Factsheet - October 2020
Fund Launch Date
18th May 2020
Dublin UCITS Fund
Thornbridge Investment Management LLP Northern Trust
Northern Trust Int FS (Ireland) Ltd
Thornbridge Nutshell Global Equity UCITS Fund
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.
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.
NAV (GBP,USD IF Class)
Average Market Cap
TOP 10 HOLDINGS
• Novo Nordisk
• S&P Global
• 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)
CAPITAL PRESERVATION, LIQUIDITY AND PORTFOLIO STATISTICS
3 Pillar Approach
Robust Stock Selection
Beta slightly increased, still significantly below the index
Portfolio reduced to 28 holdings
Liquidity-Market Cap Distribution
Return on Equity %
Profit Margin %
Av Market Cap
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.
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.