The Fund returned +2.12% net from its launch on 27 July through the end of August, marking a positive start to its investment journey. The result came against a generally favourable backdrop for global equities, so we view it as encouraging rather than exceptional. At this early stage, more important than the headline return is how it was generated and how the portfolio is positioned from here.
Performance was led by our international investments. Several holdings exposed to technology, digital infrastructure and the investment required to support the next generation of computing delivered strong gains. Selected industrial and materials investments also contributed meaningfully, supported by improving expectations for infrastructure, electrification and resource demand.
Our exposure to energy and precious metals also added positively as geopolitical uncertainty increased towards the end of the month. These investments served a dual purpose: contributing to returns while providing diversification from the portfolio’s more growth-oriented holdings.
Not everything worked. Parts of the Swiss portfolio were subdued, while selected healthcare, luxury and industrial investments declined.
Looking ahead
The portfolio enters September with a diversified mix of growth opportunities and defensive exposures, while retaining the flexibility to respond as conditions evolve.
We continue to see attractive opportunities in businesses benefiting from rising investment in technology, power, infrastructure and productivity. At the same time, the forces driving these opportunities are also leading to higher capital requirements, shifting competitive dynamics and, in some cases, demanding valuations. Selectivity is therefore becoming increasingly important.
Geopolitical tensions, together with continued uncertainty around inflation and interest rates, also reinforce the case for genuine diversification rather than relying on continued strength in equity markets alone.
After a positive first month, our priority is not to protect an early gain. It is to continue improving the quality of the portfolio—allowing successful long-term investments to compound, reassessing weaker positions when the facts change, and remaining ready to take advantage of opportunities created by volatility.
Our objective is to compound capital over the long term through a portfolio that can participate in attractive opportunities while remaining resilient across a range of market and economic environments.
This update is provided for information purposes only and does not constitute investment advice, an offer, or a personal recommendation. Past performance is not a guide to future results. Prospective investors should review the fund’s full documentation and seek independent advice appropriate to their circumstances before investing.