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| Fund Overview | AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | Over the past quarter, the Fund rose +2.82%. Top 5 quarterly contributors included Alphabet, Berkshire Hathaway, Estee Lauder, UnitedHealth and Microsoft. The top 5 detractors were Keyence, Nike, Heineken, and Amazon.com. Over the past month, the Fund sold out of two businesses in full (Salesforce and Novo Nordisk), while also introducing two new businesses (Ninendo and Croda International). AIM noted that, while allowing for the likelihood of unexpected setbacks over the short-term, they believe that the combined fiscal, monetary, and public health policies in place are revealing the path towards a more 'open' and normalised economy in the second half of 2021 and beyond. |
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