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, Co-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 -8.21 -0.17 1.13 33.23 53.21 152.55 337.13 373.28
Benchmark -5.41 3.90 5.70 54.49 79.68 247.79 308.01 248.90
IA sector -6.49 -0.32 1.23 42.60 54.98 188.80 229.36 183.93
IA rank 252/306 149/296 152/293 222/266 151/233 136/158 23/94 11/77
Quartile 4 2 3 4 3 4 1 1
Large chart

Calendar year performance (%)

2013 2014 2015 2016 2017
Fund 23.39 7.04 2.86 11.81 20.52
Benchmark 25.00 12.07 5.45 29.01 12.42
IA sector 23.40 8.62 3.97 24.22 14.06
IA rank 109/222 167/235 156/247 252/270 30/285
Quartile 2 3 3 4 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 (%)

2013 2014 2015 2016 2017
Fund 23.39 7.04 2.86 11.81 20.52
Benchmark 25.00 12.07 5.45 29.01 12.42
IA sector 23.40 8.62 3.97 24.22 14.06
IA rank 109/222 167/235 156/247 252/270 30/285
Quartile 2 3 3 4 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 31/10/2018

Top ten holdings (%)

FundIndex
CME Group 5.36 0.16
Neptune Emerging Makets Fund 4.99 0.00
Amazon 4.98 1.71
Microsoft 4.69 2.02
Neptune Global Technology Fund 4.36 0.00
Apple 4.05 2.79
Alphabet 4.03 1.72
Visa 3.90 0.64
Mandarin Oriental 3.41 0.00
Palo Alto Networks 3.21 0.04

Sector (%)

FundIndex
Information technology 26.7 15.5
Financials 24.5 16.5
Consumer discretionary 15.3 10.2
Communication services 11.8 8.3
Industrials 4.2 11.0
Healthcare 4.1 13.1
Alternatives 3.5 0.0
Materials 3.1 4.6
Consumer staples 2.8 8.6
Energy 2.2 6.3
Utilities 0.1 3.1
Cash 1.7 0.0

Region (%)

FundIndex
North America 65.6 65.8
Emerging Markets 14.7 0.2
Japan 8.7 8.4
UK 4.2 6.0
Asia Pacific ex Japan 3.5 4.0
Europe ex UK 1.6 15.6
Cash 1.7 0.0

Top ten holdings (%)

FundIndex
CME Group 5.36 0.16
Neptune Emerging Makets Fund 4.99 0.00
Amazon 4.98 1.71
Microsoft 4.69 2.02
Neptune Global Technology Fund 4.36 0.00
Apple 4.05 2.79
Alphabet 4.03 1.72
Visa 3.90 0.64
Mandarin Oriental 3.41 0.00
Palo Alto Networks 3.21 0.04

Sector (%)

FundIndex
Information technology 26.7 15.5
Financials 24.5 16.5
Consumer discretionary 15.3 10.2
Communication services 11.8 8.3
Industrials 4.2 11.0
Healthcare 4.1 13.1
Alternatives 3.5 0.0
Materials 3.1 4.6
Consumer staples 2.8 8.6
Energy 2.2 6.3
Utilities 0.1 3.1
Cash 1.7 0.0

Region (%)

FundIndex
North America 65.6 65.8
Emerging Markets 14.7 0.2
Japan 8.7 8.4
UK 4.2 6.0
Asia Pacific ex Japan 3.5 4.0
Europe ex UK 1.6 15.6
Cash 1.7 0.0

    Active share

    Active share 79.9%

    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 40

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q3 2018

    Market overview

    Despite continuing fears around increased protectionism and trade wars, the US equity market was relatively calm in the third quarter of the year. This was in stark contrast to other global markets where equities suffered. Dollar strength and other idiosyncratic factors led to a number of emerging market currencies suffering volatility. The continued strength in US earnings reported during the period helped support the US market. Earnings per share for the S&P 500 grew around 25% year-on-year, driven by 12% sales growth and the highest level of EPS surprises in 7 years. On the trade front, there was some good news later in the quarter where a new NAFTA deal seems to have been agreed with Canada and Mexico. The risk is that this is seen as a trade “win” by President Trump and adds further grist to his mill in negotiating with China, potentially adding further volatility to equity markets down the road.

    Fund attribution

    In the US, we continue to see an attractive backdrop for equities and we have retained our significant weighting here, which again was a strong contributor to performance. Sector wise, positive performance in the third quarter was generated by strong stockpicking, in particular the technology sector. Apple and Amazon were both key contributors as they became the world’s first and second trillion dollar companies. The Fund maintains its overweight to emerging markets despite EMs witnessing a continued period of weakness due to the continued strength of the dollar, alongside ongoing concerns over the impact of trade tariffs on global growth in general, and the Chinese economy in particular, contributed to general risk aversion in the direction of emerging markets.

    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

    In the US, we continue to see an attractive backdrop for equities and we have retained our significant weighting here, which again was a strong contributor to performance

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 181.00 0.56 14/12/2018
    C Inc GBP 144.90 0.56 14/12/2018
    C Acc EUR 228.10 0.62 14/12/2018
    A Acc GBP 451.70 0.58 14/12/2018
    A Inc GBP 139.10 0.58 14/12/2018
    A Acc EUR 210.40 0.62 14/12/2018
    A Acc USD 180.10 -0.22 14/12/2018
    B Acc GBP 490.80 0.57 14/12/2018

    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 EUR GB00B60T5K38 B60T5K3 NEGEAAE: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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