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The track record chart has been designed to allow for a comprehensive analysis in three dimensions: return, risk and diversification benefit.
The chart shows the total return of the fund’s reference share class (A USD) since fund inception (upper chart panel) and the corresponding drawdown periods (lower chart panel). The risk-adjusted performance is summarized with the annualized return since inception and the maximum peak-to-trough drawdown (legend in the upper left corner).
To assess the fund's diversification benefit, the grey shaded areas highlight the largest peak-to-trough drawdown periods of the S&P 500 ETF (SPY). If you click on the grey shaded drawdown areas, the details of the respective periods are shown, including the peak-to-trough loss of SPY and the fund’s return in the same period. To further illustrate that the fund’s drawdown periods do not correspond to the drawdown periods of the equity market, small green diamonds at SPY’s peak and trough (beginning and end of the grey shaded areas) indicate the fund’s positive return in all three equity stress periods.
Since inception, the fund has generated strong returns with low draw-downs and short underwater periods. Despite being fully invested in equities, the fund has achieved positive returns even in equity stress periods, demonstrating both superior stock selection and highly effective risk management.
The track record chart has been designed to allow for a comprehensive analysis of both the fund's outperformance and its behavior in equity stress periods.
In the upper chart panel, the chart shows the total return of the fund’s reference share class (A USD) since fund inception compared to the S&P 500 ETF (SPY), which we consider to be the strongest benchmark among broadly diversified large cap equity indices. Both returns since fund inception are summarized in the upper left corner.
To assess the fund's behavior in equity stress periods, the grey shaded areas highlight the largest drawdown periods of the S&P 500 ETF (SPY), starting at SPY’s peak (first date), passing SPY’s trough (second date) and ending when SPY has fully recovered its losses (fourth date). The third date marks the fund’s recovery date, indicating a faster recovery than SPY. If you click on the grey shaded drawdown areas, the details of the respective periods are shown. The lower chart panel shows the relative performance of the fund compared to SPY in the grey shaded equity stress periods, starting at SPY's respective peak date.
Since inception, the fund has significantly outperformed the S&P 500 ETF, while consistently falling less and recovering faster in equity stress periods, demonstrating that its outperformance results from superior stock selection (alpha) and not higher market risk (beta).
"We harness the power of compounding by investing in high-quality companies with superior risk-adjusted value creation."
We decompose stock returns into a fundamentally relevant metric (e.g. earnings per share) and a valuation multiple (e.g. price/earnings ratio), usually based on forward-looking consensus estimates. The appropriate metric is chosen based on a company's business model, growth stage and leverage. The part of a stock's total return, which cannot be attributed to changes in the valuation multiple, is called fundamental return, value creation (if positive) or value destruction (if negative).
As valuation multiples fluctuate sideways over long time horizons, total return converges towards fundamental return, making fundamental return the best predictor of long-term stock returns.
High-quality companies with superior risk-adjusted value creation usually have a scalable business model with attractive organic growth rates and strong cash generation, target large addressable markets with limited economic sensitivity, possess durable competitive advantages with strong pricing power and pursue thoughtful capital allocation and acquisition strategies.
After pre-screening for attractive companies quantitatively, we make a qualitative assessment of a company's future value creation potential and key business risks. We usually stay invested as long as a company's valuation multiple is acceptable relative to peers and our future fundamental return expectations.
"We build robust equity portfolios by investing in complimentary stocks combined with hedging positions."
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