Bericht des Fondsmanagements (Stand: 30.11.2020)
Performance Review In the three month period ending 30 June 2019, the Fund s I shares returned 6.80% (net of fees) , while the benchmark returned 4.54%. There is a discrepancy between the attribution and performance data due to pricing and NAV calculations for the INVF portfolio. The final performance for the Fund is reflected above. The long-term investment horizon and conviction-weighted investment approach embraced by the team since 1998 can result in periods of performance deviation from the benchmark and peers. Over time, this has led to the strong record we have developed over our product set. The Fund outperformed the benchmark this quarter as favourable stock selection more than offset the overall adverse impact of sector allocations. Large-cap growth stocks, as measured by the Russell 1000 Growth Index, advanced during the quarter, with Financials the best performing sector. All sectors advanced over the period, with the exception of Energy, which was the relative laggard in the Index. Information Technology drove the majority of the portfolio s outperformance this quarter, largely due to favourable stock selection. Shopify, which provides a cloud-based multi-channel commerce platform largely to small and medium-sized retailers and manufacturers, was the greatest contributor in the sector and across the portfolio. Its results continued to beat expectations, aided by strong gross merchandise value growth, continued progress in adding additional merchants to its platform and growing traction in its international business. The company also announced it will invest in a logistics capability to broaden its offering. Several of the portfolio s holdings in the software-as-a-service area were again among the portfolio s top contributors this quarter, including Okta and Coupa Software. Software-as-a-service providers broadly have benefited from a generally strong demand environment, as enterprises continue to embark on digital transformation projects and employ cloudbased solutions to modernize their software and technology infrastructure, improve efficiency, enhance agility in responding to new business opportunities and harness data to make more informed business decisions. Shares of Okta, which provides cloudbased identity solutions software to small and medium-sized businesses, rose on better-than-expected fundamentals, which were driven by strong new customer additions and larger deals with enterprise customers. Similarly, Coupa, which provides a cloud-based spending management platform to enterprises, advanced on reported results that beat Street expectations and were characterized by strong subscription revenue growth as well as operating leverage, which resulted in profit margin expansion. Within the sector, the strength in these and a diverse set of other holdings was partly offset by weakness in payment processing and point-of-sale solutions provider Square, which was the fifth greatest detractor across the portfolio. The company reported overall solid financial results; however, the shares languished as management did not raise its financial outlook, owing to higher expected investment spending for the balance of the year. Health Care was the second greatest contributing sector, as strong stock selection offset the adverse impact of a sector overweight position. Veeva Systems, which provides cloud-based software solutions to life sciences companies, was the top contributor in the sector and the second greatest across the portfolio. The company has been executing well and seeing particular strength in its Vault product, which provides content and data management applications to aid research and development functions. This quarter the company continued to report solid fundamentals and also announced a large platform deal with its clinical documentation product, which further buoyed investor sentiment. Illumina, a leader in genetic testing and analysis, was the fourth greatest contributor across the portfolio. Its shares rose on better-than-expected results, driven by strong clinical end-market demand, particularly in its oncology and non-invasive prenatal testing-related businesses. Within Health Care, the strength in these holdings was partly offset by weakness in Covetrus and Intuitive Surgical, which were the two greatest detractors across the portfolio. Shares of Covetrus, which provides animal health-related technology solutions and services to veterinarians, declined due to weakness in its animal health distribution business, as well as the departure of a senior executive. Surgical robotics maker Intuitive Surgical continued to execute well, posting strong growth in its installed base and the overall number of procedures in which its tools are employed; we attribute the underperformance this quarter to some mean reversion, as the stock had been a strong performer over several preceding quarters. Stock selection and a sector underweight in Industrials also contributed, to a lesser extent. Conversely, Consumer Discretionary was the top detractor in the portfolio this quarter, due to mixed stock selection. Farfetch, a London-based global online marketplace for luxury goods, was the greatest detractor in the sector and the fourth greatest across the portfolio. Farfetch reported mixed financial results, characterized by strong gross merchandise value growth on its platform but a somewhat weaker-than-expected commission rate, which was in part impacted by the company s recent acquisition of Stadium Goods, a streetwear consignment marketplace operator. Communication Services also detracted, to a lesser extent, due to mixed stock selection, which more than offset the favourable impact of a sector overweight position. Social networking platform Facebook detracted from relative performance, due to the portfolio s underweight position. The company s advertising business has remained healthy despite the ongoing overhang resulting from increased regulatory scrutiny. Facebook shares also advanced on positive investor sentiment related to the company s recent launch of its cryptocurrency platform, Libra. Lastly, the portfolio s lack of exposure to Financials also impeded relative performance, while Consumer Staples, Energy, Materials and Real Estate - sectors the portfolio has no exposure to - each had a negligible impact on relative performance over the quarter. Strategy and Outlook The investment team is looking for unique companies whose market value can increase significantly for underlying fundamental reasons. We find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process. It is our goal to hold a portfolio of high quality companies we believe are well positioned over the long term, regardless of the market environment.