Investment objective

The investment objective of the Neptune Global Equity Fund is to generate long-term (5 years or more) capital growth.

Strategy

The Fund invests in securities using a combination of economic, industry and stock specific analysis.

Ongoing charge (%) 0.89
Net yield (%) -
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B8DLY478
Bloomberg NEGECAG:LN
SEDOL B8DLY47

Fund managers

James Dowey

Fund Manager
  • Role at Neptune

    Fund Manager, Chief Economist and CIO

  • Time at Neptune

    12 years

Robin Geffen

Deputy Manager

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

Ewan Thompson

Assistant Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    13 years

  • Research focus

    Metals and Mining

Performance^

Cumulative performance (%)

1 mth 1 mth YTD 1 yr 3 yrs 5 yrs 10 yrs 15 yrs Launch
Fund 6.7 18.5 7.8 52.4 76.3 152.7 373.4 446.6
Benchmark 4.3 21.7 10.9 47.4 93.9 245.9 361.3 303.9
IA sector 4.7 22.3 9.6 42.5 76.1 191.7 279.5 228.6
IA rank 20/327 263/322 201/317 52/282 139/242 138/163 33/97 12/76
Quartile 1 4 3 1 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 11.2 3.8 29.4 13.8 -3.3
IA sector 7.0 2.8 23.9 13.9 -5.7
IA rank 166/234 158/250 251/272 34/290 71/306
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 the MSCI AC 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.

^Please note that on 7 August 2019 the benchmark was changed from the MSCI World Index to the MSCI AC World Index.

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 7.0 2.9 11.8 20.5 -2.7
Benchmark 11.2 3.8 29.4 13.8 -3.3
IA sector 7.0 2.8 23.9 13.9 -5.7
IA rank 166/234 158/250 251/272 34/290 71/306
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 the MSCI AC 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.

^Please note that on 7 August 2019 the benchmark was changed from the MSCI World Index to the MSCI AC World Index.

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.

Income

Income distribution

XD dates Pay dates Distribution rates* (pence per share)
01 Jan 19 28 Feb 19 0.7013
01 Jul 18 31 Aug 18 1.0074

*Rates paid per share for the C income shares, the primary distributing share class. For rates on other share classes, please contact us.

Net yield

C Inc GBP 0.99%
A Inc GBP 0.99%

Yields quoted for the income share classes, the primary distributing share classes. For yields on other share classes, please contact us.

Past performance is not a reliable indicator of future returns. You should not make any assumptions on the future on the basis of performance information. The value of an investment and the income from it can fall as well as rise as a result of market fluctuations and you may not get back the amount originally invested.

Portfolio

Data as at 31/07/2019

Top ten holdings (%)

FundIndex
Microsoft 6.02 2.12
Neptune Global Technology Fund 5.98 0.00
Amazon 5.88 1.67
Visa 5.62 0.67
Alphabet 5.56 1.60
Palo Alto Networks 4.34 0.05
Apple 4.18 2.15
CME Group 3.48 0.15
Tencent 3.25 0.57
Mandarin Oriental 3.04 0.00

Sector (%)

FundIndex
Information technology 36.3 16.4
Consumer discretionary 16.3 10.9
Financials 14.8 16.8
Communication services 12.9 8.9
Healthcare 5.4 11.3
Consumer staples 5.3 8.4
Industrials 3.6 10.4
Materials 2.0 4.8
Energy 1.9 5.7
Alternatives 0.2 0.0
Utilities 0.1 3.3
Cash 1.1000 0.0

Region (%)

FundIndex
North America 74.9 59.1
Emerging Markets 10.8 11.3
UK 4.2 4.9
Europe ex UK 3.5 13.5
Asia Pacific ex Japan 3.2 3.7
Japan 2.3 7.1
Cash 1.1000 0.0

Top ten holdings (%)

FundIndex
Microsoft 6.02 2.12
Neptune Global Technology Fund 5.98 0.00
Amazon 5.88 1.67
Visa 5.62 0.67
Alphabet 5.56 1.60
Palo Alto Networks 4.34 0.05
Apple 4.18 2.15
CME Group 3.48 0.15
Tencent 3.25 0.57
Mandarin Oriental 3.04 0.00

