Equity

Mirabaud - Discovery Europe Ex-UK J cap. GBP

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Investment overview
Highlights
Performance and risk
Portfolio managers
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Sustainability

Mirabaud - Discovery Europe Ex-UK J cap. GBP

Investment overview

Discovering small and mid-cap companies across Europe with compelling long-term growth stories. Characteristics we look for include: niche market dominance, beneficiaries of transformational change and innovation leadership. We believe there is less market efficiency in small and mid-caps as a result of lower analyst coverage. We carry out thorough research, including company visits, to help us identify what we believe to be hidden gems.

Approach to sustainability

The portfolio is driven by three sustainable themes: SAFER - increasing safety, compliance and regulation; SMARTER - better harnessing technology to improve quality of life, and; CIRCULAR - reducing waste and using the planet’s resources more efficiently. We follow a three-step process: 1. Exclusion of companies operating in controversial sectors, and companies involved in recent major controversies; 2. Positive screening - aiming to minimise downside risk of the portfolio by only including companies with the top 80% ESG scores; 3. In-depth analysis of material ESG issues for all companies, along with ongoing engagement.

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Reporting

SRI Report

Sustainability Disclosures

More reporting

Mirabaud - Discovery Europe Ex-UK J cap. GBP

Share Class Highlights

Performance update

The standout holding contributor for the second month in a row was Swissquote. The holding recovered significantly after being sold down on the 'Liberation Day' tariff shock. As an online savings platform, Swissquote is well positioned to benefit from investing activity by savers and rising values on a smarter digital platform.

Portfolio activity

Our process continues to discover smarter, safer and circular businesses that we believe are well positioned for the future. We continue to see opportunities in consumer, technology and energy businesses. In May, we added to our holding in the German industrial, Norma. Norma manufactures connectors for auto and industrial industries, which are in a downturn. Management is executing a turnaround and restructuring plan to rebuild margins and has identified the US water drip irrigation and wastewater pipe business as non-core. A disposal would refocus the business towards components for lightweighting vehicles and emissions reduction.

As the many crises that Europe has faced fall into historical perspective and new challenges emerge, we observe resilience and see opportunity. Inflation is beginning to decelerate and European central banks are easing, but tight monetary conditions continue globally so we remain vigilant. We see an evergreen opportunity for the discovery of bottom-up fundamental investments that can deliver compounding returns over the long term.

Yearly performances

Highlights

Mirabaud - Discovery Europe Ex-UK J cap. GBP

Performance and risk

Mirabaud - Discovery Europe Ex-UK J cap. GBP
MSCI Europe ex UK Small TR Net GBP
NAV adjusted in case of distribution

_{Source: Mirabaud Asset Management. Share class and benchmark performance displayed in GBP. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The Fund is actively managed. The benchmark is shown for comparison purposes only, without implying any particular constraints to the Fund’s investments. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.}

Performance

Risk

Please note that the frequency of returns used in the above calculations may be different than the one used in the official reporting documents and results may vary accordingly.

Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. The sources of the information displayed are deemed reliable. However, the accuracy or completeness of the information displayed cannot be guaranteed, and some figures are only estimates.

Mirabaud - Discovery Europe Ex-UK J cap. GBP

Portfolio managers

Hywel Franklin, Head of European Equities within Mirabaud Asset Management, has experience in the industry since 2001. Prior to joining Mirabaud Asset Management in November 2018, Hywel was a Senior Portfolio Manager at UBS and held a number of roles including Head of Global Smaller Companies, Portfolio Manager/Analyst Global Equities, and Head of Thematic Equities. Hywel Franklin holds an Master of Arts degree in French and German from the University of Oxford and is a CFA Charterholder.

Trevor Fitzgerald, Senior Portfolio Manager in the European Equities team within Mirabaud Asset Management, has experience in the asset management industry since 2000. Prior to joining Mirabaud Asset Management in September 2015, Trevor worked at Credit Suisse as Pan Euro Equity Small & Mid Cap Sales which he joined in 2008. He previously spent four years as Equity Sales at Numis Securities and worked at Seymour Pierce and Altium Capital, where he started his career. Trevor Fitzgerald holds a first-class degree in Economics from the University of Sydney.