- Profit Pools
- "What is unique about this moment in time is the emergence of large profit pools aligned to disproportionate value creation." —Quarterly Letter, Q3 2020
- View PDF
- Watch Video Addressing Disproportionate Equity Outcomes
The investment team seeks to build, preserve and reinforce a stream of compounded business value. It defines this emphasis as follows:
Build: Pair low penetration domestic demand with scalable and enduring businesses.
Preserve: Create a differentiated correlation experience, manage currency volatility and limit risk of investment impairment.
Reinforce: Reinforce a compounding outcome through methodical portfolio improvement.
As of 31 January 2021 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDYX | 2.78 | 2.78 | 85.60 | 28.15 | 29.08 | — | 21.55 |
MSCI Emerging Markets Index | 3.07 | 3.07 | 27.89 | 4.42 | 15.03 | — | 8.49 |
As of 31 December 2020 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: APDYX | 20.10 | 81.52 | 81.52 | 29.58 | 26.94 | — | 21.31 |
MSCI Emerging Markets Index | 19.70 | 18.31 | 18.31 | 6.17 | 12.81 | — | 8.04 |
2016 | 2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|---|
Advisor Class: APDYX | 12.02 | 35.22 | -15.52 | 41.89 | 81.52 |
MSCI Emerging Markets Index | 11.19 | 37.28 | -14.57 | 18.42 | 18.31 |
As of 31 December 2020 | Average Up Month | Average Down Month |
Advisor Class: APDYX | 479bps | -280bps |
MSCI Emerging Markets Index | 406bps | -414bps |
Difference | 73bps | +134bps |
Based on monthly returns for APDYX (Advisor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Annual Report 30 September 2020 | 1.13% |
---|---|
Prospectus 30 September 2020 | 1.13% |
See prospectus for further details.
Top 10 Holdings (% of total portfolio as of 31 January 2021) |
|
---|---|
Sea Ltd (Singapore) | 6.4 |
Visa Inc (United States) | 6.1 |
Alibaba Group Holding Ltd (China) | 6.1 |
MercadoLibre Inc (Argentina) | 5.0 |
NVIDIA Corp (United States) | 4.5 |
Tencent Holdings Ltd (China) | 4.3 |
Meituan (China) | 4.3 |
Uber Technologies Inc (United States) | 4.3 |
Adyen NV (Netherlands) | 4.3 |
Wuxi Biologics Cayman Inc (China) | 4.3 |
Total | 49.6% |
Portfolio Statistics (as of 31 January 2021) |
|
---|---|
Median Market Cap (Billions) | $87.1 |
Weighted Avg. Market Cap (Billions) | $203.7 |
Number of Securities | 32 |
Number of Countries | 10 |
Cash (% of total portfolio) | 0.1% |
Region Allocation (% of total portfolio equities as of 31 January 2021) |
|
---|---|
|
|
Asia | 48.2 |
Developed Markets | 43.5 |
Latin America | 7.3 |
Europe, Middle East and Africa | 1.0 |
Total | 100.0% |
Top 10 Countries (% of total portfolio equities as of 31 January 2021) |
|
---|---|
China | 37.9 |
United States | 32.5 |
Netherlands | 7.1 |
Singapore | 6.4 |
Argentina | 5.0 |
France | 3.9 |
India | 3.0 |
Brazil | 2.3 |
Russia | 1.0 |
Hong Kong | 0.9 |