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| Strategy | |
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| Latest 24 Months (pa) | |
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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 | The Fund returned -0.71% in December. The biggest headwind to performance during the month was the relative strength of the AUD which AIM estimate reduced the absolute return by 4.7%. The top contributors to performance included Intuitive Surgical, Keyence, PayPal, LVMH and Estee Lauder. Key detractors included Salesforce.com, Alphabet, Prosus, Fastenal and ICON. AIM noted that in most cased (except Salesforce), the decline in local currency was relatively modest. The weak AUD returns were driven by the currency impact. The portfolio's top 10 holdings at month-end were Berkshire Hathaway, Microsoft Corp, Coca-Cola, Alphabet, Mastercard, UnitedHealth Group, ICON, Accenture, Nike and Heineken NV. The portfolio was most heavily weighted towards the USA (43.6% of the portfolio), followed by developed ex-USA markets (25.8% weighting). By sector, the portfolio was most heavily weighted towards the IT, Consumer Discretionary, Consumer Staples and Healthcare sectors. |
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