Sector (%)

FundIndex
Information technology 36.3 16.4
Consumer discretionary 16.3 10.9
Financials 14.8 16.8
Communication services 12.9 8.9
Healthcare 5.4 11.3
Consumer staples 5.3 8.4
Industrials 3.6 10.4
Materials 2.0 4.8
Energy 1.9 5.7
Alternatives 0.2 0.0
Utilities 0.1 3.3
Cash 1.1000 0.0

Region (%)

FundIndex
North America 74.9 59.1
Emerging Markets 10.8 11.3
UK 4.2 4.9
Europe ex UK 3.5 13.5
Asia Pacific ex Japan 3.2 3.7
Japan 2.3 7.1
Cash 1.1000 0.0

    Active share

    Active share 82.0%

    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 36

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q2 2019

    Market overview

    It was a volatile quarter thanks to the re-escalation in the US/China trade war. Donald Trump’s decision to re-impose $200bn of tariffs on Chinese goods weighed heavily on investor sentiment, as did his decision to impose tariffs on Mexico (though these were lifted shortly after). This meant emerging markets, led by China, considerably underperformed developed markets as investors became nervous about the growth impact on the world’s second largest economy. However, the US Federal Reserve’s stance on monetary policy became even more dovish over the quarter, which in turn led to strong bifurcation in markets with longer duration equities (such as classic bond proxies or disruptive structural growth companies) delivering strong returns and value stocks (or those with links to global economic growth) underperforming.

    Portfolio attribution

    The Fund’s underperformance was primarily driven by its exposure to emerging markets, notably our Chinese holdings such as Baidu, which fell as result of the US/China trade war and thanks to a poor Q1 earnings update. Our exposure to the materials sector also detracted from returns as investors became increasingly concerned about global economic growth. This included our holding in Glencore, which fell over the quarter as a result of allegations of corruption and a relatively subdued update to the market. The Fund’s exposure to exchange traded put options also hurt relative returns at the margin given markets ended the quarter in positive territory, yet they helped dampen the overall portfolio drawdown.

    On a more positive note, the Fund’s financials holdings were among the strongest contributors. CME Group, the futures exchange, was among the largest stock contributors as it benefited from the sharp increase in volatility. Our exposure to the Neptune Emerging Markets Fund, with its overweights to Russia and Brazil (two of the relative bright spots within the developing world) was also additive.

    Outlook

    Despite the re-escalation in the US/ China trade war, we remain optimistic in our outlook for the global economy. We believe the macroeconomic backdrop remains supportive, particularly within emerging markets where valuations remain low economic growth continues to improve. We maintain our view that Chinese growth will improve in the second half of the year as the authorities’ monetary and fiscal loosening begin to take effect despite the recent uncertainty surrounding US tariffs.

    James Dowey

    Fund Manager

    Despite the re-escalation in the US/China trade war, we remain optimistic in our outlook for the global economy. We believe the macroeconomic backdrop remains supportive, particularly within emerging market

    Related event

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 201.40 1.46 20/08/2019
    C Inc GBP 159.40 1.46 20/08/2019
    C Acc EUR 248.60 1.30 20/08/2019
    A Acc GBP 499.40 1.46 20/08/2019
    A Inc GBP 152.10 1.40 20/08/2019
    A Acc USD 191.50 1.06 20/08/2019
    B Acc GBP 544.30 1.45 20/08/2019

    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
    31/07/2019
    Quarterly Commentary
    30/06/2019
    Key Investor Information Document
    07/08/2019

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB00B8DLY478 B8DLY47 NEGECAG:LN 0.89
    C Inc GBP GB00B28R3411 B28R341 NEPGEBI:LN 0.89
    C Acc EUR GB00B60T5L45 B60T5L4 NEGEBAE:LN 0.89
    A Acc GBP GB0030679053 3067905 CFORGEA:LN 1.80
    A Inc GBP GB00B28R3304 B28R330 NEPGEAI:LN 1.80
    A Acc USD GB00B60T5M51 B60T5M5 NEGEAAU:LN 1.80
    B Acc GBP GB0030679160 3067916 CFORGEB:LN 1.34

    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

    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