Factsheet - October 2020
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
92.69, 97.67
£22.6m
1.26%
28
£233bn
GEOGRAPHICAL ALLOCATION
US
Denmark
UK
Hong Kong
Germany
Switzerland
France
Cash
%
76.1
7.5
3.5
3.4
3.1
2.9
2.3
1.2
SECTOR ALLOCATION
Information Technology
Health Care
Financials
Communication Services
Consumer Discretionary
Cash
%
32.6
27.3
17.7
14.0
7.0
1.2
MONTHLY COMMENT
TOP 10 HOLDINGS
• Microsoft
• Visa
• Novo Nordisk
• S&P Global
• Adobe
• Accenture
• Autozone
• Eli Lilly
• Johnson & Johnson
The Nutshell Global Equity Strategy GBP share class returned -5.18% during October. The top 3 contributors for the month were Tencent, Waters Corp and ADP. While the top 3 detractors were Euronext, Deutsche Boerse and Amgen. Our financial exchanges and healthcare positions performed poorly during the month. These faired well in Q4 2019 and over the initial lockdown volatility, however recently they have adversely impacted performance. We look forward to entering the seasonally strongest period of equity returns (Nov-Jan)
SHARE CLASS DETAILS (GBP)
SHARE CLASS
Institutional Founder
Institutional
Retail
MAX OCF
1.59%
1.74%
1.89%
AMC
0.85%
1.00%
1.15%
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 slightly increased, still significantly below the index
-
Portfolio reduced to 28 holdings
Liquidity-Market Cap Distribution
P/E
Return on Equity %
Profit Margin %
Historica Beta
Av Market Cap
PORTFOLIO
25.0
84.4
28.0
0.92
$303bn
MSCI WORLD
22.6
8.0
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.