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Q4 2023 Allocation Changes +26.47% YTD (NET GBP)

Key Takeaways:

  • The GP IF share class returned +6.31% in Q4

  • Exposure to IT, followed by Financials and Healthcare drove performance during the quarter

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Notable Buys / Sells:

  • Bought: Imeik Technology

  • Development (CN, HC)

  • Bought: Fortnox (SE; IT)

  • Sold: Accenture (US; IT)

Largest Weightings:

  • Autozone (US; CD)

  • Novo Nordisk (DK; HC)

  • Alphabet (US; COSE)

Strongest Performing:

  • Chemometec (DK; HC)

  • Broadcom (US; IT)

  • Hermes (FR; CD)

By Market Cap:

  • Overall, the weighted market capitalisation of the Fund increased slightly to just over $291bn

  • Exposure to Mega Cap companies was reduced

NutshellAM_Q4graph.

By Country:

  • We bought our first direct holdings in China, with purchases in the Healthcare and Consumer Staples sectors.

  • Increased our UK exposure through Alpha Group.

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NutshellAm_Graph2_Q4.
NutshellAM_Graph3_Q4.

By Sector:

  • Increased sector positioning over the quarter in Communication Services, Financials and Healthcare.

  • Decreased Consumer Discretionary and Industrials.

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