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TCSETendercapital Secular Euro

This is a Euro denominated fund which invests primarily in European equities and provides the Client with the means of gaining exposure to the potential upside of equity markets over the medium term. The investment manager selects undervalued themes highlighted by a top-down quantitative secular analysis which then focuses on a single company and its future economic prospects, emphasizing European companies with business activities in foreign markets. The portfolio is carefully constructed piecemeal through a rigorous top-down analysis of the future demographic trends and the socio-economic-healthcare developments.

The Fund in a nutshell

Risk-reward profile

Achieve a positive annual return with a medium risk profile.

FUND MANAGER'S COMMENTARY

The global macroeconomic environment is confirmed as positive despite the continuation of geopolitical tensions and the phase of political tension in Europe. In Europe, the macroeconomic fundamentals showed signs of a recovery with respect to previous figures towards the end of Q2. The services sector, oriented towards domestic demand, is showing more positive signs than the manufacturing sector, which depends more on international relations. Despite the signs of a temporary slowdown, the job market continues to improve at European level, supporting a positive scenario in H2 2018. In the US, the economic fundamentals show an economy experiencing significant growth with limited inflationary pressures and aligned with Fed forecasts. Recent developments in the energy market have driven oil prices to new highs not seen since 2015. As a result, inflation has risen in the EU although the core component remains low. The ECB’s monetary policy will remain accommodating for 2018. In June, the fund maintained a good diversification with a total of 53 positions, increasing the liquidity buffer to 16.04%. The weight of the first ten securities in the portfolio totalled 26.57%. The segment is diversified between small, medium and large caps, with an overweight of the large cap component at 45%. The product had an annualised 12-month volatility of 10.5%. The beta of the equity component is 0.81 in the last year, confirming the defensive nature of the Secular theme. Tendercapital Secular Euro is based on 9 Secular Trends with an overweight on the theme of infrastructure.

MORNINGSTAR CATEGORY

Europe Large-Cap Blend Equity

ISIN Code Share Class: SECULAR EURO RETAIL ACC SHARE CLASS
ISIN Code: IE00B8XC4845
Consult Monthly Factsheet

ISIN Code Share Class: SECULAR EURO INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00B8XCNZ43

DISTRIBUTION Ireland,  United Kingdom, Italy, Switzerland

KIID

The KIID (Key Investment Information Document) provides you with key investor information about the funds.
The information is required by law to help you understand the nature and the risks of investing in this fund.
You are advised to read it so you can make an informed decision about whether to invest.
Please select just the KIID(s) related to your country of residence.

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