Q1 2024 Allocation Changes +9.84% YTD (NET GBP)
Largest Weightings:
-
Autozone (US; CD) Fortinet (US; IT)
Novo Nordisk (DK; HC)
Largest Weightings:
-
Autozone (US; CD) Fortinet (US; IT)
Novo Nordisk (DK; HC)
Key Takeaways:
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We reduced Healthcare and Industrials exposure over the Quarter, increasing IT
Notable Buys:
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Bought: Nvidia (US; IT) Bought: Starbucks (US; CD) Sold: Hermes (FR; CD)
Largest Weightings:
-
Autozone (US; CD) Fortinet (US; IT)
Novo Nordisk (DK; HC)
Greatest Contribution to Rtns:
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Autozone (US; CD)
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Arista Networks (US; IT)
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Novo Nordisk (DK; HC)
By Market Cap:
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The decrease in allocation to USD20- 50bn and increase to USD50-100bn is attributable to the strong growth of 2 of our longest-held positions, Fortinet and Autozone.
By Country:
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The decreased exposure to France over the last 3 quarters is down to taking profits in LVMH and Hermes
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Check Point Software is listed in Israel, but its business is mostly located in the US
By Sector:
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IT increased with new purchases of Qualys and Nvidia, and increasing our holding in Fortinet
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Healthcare reduced with sales of MedPace, Mettler Toledo and Vertex, and taking some profits in Novo Nordisk In Industrials the Fund sold out of Atkore and NIBE Industrier