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This fund provides access to a global share portfolio that offers thematic exposure to disruptive innovation across a number of sectors and geographies.
Disruptive innovation is caused by the introduction of new technologically enabled products or services that permanently change an industry or economic sector by providing greater simplicity, accuracy, customisation and accessibility while driving down costs.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 10.58% | 38.51% | 50.94% | 4.98% | 7.86% |
| Appropriate Market Index (AMI)2 | 0.75% | 13.56% | 36.34% | 19.24% | 22.87% |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 10.56% | 38.66% | 51.05% | 4.94% | |
| Appropriate Market Index (AMI)2 | 0.75% | 13.56% | 36.34% | 19.24% |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Tesla Motors Inc | 7.75% |
| Palantir Technologies Inc | 7.69% |
| Coinbase Global Inc | 7.51% |
| Roblox Corp | 6.87% |
| Roku Inc | 6.04% |
| Robinhood Markets Inc | 4.85% |
| Shopify Inc | 4.45% |
| Meta Platforms Inc | 4.07% |
| Block Inc | 3.94% |
| Tempus Ai Inc | 3.56% |
Commentary
As of 31 January 2025
Market Overview
Fund Commentary
Key contributors for the month include Robinhood (HOOD), Tempus AI (TEM) and Roblox (RBLX).
Shares of Robinhood contributed to the fund this month. Robinhood's price target was increased by a research analyst and was added to their 2025 Financials Top Picks. Shares of Tempus AI contributed to fund performance this month following the announcement of a collaboration with Genialis to enhance precision medicine and the launch of its FDA-approved diagnostic device, xT CDx. The stock saw a significant increase attributed to these developments, alongside the introduction of the AI-enabled health concierge app, olivia, which collectively reflects the company's strong growth trajectory and strategic expansion in the precision medicine sector. Shares of Roblox contributed to the fund this month, following continued momentum post its Winter Spotlight launch event, featuring 24 holiday themed games and rewards driving a surge in daily active users (DAUs) and engagement.
Key detractors for the month include Teradyne (TER), Nvidia (NVDA) and Intellia Therapeutics (NTLA).
Shares of Teradyne detracted from the fund’s performance during the month despite better-than-expected earnings result, as weakness in industrial automation and robotics weighed on sentiment. While near-term challenges persist, management remains confident in long-term growth, supported by strategic investments in AI, power semiconductors, and restructuring efforts. Shares of NVIDIA detracted from fund performance this month following concerns over competition from China's AI developments, particularly after the release of DeepSeek-R1. We believe these concerns are overstated, as not only should the proliferation of affordable reasoning models benefit hardware and infrastructure providers for inference workloads, but also because Nvidia's products are still best-in-class for training workloads, including being used in large numbers to train the DeepSeek models. Shares of Intellia Therapeutics detracted from fund performance this month following a strategic reorganization announcement that included the discontinuation of NTLA-3001 and a significant workforce reduction. This shift towards focusing on late-stage programs, particularly NTLA-2002 and nex-z, has created short-term uncertainty among investors, contributing to a decline in share price.