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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

August was a negative month for the main European indexes, with losses exceeding 1%. Amongst the Member States, Germany was the worst contributor, with a result of -2% for the DAX index. Hard and soft macro data show continued economic weakness, particularly pronounced in the manufacturing segment. At sector level, there continues to be a preference for defensive sectors (F&B, Utilities; Health Care) to the detriment of cyclical sectors. Auto&Parts and Banks recorded -5.9% and -6%, respectively, in August. The fund maintained satisfactory diversification with a total of 40 positions and maintained the short position on the stock exchange index. In the month of August, the “Biotechnology” strategy was the top contributor to portfolio performance. The fund continues to maintain a defensive strategy to the market and to seek out value in the value component of the market, including by rebalancing the positions currently present in the portfolio. The negative performance in July can be ascribed to micro events linked to specific positions in the portfolio. The largest ten securities accounted for 37.9% of the portfolio. The Big Data Analytics theme is the fund’s top strategy, with a weight of 20.5%.

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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