Overview

The Neptune Global Smaller Companies Fund invests in up to 80 small and medium sized companies from around the world. Fund Manager Robin Geffen uses Neptune’s global industry research to target those stocks with the ability to flourish in their specific political and economic environments. This typically means these companies are able to grow faster and deliver higher returns than their larger peers.

Investment objective

To provide capital growth by investing mainly in up to 80 small and medium-sized companies from around the world, selected at the manager’s discretion.

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

Ongoing charge (%) 1.30
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B29MXF68
Bloomberg NEGMABA:LN
SEDOL B29MXF6

Fund managers

Robin Geffen

Fund Manager

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 since 01/07/2016

Cumulative performance (%)

1 mth 1 mth YTD 1 yr Launch
Fund -4.3 16.6 3.7 68.7
Benchmark -2.8 11.7 -0.7 36.2
IA sector -2.2 11.6 2.7 38.0
IA rank 279/316 30/315 130/309 5/278
Quartile 4 1 2 1
Large chart

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund - - - 25.0 2.2
Benchmark - - - 12.9 -7.8
IA sector - - - 14.3 -5.7
IA rank - - - 11/288 18/297
Quartile - - - 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 Global and the benchmark is MSCI World SMID Cap 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 1 July 2016 the name of this Fund was changed to Neptune Global Smaller Companies and its investment objective and benchmark were altered. This should be considered when viewing the Fund’s past performance.

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).

Calendar year performance (%)

2014 2015 2016 2017 2018
Fund - - - 25.0 2.2
Benchmark - - - 12.9 -7.8
IA sector - - - 14.3 -5.7
IA rank - - - 11/288 18/297
Quartile - - - 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 Global and the benchmark is MSCI World SMID Cap 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 1 July 2016 the name of this Fund was changed to Neptune Global Smaller Companies and its investment objective and benchmark were altered. This should be considered when viewing the Fund’s past performance.

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).

Portfolio

Data as at 31/05/2019

Top ten holdings (%)

RingCentral 6.33
CyberArk 6.00
Rapid7 5.77
Zendesk 5.48
Mimecast  4.48
Twilio 4.43
JAFCO 4.35
Horizon 4.27
8X8 4.26
GBG 4.07

Sector (%)

Information technology 52.3
Healthcare 12.9
Industrials 12.0
Financials 8.7
Consumer staples 6.1
Communication services 4.3
Cash 3.7

Region (%)

North America 56.6
Japan 18.7
UK 14.7
Europe ex UK 6.3
Cash 3.7

Top ten holdings (%)

RingCentral 6.33
CyberArk 6.00
Rapid7 5.77
Zendesk 5.48
Mimecast  4.48
Twilio 4.43
JAFCO 4.35
Horizon 4.27
8X8 4.26
GBG 4.07

Sector (%)

Information technology 52.3
Healthcare 12.9
Industrials 12.0
Financials 8.7
Consumer staples 6.1
Communication services 4.3
Cash 3.7

Region (%)

North America 56.6
Japan 18.7
UK 14.7
Europe ex UK 6.3
Cash 3.7

    Active share

    Active share 99.2%

    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 29

    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. The portfolio’s significant overweight to the technology sector, which was a detractor to performance in the fourth quarter of last year, contributed to the outperformance of the Fund in the first quarter of this year. Twilio, which offers a software platform and communication service, continues to demonstrate that it is disrupting the communications industry. 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. Another company of note in the IT space is Zendesk, a user of the Twilio development platform, which provides businesses with efficient customer-facing helpdesk solutions.

    Outlook

    We are optimistic about the global economy and we continue to believe in the relative strength of US economy particularly versus the UK. There are increasing signs the UK economy is headed for tougher times. Whilst our deepest-held conviction is that the US will – at some point – see a sustained and meaningful increase in productivity owing to innovation and the application of new technologies to less productive industries.

    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 171.80 -0.64 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 GB00B29MXF68 B29MXF6 NEGMABA:LN 1.30

    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