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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:

  • We reduced Healthcare and Industrials exposure over the Quarter, increasing IT

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Notable Buys:

  • 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:

  • Autozone (US; CD)

  • Arista Networks (US; IT)

  • Novo Nordisk (DK; HC)

By Market Cap:

  • 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.

Q1 2024 review graph.
Q1 2024 graph 2.

By Country:

  • The decreased exposure to France over the last 3 quarters is down to taking profits in LVMH and Hermes

  • Check Point Software is listed in Israel, but its business is mostly located in the US

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q1 2024 graph 3.

By Sector:

  • IT increased with new purchases of Qualys and Nvidia, and increasing our holding in Fortinet

  • 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

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