Factsheet - February 2021
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 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
No. Holdings
Average Market Cap
97.68, 111.30, 100.84
£23.5mn
29
£289bn
GEOGRAPHICAL ALLOCATION
US
Hong Kong
Canada
Denmark
UK
Japan
France
Sweden
Cash & Other
%
72.9
7.6
5.3
5.1
2.6
2.4
2.2
1.4
0.5
SECTOR ALLOCATION
Information Technology
Consumer Discretionary
Communication Services
Health Care
Financials
Consumer staples
Cash & Other
%
29.2
22.8
18.3
14.8
12.2
2.2
0.5
MONTHLY COMMENT
The Nutshell Global Equity Strategy GBP share class returned -1.44% during February. The top 3 contributors for the month were Intuit, Visa and Marketaxess. The top 3 detractors were Paradox Interactive, Qualys and Tencent. The Pound rallied around 1.8% versus the US Dollar over the period.
TOP 10 HOLDINGS 52.8%
-
Adobe
-
Facebook
-
Marketaxess
-
Novo Nordisk
-
Tencent
• Alphabet
• Lowe's
• Microsoft
• O'Reilly Automative
• Veeva Systems
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 still slightly below the index
-
Portfolio increased marginally to 29 holdings
Liquidity-Market Cap Distribution
THORNBRIDGE NUTSHELL GLOBAL EQUITY UCITS (IF Share Class)
*UCITS Fund Launched 18th May with the majority of the portfolio not established until the last day of the month.
HISTORICAL STRATEGY PERFORMANCE*/**
GBP 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. **Recession indicator triggered-Beta reduced to protect capital