Pan-Tribal Global Equity Fund (ETL0419AU) Report & Performance

What is the Pan-Tribal Global Equity Fund fund?

Pan Tribal Global Equity Fund seeks to outperform the MSCI ACWI (in AUD), over the medium to long-term, by investing in companies with attractive long-term growth potential in both developed and developing markets.

  • Managed using the ‘Davis Investment Discipline‘, an unconstrained buy-and-hold approach that seeks to generate excess returns over multi-year periods.
  • A focus on buying businesses rather than trading stocks.
  • Suitable for investors seeking long term capital growth with investment horizon of 5-7 years.
  • Maximum 10% cash allocation.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Pan-Tribal Global Equity Fund

Pan-Tribal Global Equity Fund Fund Commentary September 30, 2023

Global equity markets were generally subdued in September as investor sentiment remained cautious towards recessionary risks. The exceptions being Japan (up slightly) and the UK which rallied modestly in local currency terms. The PAN-Tribal Global Equity Fund fell by 4.22% (net of fees) in Australian dollar terms whilst the MSCI ACWI (in AUD) fell by 3.80% over the month.

Security selection detracted from relative performance of the Fund during September. Stock selection was positive within the Information Technology and Materials sectors with HollySys (China) and Teck Resources (Canada), respectively, the largest relative contributors. However this was more than offset by underperformance within the Consumer Discretionary and Financials sectors where holdings such as Delivery Hero (Germany), MGM Resorts (US) and AIA Group (Hong Kong) were amongst the main laggards.

Regional allocation was flat for the month, whilst sector allocation boosted relative returns. The Fund’s overweight to the Financials sector contributed given the sector was the second best performing MSCI sector during September (despite negative returns in Australian dollar terms). The Fund was underweight both the worst performing sector (Information Technology) and the best performing sector (Energy) which negated the impact of either.

With regard to individual company contributions, Danske Bank (Denmark, Financials) and Meta (US, Communication Services) contributed positively in addition to companies mentioned above; whilst Amazon (US, Consumer Discretionary) and Julius Baer (Switzerland, Financials) were amongst the main detractors not already mentioned.

KE Holdings is a newly purchased company in the Fund. It is the parent entity of Beike, a leading Chinese platform (both online and offline) for housing transactions and services.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Pan-Tribal Global Equity FundETL0419AUManaged FundsForeign EquityLarge GrowthForeign Equity - Large Growth IndexDeveloped -World Index366.15 M1.2%0.00%0.3%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Pan-Tribal Global Equity Fund7.22%9.57%27.14%8.66%9.93%10.31%13.96%13.7%-1.81%-19.63%-26.9%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Pan-Tribal Global Equity FundForeign Equity - Large Growth Index3.05%-2.56%NA%NA%NA%0.4311.43%10.24%0.410.68

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Pan-Tribal Global Equity FundYes-https://www.pantribal.com.au/-

Product Due Diligence

What is Pan-Tribal Global Equity Fund

Pan-Tribal Global Equity Fund is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Growth Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Pan-Tribal Global Equity Fund has Assets Under Management of 366.15 M with a management fee of 1.2%, a performance fee of 0.00% and a buy/sell spread fee of 0.3%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Pan-Tribal Global Equity Fund has returned 7.22% in the last month. The previous three years have returned 8.66% annualised and 13.7% each year since inception, which is when the Pan-Tribal Global Equity Fund first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Pan-Tribal Global Equity Fund first started, the Sharpe ratio is NA with an annualised volatility of 13.7%. The maximum drawdown of the investment product in the last 12 months is -1.81% and -26.9% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Pan-Tribal Global Equity Fund has a 12-month excess return when compared to the Foreign Equity - Large Growth Index of 3.05% and -2.56% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Pan-Tribal Global Equity Fund has produced Alpha over the Foreign Equity - Large Growth Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Large Growth Index category, you can click here for the Peer Investment Report.

What level of diversification will Pan-Tribal Global Equity Fund provide?

Pan-Tribal Global Equity Fund has a correlation coefficient of 0.68 and a beta of 0.43 when compared to the Foreign Equity - Large Growth Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Pan-Tribal Global Equity Fund and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Pan-Tribal Global Equity Fund with the Developed -World Index?

For a full quantitative report on Pan-Tribal Global Equity Fund compared to the Developed -World Index, you can click here.

Can I sort and compare the Pan-Tribal Global Equity Fund to do my own analysis?

To sort and compare the Pan-Tribal Global Equity Fund financial metrics, please refer to the table above.

Has the Pan-Tribal Global Equity Fund been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Pan-Tribal Global Equity Fund?

If you or your self managed super fund would like to invest in the Pan-Tribal Global Equity Fund please contact via phone or via email .

How do I get in contact with the Pan-Tribal Global Equity Fund?

If you would like to get in contact with the Pan-Tribal Global Equity Fund manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Pan-Tribal Global Equity Fund. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

Softer economic data out of China combined with renewed concerns about the Chinese property sector gave rise to heightened volatility across global markets over August. Emerging markets underperformed, down by almost an additional 4% for the month (in USD terms) versus their developed market counterparts. Against this backdrop the PAN-Tribal Global Equity Fund declined by 2.99% in Australian dollar terms (net of fees), with rolling 1-year performance to end-August of 22.63% (net of fees).

