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Q3 2023 Allocation Changes +18.96% YTD (NET GBP)

Key Takeaways:

  • Exposure to Consumer Discretionary sector increased in Q3

  • Average Market Cap increased in Q3

Notable Buys:

  • Costco (US; CS)

  • Hershey (US; CS)

  • Equasens (FR; HC)

Full Sells:

  • Adobe (US; IT)

  • Constellation Software (US; IT)

  • Sartorius Stedim Biotech (FR; HC)

By Market Cap:

  • The average size of companies in the Fund decreased in Q2 2023 reflecting our decision to take profits on predominantly Large Cap Tech

  • We increased the size factor at August-end with additions to companies like Alphabet and Visa

Q3 graph 1.
Q3 2023 graph 2

By Country:

  • US Exposure decreased in 1H23 as we took profits on tech companies like Adobe

  • Exposure to France increased recently, driven by companies like LVMH and Hermes

Q3 2023 graph 3

By Sector:

  • Consumer Discretionary increased in Q3. The main contributor was Autozone, a longstanding favourite. We also reinvested in Dollarama

  • A new position in NIBE Industrier in Q3, as well as increasing our holding in BayCurrent Consulting, drove an increase in our Industrials allocation

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