Q4 2023 Allocation Changes +26.47% YTD (NET GBP)
Key Takeaways:
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The GP IF share class returned +6.31% in Q4
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Exposure to IT, followed by Financials and Healthcare drove performance during the quarter
Notable Buys / Sells:
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Bought: Imeik Technology
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Development (CN, HC)
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Bought: Fortnox (SE; IT)
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Sold: Accenture (US; IT)
Largest Weightings:
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Autozone (US; CD)
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Novo Nordisk (DK; HC)
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Alphabet (US; COSE)
Strongest Performing:
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Chemometec (DK; HC)
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Broadcom (US; IT)
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Hermes (FR; CD)
By Market Cap:
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Overall, the weighted market capitalisation of the Fund increased slightly to just over $291bn
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Exposure to Mega Cap companies was reduced
By Country:
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We bought our first direct holdings in China, with purchases in the Healthcare and Consumer Staples sectors.
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Increased our UK exposure through Alpha Group.
By Sector:
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Increased sector positioning over the quarter in Communication Services, Financials and Healthcare.
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Decreased Consumer Discretionary and Industrials.