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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 month of December was characterised by continuing global geopolitical tensions and a slowdown in economic data in Europe. In Europe, internal political factors (e.g., France) and disappointing economic data (e.g., Germany) in the major economies were the main negative factors influencing equity performance, within a context of weak demand for exports. However, although economic growth is slowing, the outlook remains positive at a global level. In this scenario, we continue to favour a gradual sector rotation from cyclicals to defensives due to the current phase of uncertainty, while current inflationary pressures suggest a cautious approach to the manufacturing sector, in which margins could be negatively impacted by rising input costs. This scenario suggests a cautious approach to investments, although recent market phases have resulted in appealing valuations in the European area. The strategic portfolio allocation is characterised by an 18% liquidity buffer. In December, the fund maintained satisfactory diversification with a total of 51 positions. The largest ten securities accounted for 25.8% of the portfolio. The fund is diversified between small, medium and large caps, with the large cap component currently overweighted at 48%.

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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