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Mirabaud - Global Dividend A dist. USD

Overview 

Risk Indicator 

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Mirabaud - Global Dividend A dist. USD

Investment overview

A concentrated global equity strategy that seeks out leading companies with strong cashflows that deliver sustainable yield and dividend growth. We believe strong management and a 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 stronger risk-adjusted returns compared to the benchmark and the Global Equity Income 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.

Mirabaud - Global Dividend A dist. USD

Fund information

Luxembourg

SICAV

Daily

Daily / Daily

0 Business Day / 2 Business Days

0 Business Day / 2 Business Days

30/05/2014

USD

LU1064859926

MSCI AC World TR Net USD

Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg

Deloitte Audit Sarl

FundPartner Solutions (Europe) SA

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Mirabaud - Global Dividend A dist. USD

Documents

Mirabaud - Global Dividend A dist. USD

Performance & risk

  • Mirabaud - Global Dividend A dist. 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.

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Mirabaud - Global Dividend A dist. USD

Monthly commentary

Performance update

 

Four out of five of our leading relative contributors for June came from the technology sector, with three of them being semiconductor names. The makeup of the detractors followed a similar profile, dominated by large, unheld (non-dividend paying) tech names. In general, there was little fundamental news on individual names, with two exceptions – Broadcom and Accenture.

Broadcom reported numbers early in the month and reiterated the strength it is seeing in custom ASICs and AI networking. Some non-AI semis markets are also beginning to pick up.

Accenture's results were good but the market remains sceptical on the name, initially due to the threat from DOGE, and then from broader macro concerns. We continue to see Accenture as an AI leader, and proof of this is starting to come through in bookings. We also believe that revenues are accelerating from a cyclical trough.

 

Portfolio activity

 

We didn't introduce any new names to the portfolio during June or fully exit any existing holdings. However, we did reduce our position in JP Morgan following a strong run in the stock and with valuations looking slightly stretched near term. We think the fundamental set up remains very attractive for the company. We also reduced Accenture into earnings, given some of the uncertainty above, which proved timely with the stock down on the day of earnings. We will look to add back in due course.

 

Yearly performances 

Mirabaud - Global Dividend A dist. 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.