Overview

The Neptune Global Equity Fund takes a truly global view of stock selection, investing in our favoured opportunities regardless of where they are based. Fund Manager Robin Geffen draws on Neptune’s in-house global industry research to identify companies at the forefront of industry disruption, enabling him to target those stocks that provide maximum potential for investment growth.

Investment objective

To provide capital growth by investing mainly in a focused portfolio of approximately 40-60 companies from around the world, selected at the manager's discretion.

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

Ongoing charge (%) 0.96
Net yield (%) -
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B8DLY478
Bloomberg NEGECAG:LN
SEDOL B8DLY47

Fund managers

Robin Geffen

Fund Manager

Ewan Thompson

Assistant Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    12 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 0.9 0.9 -4.3 44.0 52.3 154.6 301.8 365.1
Benchmark 4.4 4.4 1.6 51.1 79.7 244.6 290.8 241.7
IA sector 4.7 4.7 -1.8 46.5 57.9 176.4 216.5 181.2
IA rank 302/311 302/311 214/300 161/271 170/233 123/158 30/96 12/76
Quartile 4 4 3 3 3 4 2 1
Large chart

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund 7.0 2.9 11.8 20.5 -2.7
Benchmark 12.1 5.5 29.0 12.4 -2.5
IA sector 8.7 4.1 23.9 14.3 -5.7
IA rank 166/233 156/248 249/269 33/285 65/297
Quartile 3 3 4 1 1

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Launch date used is 31/12/2001, which is the launch of the A Accumulation share class. The C Accumulation share class was launched on 03/10/2012, so during the period from 31/12/2001 to 03/10/2012 the performance record is based on the pre-existing A Accumulation share class. 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 Global and the benchmark is MSCI World Index. Neptune’s funds are not tied to replicating a benchmark and holdings can therefore vary from those in the index quoted. For this reason, the comparison index should be used for reference only.

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.

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund 7.0 2.9 11.8 20.5 -2.7
Benchmark 12.1 5.5 29.0 12.4 -2.5
IA sector 8.7 4.1 23.9 14.3 -5.7
IA rank 166/233 156/248 249/269 33/285 65/297
Quartile 3 3 4 1 1

Performance data supplied by Morningstar; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. Launch date used is 31/12/2001, which is the launch of the A Accumulation share class. The C Accumulation share class was launched on 03/10/2012, so during the period from 31/12/2001 to 03/10/2012 the performance record is based on the pre-existing A Accumulation share class. 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 Global and the benchmark is MSCI World Index. Neptune’s funds are not tied to replicating a benchmark and holdings can therefore vary from those in the index quoted. For this reason, the comparison index should be used for reference only.

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.

Portfolio

Data as at 31/01/2019

Top ten holdings (%)

FundIndex
Amazon 5.52 1.85
CME Group 5.38 0.17
Neptune Emerging Markets Fund 5.07 0.00
Microsoft 4.88 1.98
Neptune Global Technology Fund 4.48 0.00
Alphabet 4.28 1.79
Visa 4.10 0.62
Palo Alto Networks 3.91 0.05
Mandarin Oriental 3.52 0.00
Tencent 3.44 0.00

Sector (%)

FundIndex
Information technology 27.4 14.9
Financials 23.9 16.2
Consumer discretionary 16.5 10.6
Communication services 12.6 8.4
Healthcare 4.2 13.0
Industrials 3.2 11.1
Materials 3.2 4.6
Consumer staples 2.9 8.4
Energy 2.1 6.1
Alternatives 1.7 0.0
Utilities 0.0 3.3
Cash 2.3000 0.0

Region (%)

FundIndex
North America 63.9 65.4
Emerging Markets 15.9 0.2
Japan 8.4 8.5
UK 4.3 5.9
Asia Pacific ex Japan 3.6 4.3
Europe ex UK 1.6 15.7
Cash 2.3000 0.0

Top ten holdings (%)

