Factsheet - September 2020  Downloadable Version

FUND FACTS

Portfolio Advisor

Fund Launch Date

Fund Type

Base Currency

Investment Manager

Administrator

Depository

Auditor

Dealing

Initial Charge

Performance Fee

Mark Ellis

18th May 2020

Dublin UCITS Fund

GBP

Thornbridge Investment Management LLP

Northern Trust

Northern Trust Int FS (Ireland) Ltd

KPMG

Daily

0.0%

0.0%

Thornbridge Nutshell Global Equity UCITS Fund

INVESTMENT OBJECTIVE

PORTFOLIO OBJECTIVE

  • Long term global equity investment. Focused buy and hold strategy in a concentrated portfolio of quality, resilient, exceptional companies at reasonable valuations.

  • To achieve returns annually in excess of both peers and the global equity markets, with reduced volatility and drawdown periods.

  • To align selection with ethical values, using Environmental, Social and Governance factors including sector exclusions e.g. Fossil Fuels, Tobacco and Gambling.

INVESTMENT STRATEGY

The strategy utilizes an in-house proprietary ‘bottom up’ investment selection process. This encompasses many fundamental, technical and valuation factors, researched over many years.

These factors have contributed to significant outperformance in normal market conditions, and reduced beta, and therefore losses, when the broader equity markets suffer.

PORTFOLIO FACTS

NAV (GBP,USD IF Class)

Fund Size

Dividend Yield

No. Holdings

Average Market Cap

97.75, 102.99

£23.1m

1.32%

30

£213bn

GEOGRAPHICAL ALLOCATION

US

UK

Denmark

France

Switzerland

Hong Kong

Canada

Germany

Sweden

Cash

%

71.1

5.2

5.0

3.8

3.4

3.2

2.8

2.7

1.9

1.0

SECTOR ALLOCATION

IInformation Technology

Health Care

Financials

Communication Services

Consumer Discretionary

Consumer Staples

Cash

%

36.7

26.5

16.5

11.9

5.5

1.9

1.0

MONTHLY COMMENT

TOP 10 HOLDINGS

• Microsoft

• Visa

• Novo Nordisk

• S&P Global

• Facebook

• Adobe

• Intel

• Automatic Data Processing

• MSCI

• Euronext

The Nutshell Global Equity Strategy GBP share class returned 0.11% during September. The top 3 contributors for the month were Novo Nordisk, Euronext and Oracle. While the top 3 detractors were Facebook, Alphabet and Microsoft. During the month we removed our residual short index hedge. We envisage being fully invested for the foreseeable future. Our robust stock selection preserved capital  in what was the most volatile month since March.

SHARE CLASS DETAILS (GBP)

SHARE CLASS

Institutional Founder

Institutional

Retail

OCF

1.59%

1.74%

1.89%

MINIMUM

£10m

£1m

£1,000

ISIN

IE00BLP46L65

IE00BLP46Q11

IE00BLP46V63

CAPITAL PRESERVATION, LIQUIDITY AND PORTFOLIO STATISTICS

3 Pillar Approach

Robust Stock Selection

Relative Value

Recession Indicator

Currently Active

Yes

No

No

• Beta increased as short index hedge removed

• Portfolio maintained at 30 holdings to diversify risk

• Weak  GBP insulated the fall in global markets somewhat

Liquidity-Market Cap Distribution

P/E

Return on Equity %

Profit Margin %

Historica Beta

Av Market Cap

PORTFOLIO

25.6

81.0

28.5

0.89

$274bn

MSCI WORLD

24.0

8.1

5.9

1.00

$32bn

THORNBRIDGE NUTSHELL GLOBAL EQUITY UCITS (GBP IF Share Class)

HISTORICAL STRATEGY PERFORMANCE*

*Fund Launched 18th May with the majority of the portfolio not established until the last day of the month.

CUMULATIVE RETURNS

CALENDAR YEAR RETURNS

*These returns are from private money invested in the strategy net of fees and transaction costs.

From June 2020 the strategy returns will replicate the Thornbridge Nutshell Global Equity UCITS Returns.

Historical Factsheets

September 2020

30th September 2020

August 2020

28th August 2020

July 2020

31st July 2020

June 2020

30h June 2020

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which is authorised and regulated by the Financial Conduct Authority.

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