The Davis Investment Discipline is underpinned by fundamental research to identify and purchase durable businesses with expanding earnings at value prices and hold them for the long term. Stock selection is key to this process and was also the main determinant of the Fund’s performance over August.

Ping An Insurance (China) and Capital One Financial (US) were the main companies contributing to underperformance within the Financials sector; with JD.com (China) and Prosus (Netherlands) underperformers within the Consumer Discretionary sector. Stock selection within the Communication Services sector also detracted over the month, albeit to a lesser extent.

Sector allocation detracted slightly from relative performance over the month. The Energy sector was the best performing MSCI sector during August (continuing its strong run since July) and as such the Fund’s underweight detracted, as did the overweight positioning in Financials. Furthermore the underweight to Health Care detracted marginally. At a regional level, the Fund’s overweight to Emerging Markets dragged down relative performance, due mostly to the overweight positioning in China. Both sector and regional allocations result from bottom-up individual company exposures in the Fund, rather than top-down macro views.

Amongst the individual stocks contributing the most in absolute terms over the month were Amazon (Consumer Discretionary, US), HollySys (Information Technology, China), Berkshire Hathaway (Financials, US) and Viatris (Health Care, US). The main laggards have previously been mentioned.

There were no new companies purchased during August, whilst Intel (Information Technology, US) was the only position exited.

Performance Commentary - July 31, 2023

During July, global equity markets continued the upward trajectory that has been characteristic of the calendar year to date. The MSCI ACWI (in AUD) rose 2.40% over the month as investors took confidence from inflation and GDP data across developed markets that suggested a softer landing for economies than had previously been anticipated. The PAN-Tribal Global Equity Fund returned 5.64% (net of fees) during July, outperforming the MSCI ACWI (in AUD) by over 3%.

In keeping with the bottom-up, active, stock picking investment philosophy of Davis Advisors, the main driver of the Fund’s outperformance over the month was security selection. Chinese holdings JD.com and Meituan were among the companies driving strong stock selection within the Consumer Discretionary sector. Likewise Ping An Insurance (China) and Julius Baer (Switzerland) outperformed within the Financials sector, whilst the only sector with marginally negative stock selection was Information Technology.

Sector allocation also contributed to relative outperformance of the Fund. The overweight position to Financials bolstered returns moderately, whilst the portfolio’s overweight to Communication Services, and underweight to both Health Care and Information Technology also contributed albeit to a lesser extent. Detracting slightly from sector allocation was the underweight position in Energy which was the best performing MSCI sector over July. At a regional level, emerging markets outperformed developed markets and this was evident in the Fund’s performance with the overweight to China contributing significantly.

At an individual stock level (in addition to companies already mentioned) the Fund’s absolute returns benefitted from its holding in Meta (Communication Services, US) as well as additional Financials holdings in DBS Group (Singapore) and Wells Fargo (US). There were only five holdings in the portfolio that were down in absolute terms over the month, with the main laggards of these being Liberty Media (Communication Services, US), AIA (Financials, Hong Kong) and HollySys (Information Technology, China).

MGM Resorts International (Consumer Discretionary, US) was purchased as a new holding in the Fund over the month.

Performance Commentary - June 30, 2023

Global equity markets rallied across the board during the month of June, with the MSCI ACWI (in AUD) delivering a positive return of 2.87%. The PAN-Tribal Global Equity Fund benefitted from strong stock selection returning 5.09% over the month (net of fees), outperforming the MSCI AWCI by 2.22%. This takes performance of the Fund over the 2022/23 financial year to 20.92% (net of fees) in absolute terms.

The Davis Investment Discipline has its foundations in fundamentals-based, bottom-up research. We see this philosophy reflected in the attribution data with the key driver of relative performance over the month of June being stock selection. Stock selection was strongest within the Communication Services sector with Meta (US) being the largest contributor to relative return. Strong selection was also seen within the Financials, Healthcare and Industrials sectors, with Danske Bank (Denmark), Cigna (US) and Owens Corning (US), respectively, all performing well.

At the asset allocation level, sector allocation contributed somewhat to relative performance over the month, however this was more than offset by regional allocation, noting that both sector and regional positioning are a direct outcome of the individual holdings within the portfolio, with neither being determined by top-down macro views. At the sector level, the Fund’s overweight to the Consumer Discretionary sector was positive, as was the underweight positioning to the Health Care and Consumer Staples sectors.

Weighing on relative performance was the underweight to Industrials and the overweight to Communication Services. From a regional standpoint, Asia ex-Japan underperformed US and European equity markets during June, and as such the Fund’s overweight exposures to China, Singapore and South Korea all contributed in roughly equal parts to relative underperformance at a regional level.

Performance Commentary - May 31, 2023

Global economic data was mixed over the month of May. Labour market data was positive throughout the US, UK & Europe with low unemployment and steady wages growth, however all three economies also reported data signalling a contraction in manufacturing activity. Against this mixed backdrop the MSCI ACWI (in AUD) gained 1.02% over the period. The PANTribal Global Equity Fund was slightly down by 0.45% (net of fees) over May with stock selection the main detractor from relative performance.

