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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. |
| Manager Comments | At month-end, the portfolio's top holdings included PayPal, Facebook, Adobe, Visa, Microsoft, Domino's Pizza, S&P Global, JD Sports Fashion, Walt Disney and Nvidia. The top three megatrends in the portfolio by weight were the 'Digitisation' megatrend (14% of the portfolio), 'Age related health solutions' megatrend (12%) and the 'Cashless Society' megatrend (12%). In their latest report, Insync discuss the 'Universal Basic Income' megatrend; a secular shift towards value-for-money based consumption. They expect that by 2040 automation, AI and robots will be in operation in businesses across all industries, improving efficiencies and creating profit while displacing many jobs. The UBI megatrend is one of the 16 global megatrends in the portfolio and exemplifies the diversity of the Fund's investments. |
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