Overview

The Neptune Global Alpha Fund takes a high conviction approach to global investing, resulting in a focused portfolio of our very best ideas. The Fund has the ability to invest in companies’ shares and bonds from across the developed and emerging markets, unconstrained by region or sector as it seeks to deliver capital growth. As with all Neptune funds, the portfolio benefits from our team-based global sector research process.

Investment objective

To provide capital growth by investing in both companies’ shares and bonds (issued by companies and/or governments) from around the world; the precise mix of investments will be chosen by the manager and selected at their discretion.

There is no assurance that the investment objective will be achieved.

Ongoing charge (%) 0.89
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB0031190555
Bloomberg CFORMGB:LN
SEDOL 3119055

Fund managers

Robin Geffen

Fund Manager

James Dowey

Asset Allocation Strategy
  • Role at Neptune

    Chief Economist and CIO

  • Time at Neptune

    12 years

Theodora Zemek

Fixed Income Strategy
  • Role at Neptune

    Head of Fixed Income Strategy

  • Time at Neptune

    1 year

Ewan Thompson

Assistant Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    13 years

  • Research focus

    Metals and Mining

George Boyd-Bowman

Assistant Manager
  • Role at Neptune

    Investment Director, Head of US Equities

  • Time at Neptune

    8 years

  • Research focus

    Financials

Storm Uru

Assistant Manager
  • Role at Neptune

    Fund Manager

  • Time at Neptune

    4 years

  • Research focus

    Industrials

Performance

Cumulative performance (%)

1 mth 1 mth YTD 1 yr 3 yrs 5 yrs 10 yrs 15 yrs Launch
Fund -5.3 8.4 -1.4 57.3 71.0 197.1 418.9 492.8
IA sector -1.9 7.4 -0.4 26.8 33.7 116.3 166.3 157.0
IA rank 164/165 63/161 89/157 1/136 2/122 4/77 1/43 1/34
Quartile 4 2 3 1 1 1 1 1
Large chart

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund 17.1 1.9 6.5 25.3 -1.0
IA sector 5.4 2.7 15.0 11.4 -6.6
IA rank 1/121 75/129 122/133 1/141 8/158
Quartile 1 3 4 1 1

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Reported date prices used for cumulative and discrete performance tables. The performance of other share classes may differ.

IA sector rankings may change at any time as a result of closure, movement between sectors or price amendments by competitor funds. The Fund's IA sector is IA Flexible Investment.

This Fund may have a high historic volatility rating and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you and your clients may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices.  None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information.  MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.  Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

FE Crown Fund Rating applies to C Accumulation share class in pound sterling. FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. ©2019 FE. All rights reserved.

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund 17.1 1.9 6.5 25.3 -1.0
Benchmark 12.1 5.5 29.0 12.4 -2.5
IA sector 5.4 2.7 15.0 11.4 -6.6
IA rank 1/121 75/129 122/133 1/141 8/158
Quartile 1 3 4 1 1

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Reported date prices used for cumulative and discrete performance tables. The performance of other share classes may differ.

IA sector rankings may change at any time as a result of closure, movement between sectors or price amendments by competitor funds. The Fund's IA sector is IA Flexible Investment.

This Fund may have a high historic volatility rating and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you and your clients may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices.  None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information.  MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.  Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

FE Crown Fund Rating applies to C Accumulation share class in pound sterling. FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. ©2019 FE. All rights reserved.

Portfolio

Data as at 31/05/2019

Top ten holdings (%)

FundIndex
Amazon 5.77 1.91
Rapid7 4.84 0.00
Twilio 4.71 0.00
Alphabet 4.43 1.75
Neptune Global Technology Fund 4.29 0.00
CME Group 3.80 0.18
RingCentral 3.62 0.00
Intuitive Surgical 3.39 0.14
Neptune Emerging Markets Fund 3.28 0.00
Palo Alto Networks 3.23 0.05

Sector (%)

FundIndex
Information technology 32.8 16.0
Financials 20.7 15.9
Consumer discretionary 13.3 10.4
Communication services 11.9 8.5
Healthcare 9.7 12.6
Materials 4.5 4.4
Consumer staples 2.9 8.7
Industrials 1.7 11.1
Alternatives 0.5 0.0
Energy 0.4 5.6
Utilities 0.1 3.4
Cash 1.5000 0.0

Region (%)

FundIndex
North America 62.7 65.8
Emerging Markets 12.6 0.2
UK 9.7 5.8
Japan 7.6 8.3
Europe ex UK 3.1 15.6
Asia Pacific ex Japan 2.8 4.3
Cash 1.5000 0.0

Asset class (%)

Equity 94.5
Private Equity 3.5
Alternatives 0.5
Cash 1.5

Top ten holdings (%)