Lagging performance from both Meituan (China) and Prosus (Netherlands) drove relative underperformance from a stock selection point of view within the Consumer Discretionary sector during the month. Also weighing on performance was stock selection within the Financials and Materials sectors driven by companies such as Julius Baer (Switzerland) and Teck Resources (Canada), respectively. Although not a direct holding in the portfolio, the failure of First Republic Bank in the US continued to weigh on banking stocks more broadly and contributed to heightened volatility across the Financials sector. Positively, strong performance from US companies Meta (Facebook) and Alphabet (Google) contributed to outperformance within the Communication Services sector.

Sector allocation was slightly negative over May. The Fund’s underweight positioning to the Consumer Staples, Energy and Healthcare sectors contributed to relative performance, as did the overweight to Communication Services. However, this was offset by the overweight to Financials and underweight to Information Technology, the latter being the strongest performing MSCI sector during the month. From a regional perspective the Fund’s exposure to emerging markets also weighed on relative performance.

Amongst the top contributors to the Fund’s absolute performance over the month (in addition to companies mentioned already) were Amazon (US, Consumer Discretionary), Capital One Financial (US, Financials) and Samsung (Korea, Information Technology). Conversely, Financials holdings Ping An Insurance (China), DBS Group (Singapore) and AIA (Hong Kong) weighed on the Fund’s returns.

There were no new positions established in the Fund during May, nor positions exited.

Performance Commentary - April 30, 2023

The MSCI ACWI (in AUD) returned 2.80% over the month of April with global equity markets continuing the upward trajectory they have enjoyed calendar year to date. Economic data pointed to growth ahead of expectations in the US, UK & Europe, and Q1 GDP data out of China was also stronger than anticipated. The PAN-Tribal Global Equity Fund delivered a return of 3.93% (net of fees), outperforming the MSCI ACWI by 1.13%.

The ‘Davis Investment Discipline’ focuses on bottom-up stock selection and seeks to purchase durable businesses with expanding earnings at value prices and to hold these for the long term. In keeping with this discipline, the driver of outperformance during the month can be attributed to stock selection. Sector allocation was neutral whilst regional allocation detracted (noting that sector and regional allocations are direct consequences of each individual stock holding). Strong stock selection was observed in each of the Communication Services, Financials and Materials sectors with Meta (US), Ping An Insurance (China) and Teck Resources (Canada), respectively, key contributors. Conversely JD.com (China) underperformed, weighing down stock selection within the Consumer Discretionary sector.

With regard to sector allocation the Fund’s overweight to Financials and underweight to Information Technology contributed to relative performance. However, this was offset by underweights to Health Care, Energy and Consumer Staples, and the overweight to Consumer Discretionary, all of which combined to detract from relative returns.

Performance Commentary - March 31, 2023

Performance of global equities surprised on the upside over the March quarter, despite the ongoing conflict in Ukraine, US-China tensions, and the collapse of Silicon Valley Bank (SVB) which placed downward pressure on US and European financial stocks in the latter part of the quarter (noting that the Fund did not have any exposure to SVB). The PAN-Tribal Global Equity Fund returned 6.77% (net of fees) over the quarter, whilst the MSCI ACWI returned 8.65% in Australian dollar terms. Over the rolling 12 months, the Fund finished 4.25% (net of fees) ahead of the index.

In line with the active, bottom-up investment discipline of Davis Advisors, stock selection was the predominant detractor from the Fund’s relative underperformance over the quarter. Sector allocation also detracted slightly whilst regional allocation was broadly flat. Strong stock selection was seen within the Communication Services sector with Meta (US) the standout performer. However, this was offset by relative underperformance within the Consumer Discretionary sector where JD.com (China), Delivery Hero (Germany) and Meituan (China) all underperformed. Stock selection also detracted, albeit to a lesser extent, within the Health Care and Information Technology sectors.

Performance Commentary - February 28, 2023

After outperforming strongly in January, the PAN-Tribal Global Equity Fund consolidated some of its previous gains to return negative 0.38% in February in what was a more subdued month for global equities. The MSCI ACWI (in AUD) returned 1.50%. While the US Federal Reserve increased interest rates over the month, such an increase was widely anticipated by the market and therefore failed to surprise investors.

Stock selection was strong within the Communication Services sector over the month led by Meta (US) and iQiyi (China), however, this was more than offset by underperformance within the Consumer Discretionary sector.

Neither JD.Com, China’s largest online retailer, nor Delivery Hero, a large European online food delivery service were immune to the protracted downward pressure on global consumer discretionary spending with investors selling off both stocks sharply.

Sector allocation detracted slightly from relative performance during February whilst regional positioning detracted more markedly, with the overweight to emerging markets (notably via China) the largest underperformer. It’s important to recall that both sector and regional positioning within the Fund is a direct output of the bottom-up stock selection process.

The Fund exited its position in Alibaba during February, whilst there were no new purchases over the month.

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