This is a relatively new fund having just reached its 3rd year anniversary. It was launched at a really difficult time; in 2015 there were worries over China and the continued strength of the dollar. The markets seem to have bottomed in 2016 and now are starting to outperform developed markets. Valuations are not as cheap as they were, but they feel that earnings growth will drive valuations higher.
During this period the fund has been able to outperform both in up and down markets. The managers were keen to point out that they have been able to protect on the downside but not at expense of the upside capture. I guess our only comment on this is that the fund has only marginally dropped less than the index but over 3 years the fund has outperform the index.
The managers believe that the success behind the fund is driven by stock picking and not by countries. They believe they have a process in place that they have developed over several years and has a proven track record of success….read more