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Q2 2023 Allocation Changes +16.52% YTD (NET GBP)

Key Takeaways:

  • Large Cap Tech reduced slightly

  • US allocation reduced slightly

  • Healthcare allocation increased

  • Average Market Cap reduced

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Notable Buys:

  • Shift Inc. (JPN; IT)

  • Nibe Industrier (SWE; IN)

  • Mettler Toledo (US; HC)

  • United Health (US; HC)

  • Chemometec (DEN; HC)

Full Sells:

  • Meta (US; IT)

  • Tencent (HK; IT)

  • Texas Instruments (US; IT)

By Market Cap:

  • Av. Market Cap has decreased from $278bn to $225bn, taking profit on Large Cap tech

  • Sold down Adobe which has performed very well

Graph Q2 2023 YTD Review
Q2 2023 graph 2.png

By Country:

  • US Exposure has decreased from 71% to 62% YTD

  • Relative valuations appear attractive ex-US, in Europe and Japan

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Q2 2023 graph 3.png

By Sector:

  • Healthcare has increased from 14% to 27% YTD

  • New positions in Chemometic and UnitedHealth

  • Built our position in Sartorius Stedim Biotech

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