
Q3 2023 Allocation Changes +18.96% YTD (NET GBP)
Key Takeaways:
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Exposure to Consumer Discretionary sector increased in Q3
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Average Market Cap increased in Q3
Notable Buys:
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Costco (US; CS)
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Hershey (US; CS)
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Equasens (FR; HC)
Full Sells:
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Adobe (US; IT)
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Constellation Software (US; IT)
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Sartorius Stedim Biotech (FR; HC)
By Market Cap:
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The average size of companies in the Fund decreased in Q2 2023 reflecting our decision to take profits on predominantly Large Cap Tech
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We increased the size factor at August-end with additions to companies like Alphabet and Visa


By Country:
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US Exposure decreased in 1H23 as we took profits on tech companies like Adobe
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Exposure to France increased recently, driven by companies like LVMH and Hermes

By Sector:
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Consumer Discretionary increased in Q3. The main contributor was Autozone, a longstanding favourite. We also reinvested in Dollarama
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A new position in NIBE Industrier in Q3, as well as increasing our holding in BayCurrent Consulting, drove an increase in our Industrials allocation