Overview
Risk Indicator
- 1
- 2
- 3
- 4
- 5
- 6
- 7
Mirabaud - Global Focus A cap. USD
Investment overview
A concentrated, best-ideas global equity strategy that seeks out companies offering sustainable growth. We believe that strong management and an ability to focus on sustainability allows companies to capitalise on their opportunity set. Themes are an important driver for success and can support a company's potential in a low-growth cycle. By following a multi-thematic approach, we can adapt to a changing environment and increase diversification. Managing risk is a priority and we target lower volatility than the average fund in the Global Equity sector.
Approach to sustainability
We seek out sustainable leaders through deep exploration of the ESG universe - considering financial materiality, company reports, third party research and press coverage. As investors, we build relationships that enable us to challenge companies to do better on, for example, climate change, business ethics and human capital. 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.
Downloads
Reporting
Mirabaud - Global Focus A cap. USD
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
20/12/2013
USD
LU1008513852
MSCI AC World TR Net USD
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
Subscription
Stay up to date with this share class
Mirabaud - Global Focus A cap. USD
Documents
Mirabaud - Global Focus A cap. USD
Performance & risk
Mirabaud - Global Focus A cap. USD
- MSCI AC World TR Net USD
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in USD. 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
Cumulative
Annualized
Risk
Volatility
Correlation
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.
Export a range of the track record data
Choose a range
Mirabaud - Global Focus A cap. USD
Monthly commentary
Performance update
The biggest contributors to relative performance came from US tech and financials. In terms of single names, Netflix continued to perform well. There was not much fundamental news on any of these sectors/names during the month – the moves reflected the general rotation in the market.
Relative detractors generally came from other sectors. CME and Waste Connections lagged the market, having held up incredibly well during the tariff-induced sell-off. We see no change to fundamentals for these two companies. Elsewhere, not owning Meta had a negative impact on performance.
Portfolio activity
Notable during June was our sale of Keyence, which was also one of the bigger underperformers for the month. The stock is cheap and the company remains a leader in machine vision systems, but the turn in the cycle has become less clear. Global PMIs began to turn positive earlier this year but have since turned south again.
We replaced Keyence with a cybersecurity leader, Palo Alto Networks. Cyber threats and consequently budgets continue to grow. Within that, there is a move to using fewer vendors. Palo Alto is a beneficiary of this following several acquisitions over the last couple of years, which have completed its offering. The quality of the company is also increasing, with a move away from vendor financing (this move has had a temporary negative impact on topline growth), and moves to significantly reduce the amount of stock-based compensation it pays. The company is in a net cash position.
Yearly performances
Mirabaud - Global Focus A cap. USD
Portfolio managers
Paul MIDDLETON
Portfolio Manager
Paul Middleton, Senior Portfolio Manager within Mirabaud Asset Management, has been in the asset management industry since 2002, and has focused on Global Thematic equities since 2009. Prior to joining Mirabaud Asset Management in August 2013, Paul was a portfolio engineer dedicated to global equity portfolios at AXA Framlington, which he joined in 2006. He started his career at Schroders where he worked as investment risk analyst. Paul Middleton holds a Bachelor’s degree in Economics from Bristol University and is a CFA Charterholder.