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Mirabaud - Global Focus G cap. GBP
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.
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Reporting
Mirabaud - Global Focus G cap. GBP
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
01/07/2025
GBP
LU3037638999
MSCI AC World TR Net GBP
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
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Mirabaud - Global Focus G cap. GBP
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Mirabaud - Global Focus G cap. GBP
Performance & risk
Mirabaud - Global Focus G cap. GBP
- MSCI AC World TR Net GBP
NAV adjusted in case of distribution
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.
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Mirabaud - Global Focus G cap. GBP
Monthly commentary
Performance update
Markets continued April's strong rebound into May, with the MSCI AC World Index finishing the month only slightly behind the February highs. Growth and quality outperformed, whereas high dividend and value strategies lagged. Returns in the US were stronger than Europe.
The top contributors to fund performance in May were Microsoft and WSP Global. Microsoft rose after delivering strong earnings, with revenue growth accelerating, supported by AI-driven demand. Operating margins expanded significantly, reinforcing confidence in its scalability and positioning in enterprise AI. The engineering consultancy WSP Global reported revenues that beat consensus, with organic growth of 5.5%. EBITDA also exceeded expectations, driven by strong margin gains in Canada and the Americas. On the downside, UnitedHealth, the health insurer and services company, experienced continued share price weakness. Ailing sentiment followed the initial profit warning in April, and the subsequent suspension of the 2025 guidance in May, accompanied by the ousting of CEO Andrew Witty and the re-appointment of former CEO, Steve Hemsley. The removal of the guide was predicated on continued higher costs and higher utilisation trends in April. We think the stock price reaction is overdone, with the market wiping out an amount equivalent to the value of the health insurance business from the market capitalisation.
Portfolio activity
We didn't establish any new positions or fully remove any names from the portfolio in May. However, we did add to our position in Waste Connections during the month, which was funded by Netflix and Amazon after their recent rallies.
Yearly performances
Mirabaud - Global Focus G cap. GBP
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.