Although big tech dominates the holdings for global equities, with all the top performing funds having key exposures in the US and China tech spheres, one of the best performers removed themselves from Alphabet entirely.
According to FE Analytics, the ACS Equity – Global sector returned 14.44% from the year to 31 October, 2019.
The top five best performing global equity funds were Evans and Partners International B (34.89%), Zurich Investments Concentrated Global Growth (29.69%), Aoris International A (29.63%), Zurich Investments Unhedged Global Growth Share Scheme (25.25%) and AXA Managed Investment Plan International Portfolio (25.03%).
Evans and Partners International B had major holdings in Visa (9.24%), Alphabet (8.95%), Aon (8.28), Equifax (7.87%) and Ross Stores (7.44%).
Evans and Partners had only 17 holdings in their portfolio, with the top 10 accounting for 78.15% – this was down from 21 at 30 April 2019, almost 100 less holdings than the 114 held by Zurich’s UGGSS.
Zurich’s Unhedged Global Growth Share Scheme top holdings were Alphabet (2.9%), Amazon (2.49%), Visa (2.27%), Equinix (2.19%) and American Express (1.87%).
Zurich’s Concentrated Global Growth held Amazon (4.74%), Visa (4%), Alibaba (3.81%), CRH (3.69%) and Equinix (3.64%).
Although their Unhedged Global Growth Share Scheme held Alphabet as its largest holding, Zurich’s Investments Concentrated Global Growth fund had sold them off.
“Alphabet was sold because revenue growth and profitability are performing below the investment team’s expectations,” Zurich said in its September Concentrated Global Growth fund factsheet.
They had also removed Medidata Solutions after its acquisition from Dassault Systemes was completed, while Burlington Stores was another casualty.
“While its [Burlington Stores] restructuring initiatives have been progressing well, overall operating performance has generally been choppy and below expectations.”
Top five ACS Equity – Global funds from 1 November, 2018 to 31 October, 2019
