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 (%) 1.36
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, 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 since 01/07/2016

Cumulative performance (%)

1 mth 1 mth YTD 1 yr Launch
Fund -13.26 6.02 10.30 50.10
Benchmark -7.67 -0.25 1.80 31.90
IA sector -6.49 -0.32 1.23 31.61
IA rank 304/306 25/296 13/293 9/280
Quartile 4 1 1 1
Large chart

Calendar year performance (%)

2013 2014 2015 2016 2017
Fund - - - - 25.02
Benchmark - - - - 12.85
IA sector - - - - 14.06
IA rank - - - - 11/285
Quartile - - - - 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.

Calendar year performance (%)

2013 2014 2015 2016 2017
Fund - - - - 25.02
Benchmark - - - - 12.85
IA sector - - - - 14.06
IA rank - - - - 11/285
Quartile - - - - 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.

Portfolio

Data as at 31/10/2018

Top ten holdings (%)

JAFCO 5.39
Amazon 4.85
Rapid7 4.83
Twilio 4.56
Trex Decking 4.48
Intuitive Surgical 4.30
Fortinet 3.97
TechnoPro 3.70
Nihon M&A Center 3.57
Horizon Pharma 3.55

Sector (%)

Information technology 37.3
Industrials 16.4
Financials 12.9
Healthcare 12.6
Consumer staples 6.7
Alternatives 5.1
Consumer discretionary 4.8
Materials 3.6
Cash 0.6

Region (%)

North America 56.7
Japan 22.6
UK 15.6
Europe ex UK 4.5
Cash 0.6

Top ten holdings (%)

JAFCO 5.39
Amazon 4.85
Rapid7 4.83
Twilio 4.56
Trex Decking 4.48
Intuitive Surgical 4.30
Fortinet 3.97
TechnoPro 3.70
Nihon M&A Center 3.57
Horizon Pharma 3.55

Sector (%)

Information technology 37.3
Industrials 16.4
Financials 12.9
Healthcare 12.6
Consumer staples 6.7
Alternatives 5.1
Consumer discretionary 4.8
Materials 3.6
Cash 0.6

Region (%)

North America 56.7
Japan 22.6
UK 15.6
Europe ex UK 4.5
Cash 0.6

    Active share

    Active share 95.2%

    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 30

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q3 2018

    Market overview

    Global markets finished the third quarter up over 6%, with strong fundamental data driving market strength. Despite continuing fears around increased protectionism and trade wars, the US equity market was relative 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 on 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. Positive performance in the third quarter was generated by strong stockpicking, in particular the technology and healthcare sectors. Within technology, Twilio was the standout performer after reporting impressive second quarter results. Base revenue grew in excess of 50% year-on-year as the company benefits from strong underlying cloud communications trends. Within healthcare, the Fund enjoyed strong quarters from LivaNova and Horizon Pharma. We remain bullish on the prospects for companies which are able to adopt new technologies to improve efficiency.

    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.

    We continue to see an attractive backdrop for US stocks in 2018. 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. Three out of four US workers have seen almost no increase in the productivity of their labour since 2000 – whereas 1 in 4 (concentrated in more digitised industries) has seen more than 50% improvement. This ultimately underpins our optimistic outlook on the US economy long term.

    Robin Geffen

    Fund Manager

    We are optimistic about the global economy and we continue to believe in the relative strength of US economy particularly versus the UK

    Insights & analysis

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 154.10 -0.45 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 GB00B29MXF68 B29MXF6 NEGMABA:LN 1.36

    Contact us