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| Fund Overview | The strategy is long-only, with a mandate to be between 90% - 100% invested. The Fund also employs a construction framework that ensures there is a sensible mix of exposures within the limited number of businesses in the portfolio. These limits are: - Maximum individual position size 7.5% - Minimum individual position size 2.5% - Maximum sector exposure 30% The Fund targets a cash allocation of between 0-10% but can have as much as 20% of the portfolio in cash in the event of an unprecedented global shock. Liquidity is extremely important. The Fund will typically look to invest in businesses within a market cap range of US$7.5billion all the way up to the largest companies in the world with market capitalisations in excess of $200b. Occasionally, we may find a business that exhibits the traits of a quality investment, but it is much earlier in its business cycle. The Fund can invest in these businesses, but they must clear a much higher bar for inclusion. Individually, these future compounders cannot comprise more than 4% of the fund, these businesses cannot collectively exceed 10% of the fund. |
| Manager Comments | AIM believe November was a month that can be split into three distinct narratives: pre-US election (up to the 3rd), post-US election but pre-vaccine (from the 3rd to the 6th), and post-vaccine (from the 9th onwards). AIM's view is that the US election result is a reasonably constructive outcome for investors. They expect the Biden administration to take a more consensus-and-coalition-building approach to foreign policy, while some of the Democrats' more unorthodox economic policies are unlikely to attain Congressional approval given their narrow lead in the House of Representatives. AIM noted the current market narrative is to rotate to businesses that can benefit from the reflation of re-opening trades. They expect several of the businesses in the portfolio to benefit materially from a reopening; Coca-Cola and Heineken were both hit incredibly hard by the lockdown as a meaningful component of their sales are made in restaurants, pubs and sporting venues. As a result, these two businesses, along with LVMH, Mastercard and Berkshire Hathaway, were among the best performers in November. Businesses such as Microsoft and Amazon were less active. |
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