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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 | The portfolio's top 10 holdings at month-end included PayPal, Walt Disney, Nintendo, S&P Global, Domino's Pizza, Dollar General, Facebook, Visa, Qualcomm and Microsoft. Relative to the MSCI, the portfolio was significantly overweight IT and underweight Industrials. The 'Contactless Economy' and 'Workplace Automation' megatrends had the greatest weighting in the portfolio. Insync noted continued strong performance of cyclical stocks propelled the MSCI benchmark further ahead of the funds overall in March. They continue to see no compelling reason to alter course as this typical and short-lived phenomenon is consistent with past economic periods when coming out of a recession; overly optimistic price outcomes that result drive these types of stocks far higher than others. They point specifically to 2009/10 emerging from the GFC and 2016/17 when Trump was elected with heightened expectations of economic growth. |
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