Aubrey European Conviction Strategy

Aubrey European Conviction Fund

Available as:

Total Net Assets
 
 

Overview

The Aubrey European Conviction Fund was launched in 2019 and is run in parallel with a segregated European mandate, which the firm has now managed since 2008.

It is interesting to see a convergence of expected GDP growth rates across the major regions of the world going into 2022, given that European growth has compared unfavourably with the US and Asia for many years. This should provide a tailwind to many of the excellent European businesses within our portfolios that have thrived undeterred by the macroeconomic background, innovating, designing and manufacturing at the most advanced levels.

These businesses are typically not those which represent the major proportion of the European market index, e.g. banking, oil, pharmaceuticals. Our portfolios are 95% ‘active’ i.e. only 5% overlap with the index. We are investing not in those mature companies whose best growth is past but in the leaders of the future, companies that are delivering quite astounding levels of innovation. These are typically mid-sized, specialist niche companies, which are facilitating big changes in the way industries operate, energy is provided, and consumers live their lives. As a result, the companies in our portfolios are seeing levels of growth perhaps greater now than at any time in our three decades of investing in European markets.

We are signatories to the UN supported Principles for Responsible Investment, and have an extremely strong internal ESG process, with all investments scrutinised and scored against multiple sustainability criteria, based on the principles of the UN Global Compact in relation to Human Rights, Labour, Environment, Anti-Bribery and Corruption. We invest with the foremost aim that our companies should do no harm, and indeed, have a positive societal impact.

Investment Objective

The Fund invests in securities listed on Western or Emerging European exchanges with the aim of achieving long term capital growth. It is a high conviction Fund focused on cash generative growth stocks with sound balance sheets and strong ESG scoring. Its objective is to generate significant long term returns by investing in companies whose activities have a positive impact.

Inception Date 26th March 2019
Benchmark MSCI AC Europe Net TR EUR
IA Sector Europe Including UK
Fund Name Aubrey European Conviction Fund
Domicile Luxembourg
Fund Type Open-ended UCITS Fund
Legal Form SICAV
Management Co/ACD TreeTop Asset Management S.A.
Custodian Banque Degroof Petercam Luxembourg S.A
Administrator Degroof Petercam Asset Services S.A
Auditor PriceWaterhouseCoopers
Pricing Frequency Daily
Platform Availability AJ Bell, Banco Inversis, Transact & 7IM
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Source: Aubrey Capital Management & MSCI

All figures are presented net of fees in EUR and calculated using the R EUR share class. MSCI AC Europe Index is used for comparative purposes only. Investment returns may increase or decrease as a result of currency fluctuations. Past performance is no guarantee of future results.

*From inception (26th March 2019)

Top 5 Positions
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Industry Breakdown
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Geographic Allocation
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The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.

Available share classes prices

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As at  

Ongoing charges figure (OCF) is based upon the expenses incurred but does not include transaction costs (see KIID for details).

Fund Managers

Years at Aubrey

16

Industry experience

38

Sharon is a Founder, Director and has been responsible for Aubrey’s European strategy since its inception in 2008. She is also head of research and lead manager on two Luxembourg quoted European SICAVs, and a UK quoted Europe ex-UK OIEC. Sharon heads up Aubrey’s Sustainability Committee, which ensures the consistency of ESG scoring across both investee companies and internally within Aubrey, as well as monitoring UN supported PRI reporting.

Sharon’s financial career started at Crédit Commercial de France as an analyst in its Mergers & Acquisitions division. This came after she originally trained as an opera singer in the 1980s.

Between 1992 and 2006, Sharon was with Walter Scott & Partners, becoming a Board Director in 2001. Here, she had a global remit following extensive research experience into the major markets of the world: the UK and Europe (including emerging Europe), the USA and Far East. For almost a decade she held primary responsibility for the firm’s European stock selection and for the firm’s regional European assignments, either fully discretionary or with client-specific parameters. Sharon helped develop the firm’s institutional fund management business and managed several publicly quoted SICAVs.

Sharon is currently AAA rated by Citywire and was ranked 9th in Citywire’s Alpha Female Report, which ranks managers across all asset classes according to consistency of performance over the past 5 years. Investment Week’s Women in Investment Awards awarded her Highly Commended in the category Fund Manager of the Year (small to medium firms). In addition to holding degrees from Bristol University and the University of Edinburgh, Sharon is fluent in both French and Italian.

Years at Aubrey

10

Industry experience

34

John, who joined Aubrey in early 2012, is a Director and Fund Manager covering global markets. He is a graduate of the University of Strathclyde, with a BA in Economics and, additionally, is a member of the CFA Institute.

John has over 30 years’ investment industry experience across global equity markets. He joined Glasgow-based FS Assurance in 1988, and managed equity portfolios in the UK retail and pension fund market. He then moved to First State Investments in 2000 to manage retail and segregated European client portfolios. In 2004, he moved to Alliance Trust PLC and was a member of the Global Equity Team and subsequently responsible for the Global Emerging Markets portfolio.