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The Nikko AM Europe team manages this fund, investing in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. The manager selects companies where they believe there is potential for quality and future value.
Download Morningstar's managed investment report on the Nikko AM Global Shares Fund
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.
Iain is a Portfolio Manager within the Global Equity Team based in Edinburgh. In this video, Ian explains his global investment philosophy, the objectives of this portfolio, and the concept of future quality. Iain also talks us through the long term focus on sustainability and what's personally satisfying about doing what he does. Find out more about the Global Shares Fund from Iain Fulton in the video now.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 4.19% | 12.37% | 39.75% | 10.31% | 13.60% |
| Appropriate Market Index (AMI)2 | 4.37% | 9.75% | 31.68% | 12.73% | 13.19% |
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 | 4.20% | 12.36% | 39.83% | 10.35% | 13.68% |
| Appropriate Market Index (AMI)2 | 4.37% | 9.75% | 31.68% | 12.73% | 13.19% |
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 |
|---|---|
| Nvidia Corp | 6.28% |
| Microsoft Corp | 5.80% |
| Amazon Com Inc | 4.42% |
| Meta Platforms Inc | 4.03% |
| Netflix Inc | 3.10% |
| Taiwan Semicon Manufacturing Co Ltd | 2.86% |
| Compass Group Ord GBP0 1105 | 2.75% |
| Intercontinental Exchange Inc | 2.68% |
| Broadcom Corp Com | 2.63% |
| Cencora Inc Com | 2.61% |
Commentary
As of 30 November 2024
Market Overview
Fund Commentary
Contributors: Interactive Brokers Group, Inc.'s shares surged due to strong quarterly earnings announced in October and increased trading volumes post the US election. The company's robust platform and competitive pricing continue to attract more clients amid market volatility, boosting investor confidence. Netflix, Inc. outperformed due to continued subscriber growth and popular new content releases. The company's ability to consistently deliver engaging content helped it maintain its leading position in the streaming market, and we anticipate management will continue to deliver gains in 2025. Ryan Specialty Holdings, Inc. had a strong performance in November, driven by impressive third-quarter results. The company also benefits from continued industry consolidation in the wholesale broking industry.
Detractors: Tesla, Inc. was the biggest detractor for the portfolio over the month due to the shares rising 35% and our zero weighting in the portfolio. The main driver for the shares was the success of Donald Trump in the US General Election and Elon Musk’s likely appointment to lead the newly created Department of Government Efficiency (‘DOGE’). It is viewed that lower government regulation may accelerate Tesla’s opportunity to dominate the Autonomous Vehicle (‘AV’) market. Hitachi, Ltd.'s second quarter results were a disappointment for the market, with raised full-year guidance matching what consensus was already expecting and a reminder of the drag from underperforming segments, with a one-off write-down in one of their smaller affiliates. Taiwan Semiconductor Manufacturing Co., Ltd.'s shares fell despite strong quarterly results, continued market share gains, higher demand from Nvidia’s Hopper GPU chip, and raised guidance. However, the shares were weak as the market started to price in likely Trump tariffs and subsequent implications for future trading for the company.