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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 | 6.01% | 6.86% | 38.61% | 10.36% | 13.54% |
| Appropriate Market Index (AMI)2 | 4.51% | 2.36% | 29.78% | 12.20% | 12.75% |
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 | 6.00% | 6.90% | 38.67% | 10.40% | 13.61% |
| Appropriate Market Index (AMI)2 | 4.51% | 2.36% | 29.78% | 12.20% | 12.75% |
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 |
|---|---|
| Nvidia Corp | 6.28% |
| Microsoft Corp | 5.80% |
| Amazon Com Inc | 4.42% |
| Meta Platforms Inc | 4.03% |
| Netflix Inc | 3.10% |
| Taiwan Semicon Manufacturing Co Ltd | 2.86% |
| Compass Group Ord GBP0 1105 | 2.75% |
| Intercontinental Exchange Inc | 2.68% |
| Broadcom Corp Com | 2.63% |
| Cencora Inc Com | 2.61% |
Commentary
As of 31 October 2024
Market Overview
Fund Commentary
Contributors: Booking Holdings Inc. outperformed this month, helped by stronger than expected financial results at the end of the month. The results showed an unexpected reacceleration in revenue growth (to 8%) and strong margins and were accompanied by a very confident outlook from management. Recent portfolio addition Interactive Brokers Group, Inc. was another stock to beat the market this month. Quarterly results confirmed continued strong trading at the business and sentiment towards the stock was also supported by a move upwards in bond yields, following stronger than expected economic data in the USA (suggesting a slower Fed easing cycle). Netflix, Inc. continued to deliver strong returns this month, following another set of very solid earnings. Crucially, subscriber growth of 10% suggests that engagement levels remain high, enabling management’s ongoing push to increase advertising-related revenues and expand operating margins.
Detractors: Elevance Health, Inc. fell sharply after belatedly succumbing to margin pressure noted by Medicaid peers earlier in the year. This Medicaid redetermination process has had a much more profound impact on patient acuity than previous cycles and Elevance had not priced their health plans on that basis. This has led to significant, temporary margin pressure in this book of business. Haleon PLC saw some profit taking this month (after a very strong third quarter. The driver of this was comments from peers regarding weaker volumes because of retailer destocking and uncertainty over the strength of the upcoming cold & flu season. Despite this, Haleon management confidently reiterated their full year guidance towards month end. Danaher Corporation also underperformed this month. The company had been something of a safe haven within the Tools space. Although management confirmed a steady recovery in Bioprocessing, their comments of a more gradual than expected recovery in demand from China and for lab equipment unnerved investors.