| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | The drivers of the Fund's April return were broad-based, with many businesses reporting strong results reflecting the strength of their business models, economic moats and continued resilience during the current period. Top contributors included Alphabet, LVMH, Berkshire Hathaway, Amazon and Intuitive Surgical. Key detractors included Nike and Prosus. AIM believe the Fund remains well positioned to capitalise on a reopening of the global economy, though they do allow for the risk of disruptions on this pathway. The cash generating ability and low debt levels of the businesses they own are their primary defences against any unforeseen short-term developments. They expect there will be an intense focus on input cost and wage inflation over the next several months. For the businesses they own, management teams are reporting that they are encountering rising input costs, to which they are responding by raising prices to protect their margin. |
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