FundIndex
Amazon 5.52 1.85
CME Group 5.38 0.17
Neptune Emerging Markets Fund 5.07 0.00
Microsoft 4.88 1.98
Neptune Global Technology Fund 4.48 0.00
Alphabet 4.28 1.79
Visa 4.10 0.62
Palo Alto Networks 3.91 0.05
Mandarin Oriental 3.52 0.00
Tencent 3.44 0.00

Sector (%)

FundIndex
Information technology 27.4 14.9
Financials 23.9 16.2
Consumer discretionary 16.5 10.6
Communication services 12.6 8.4
Healthcare 4.2 13.0
Industrials 3.2 11.1
Materials 3.2 4.6
Consumer staples 2.9 8.4
Energy 2.1 6.1
Alternatives 1.7 0.0
Utilities 0.0 3.3
Cash 2.3000 0.0

Region (%)

FundIndex
North America 63.9 65.4
Emerging Markets 15.9 0.2
Japan 8.4 8.5
UK 4.3 5.9
Asia Pacific ex Japan 3.6 4.3
Europe ex UK 1.6 15.7
Cash 2.3000 0.0

    Active share

    Active share 81.3%

    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 38

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q4 2018

    Market overview

    The US equity market, having for most of the year eluded the growing fears that had afflicted other global stockmarkets, succumbed during the final quarter of 2018 and suffered a sharp correction. In addition to fears over the damage from the ongoing US-China trade spat, markets became concerned that the US economy was headed for tougher times. Further fuel to the sell-off was added by concerns that the Fed was going to continue to tighten monetary policy with more regular rate hikes in addition to continued shrinking of its QE-bloated balance sheet despite growing evidence that the economy was likely to head back towards trend growth in 2019.

    Portfolio attribution

    Despite this, we continue to see an attractive backdrop for equities in the US and we have retained our significant weighting here. The Fund’s small weighting to the UK was a detractor to performance as concerns surrounding Brexit negotiations continued to weigh on sterling which, combined with further evidence of a deteriorating outlook for the UK consumer, meant the market struggled over the quarter.

    However, the Fund retains its overweights to emerging markets, which significantly outperformed developed markets during the period of volatility in the fourth quarter. Furthermore, in order to shield the Fund from overall market volatility, we maintained our positions in exchange traded index put options in the fourth quarter which were strong performance contributors amidst the turbulence. At an individual stock level, positive contributors in the fourth quarter included CME Group, the futures exchange which benefited from the more volatile market conditions during the period. The main detractors to the Fund’s performance were Apple, which fell on the back of weaker Chinese data, as well as certain financials and technology holdings such as SVB Financial and Nvidia.

    Outlook

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

    Robin Geffen

    Fund Manager

    The Fund retains its overweights to emerging markets, which significantly outperformed developed markets during the period of volatility in the fourth quarter

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 183.20 -0.11 15/02/2019
    C Inc GBP 145.90 -0.14 15/02/2019
    C Acc EUR 236.00 -0.08 15/02/2019
    A Acc GBP 456.40 -0.13 15/02/2019
    A Inc GBP 139.90 -0.14 15/02/2019
    A Acc USD 185.80 0.00 15/02/2019
    B Acc GBP 496.40 -0.12 15/02/2019

    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

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB00B8DLY478 B8DLY47 NEGECAG:LN 0.96
    C Inc GBP GB00B28R3411 B28R341 NEPGEBI:LN 0.96
    C Acc EUR GB00B60T5L45 B60T5L4 NEGEBAE:LN 0.96
    A Acc GBP GB0030679053 3067905 CFORGEA:LN 1.87
    A Inc GBP GB00B28R3304 B28R330 NEPGEAI:LN 1.87
    A Acc USD GB00B60T5M51 B60T5M5 NEGEAAU:LN 1.87
    B Acc GBP GB0030679160 3067916 CFORGEB:LN 1.42

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