on the Nikko AM Global Shares Fund

 

Risk Indicator (volatility)

1
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5 High
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7

Target Asset Allocation

Growth 100.00%

Commentary

As of 30 June 2024

Market Highlights

  • The US yet again performed well, along with GEM Asia equities, while most commodity-based regions, such as Australia underperformed the index.
  • Only two sectors outperformed the index during the quarter – Information Technology (IT) and Communication Services.
  • All other sectors underperformed with commodity-based sectors, Energy & Materials performing the worst, then followed by defensive sectors, Healthcare & Consumer Staples.


Contributors: NVIDIA Corporation performed well after publishing better-than-expected quarterly results in May. The company continues to see strong growth in its Data Centre Compute business as demand for AI keeps accelerating. The launch of the more powerful Blackwell chips later this year should help to sustain growth. Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) outperformed in the quarter. Sales data illustrated that top-line performance has been tracking ahead of consensus expectations. This reconfirms the view that resilience in other regions is offsetting weakness in China and Apple’s orders at TSMC are intact. AI-driven growth is also accelerating, as TSMC adds more capacity next year. Broadcom Inc. continued to outperform on the back of strong AI-related revenues, for which the company increased the full-year outlook. Importantly, management also indicated that key non-AI networking markets, which have been a substantial headwind for the company, have bottomed.

Detractors: PT Bank Mandiri (Persero) Tbk underperformed after quarterly results in May illustrated continued strong loan growth but a smaller drop through to profits than in recent quarters, as higher funding costs squeezed net interest margins. Samsonite International S.A. saw some profit taking after quarterly results in May marginally missed investor expectations (on revenues, more than profit margins). The company cited adverse foreign exchange and a slightly weaker than expected recovery in Chinese demand. Speculative interest in the shares has also declined in recent weeks, as no formal takeover interest has emerged, after rumours earlier in the year. Schlumberger (SLB) has struggled to perform since the beginning of the quarter, when the company announced that it would acquire Champion X Corporation for a relatively full valuation. However, we see the cost and revenue synergies from the deal favourably and believe that SLB is taking advantage of a sustainable increase in opex spend over the next few years

Performance

GoalsGetter KiwiSaver Scheme
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Performance

at 30 June 2024
One month Three months One year Three years (p.a) Five years (p.a)
Fund performance1 4.95% 2.04% 21.83% 8.05% 13.17%
Appropriate Market Index (AMI)2 3.07% 0.98% 20.02% 10.36% 12.93%
  1. Returns are before tax and after the deduction of fees and expenses and including tax credits (if any).
  2. AMI:MSCI ACWI, with net dividends reinvested unhedged in NZD.

5 year cumulative performance $10,000 invested

Top 10 Holdings

Security Name Percentage
Microsoft Corp 6.96%
Nvidia Corp 6.38%
Amazon Com Inc 5.08%
Meta Platforms Inc 3.76%
Netflix Inc 3.31%
Taiwan Semicon Manufacturing Co Ltd 3.03%
Broadcom Corp Com 2.86%
Hoya Corporation Jpy 2.60%
HDFC Bank Ltd 2.57%
Intercontinental Exchange Inc 2.47%