Single Sector Fund
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This fund invests in a selection of companies from around the world, covering a diverse range of regions and sectors where the manager believes 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 | 5.72% | 19.63% | 29.70% | 9.78% | 14.26% |
| Appropriate Market Index (AMI)2 | 5.05% | 14.53% | 28.88% | 12.73% | 13.86% |
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 | 5.73% | 19.69% | 29.84% | 9.85% | 14.53% |
| Appropriate Market Index (AMI)2 | 5.05% | 14.53% | 28.88% | 12.73% | 13.86% |
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 | 6.72% |
| Nvidia Corp | 5.49% |
| Facebook Inc Com Usd Cl A | 3.71% |
| Netflix Inc | 3.55% |
| Amazon Com Inc | 3.47% |
| Taiwan Semicon Manufacturing Co Ltd | 2.95% |
| Broadcom Corp Com | 2.83% |
| Abbott Labs | 2.79% |
| Compass Group Ord GBP0 1105 | 2.68% |
| Encompass Health Corp Com USD | 2.55% |
Commentary
As of 31 March 2024
Market Highlights
Contributors: NVIDIA Corporation shares climbed higher throughout the quarter. The company hosted its semi-annual GPU technology conference, which highlighted the significant runway for AI adoption and NVIDIA’s central positioning within this ecosystem. The company’s CEO talked about new Blackwell GPU architecture that offers significantly more compute power, software packages for custom and pre-trained models to support the future of enterprise AI, and their ability to bring robotics to the physical world through demonstrations with companies like Siemens. Palomar Holdings, Inc. continued to outperform following the release of strong FY23 results in February. We believe that there is a significant runway for top-line growth across the company’s defined product segments: earthquake, inland marine, casualty and crop. Meta Platforms Inc. Class A shares outperformed on the back of better-than-expected quarterly results at the beginning of February.
Detractors: HDFC Bank Limited shares struggled in the quarter as concerns over short-term margins, growth and merger-related weakness dominate sentiment around the stock. Sony Group Corporation struggled to perform after the company published lackluster medium-term guidance and continues to expect structural challenges in the gaming segment to dampen profit growth. Worley Limited had a turbulent first quarter (Q1) despite ending up only marginally down. The shares sold off sharply in January on the back of losing a court case relating to corruption in Ecuador for work carried out between 2011 & 2017, under prior management. The company issued strong results in February and the shares have bounced hard off January lows.