FundIndex
Amazon 5.77 1.91
Rapid7 4.84 0.00
Twilio 4.71 0.00
Alphabet 4.43 1.75
Neptune Global Technology Fund 4.29 0.00
CME Group 3.80 0.18
RingCentral 3.62 0.00
Intuitive Surgical 3.39 0.14
Neptune Emerging Markets Fund 3.28 0.00
Palo Alto Networks 3.23 0.05

Sector (%)

FundIndex
Information technology 32.8 16.0
Financials 20.7 15.9
Consumer discretionary 13.3 10.4
Communication services 11.9 8.5
Healthcare 9.7 12.6
Materials 4.5 4.4
Consumer staples 2.9 8.7
Industrials 1.7 11.1
Alternatives 0.5 0.0
Energy 0.4 5.6
Utilities 0.1 3.4
Cash 1.5000 0.0

Region (%)

FundIndex
North America 62.7 65.8
Emerging Markets 12.6 0.2
UK 9.7 5.8
Japan 7.6 8.3
Europe ex UK 3.1 15.6
Asia Pacific ex Japan 2.8 4.3
Cash 1.5000 0.0

Asset class (%)

Equity 94.5
Private Equity 3.5
Alternatives 0.5
Cash 1.5

    Active share

    Active share 89.4%

    The Active Share is a measure of how different a portfolio is from its benchmark, i.e. how 'actively managed' a fund is relative to its respective Index. A score of 100% indicates the fund's holdings are completely different, whilst 0% indicates the portfolio exactly replicates the Index.

    Number of holdings

    No. of holdings 50

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q1 2019

    Market overview

    The US equity market snapped back from its slump at the end of 2018 as the concerns that caused such a poor end to last year diminished. The government shut down finally ended, the US/China trade spat showed signs that the worst outcome is unlikely and fears over an imminent recession were quelled. Most importantly, however, the Fed conducted an about turn on its monetary policy stance. At the end of last year, markets were concerned the that Fed was going to continue to tighten monetary policy despite growing evidence that the US economy was likely to slow from the 2018 run-rate. Jerome Powell, the Fed Governor, has since calmed markets with his so-called dovish pivot, seemingly taking further rate hikes off the table for the time being. In addition to a more reactionary and dovish Fed, the most important driver of markets at the macro level in 2019 is likely to be the strength and acceleration of the Chinese economy, which is showing emerging signs that stimulus implemented over the last couple of years is working.

    Portfolio attribution

    We continue to see an attractive backdrop for equities in the US and we have retained our significant weighting here. Furthermore, the Fund maintains its overweight to the technology sector, which was a key contributor to the outperformance in the first quarter. At a stock level, Twilio continues to demonstrate that it is disrupting the communications industry, and we maintain our position in the company. We believe there are significant cross-sell opportunities from its recent SendGrid acquisition. We are however mindful of heightened valuations in the coveted software industry.

    Outlook

    We remain confident in our outlook for global equity markets, despite the recent flight to safety amongst investors, and continue to run a more cyclically-positioned portfolio. We believe the macroeconomic backdrop remains supportive, particularly within emerging markets.

    Robin Geffen

    Fund Manager

    We continue to see an attractive backdrop for equities in the US & we have retained our significant weighting here

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 609.80 -0.57 26/06/2019
    A Acc GBP 534.20 -0.58 26/06/2019

    Neptune funds are priced every working day at 12 noon UK time and prices should be updated here by 6pm the same day.

    The prices shown should be taken only as an indication of the value of shares. Prices are set on a forward-pricing basis which means that any instruction to buy or sell shares will be fulfilled at the price set at 12 noon the next day.

    If you are looking for historical prices of closed funds or share classes, or are having any difficulty finding the price information you require, please call our customer services team on 0800 587 5051.

    Literature

    Factsheet
    31/05/2019
    Quarterly Commentary
    31/03/2019
    Key Investor Information Document
    08/02/2019

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB0031190555 3119055 CFORMGB:LN 0.89
    A Acc GBP GB0031190449 3119044 CFORMGA:LN 2.05

    Contact us

    UK Sales Team

    Michael Parsons

    Global Head of Sales

    Tel: 020 3249 0181

    Mob: 07870 510 306

    Email: michael.parsons

    Harry Bush

    Head of London Sales

    Tel: 020 3249 0174

    Mob: 07850 770 470

    Email: harry.bush

    Hugo Morrissey

    Sales Manager – North & Scotland

    Mob: 07850 770 453

    Email: hugo.morrissey

    Harry Nolan

    Sales Manager – London & South East

    Tel: 020 3249 0192

    Mob: 07970 231 379

    Email: harry.nolan

    Veronika Blazicek

    Sales Executive - UK & Europe

    Tel: +44 20 3249 0189

    Mob: +44 7850 770 480

    Email: veronika.blazicek

    To place a deal or request information on investments:

    Lines are open on weekdays from 9am to 5pm UK time. All 0800 numbers are free of charge to call from fixed line and mobile phones.

    Postal address

    Neptune Investment Management

    PO Box 9004

    Chelmsford

    Essex CM99 2WR