Zurich Investments Gbl Thematic Shr Performance Review | News

What is the Zurich Investments Gbl Thematic Shr fund?

Zurich Investments Global Thematic Share Fund’s investment objective is to provide long-term capital growth with the benefits of global diversification.The Fund uses a distinctive thematic approach that identifies emerging trends in the global economy and invests in stocks poised to benefit as a result.

The fund pursues a differentiated process to offer a diversified portfolio of international shares that aims to deliver risk adjusted returns that exceed the benchmark over periods of seven years or more.
This strategy is about identifying long-term wealth creation opportunities while protecting against concentrations of market risk.
The Fund aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in A$ (net dividends reinvested) over periods of seven years or more.

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Latest News & Updates For Zurich Investments Gbl Thematic Shr

Zurich Investments Gbl Thematic Shr Fund Commentary September 30, 2023

The Fund declined in absolute value in the September quarter and underperformed the index return. Themes are discussed below in order of contribution.

Data and Al Bullish sentiment about artificial intelligence (AI) was a broad tailwind for holdings in this theme, led by Alphabet, RELX and

Mastercard Alphabet introduced Duet Al (similar to Microsoft’s Copilot) that allows for live integration of customer data Software as a Standard Bullish Al sentiment was also a broad tailwind for holdings in the theme. Intuit, Adobe, and Autodesk rose the most on robust operating results

Energy Transitions: Integrated Energy holdings, TotalEnergies, BF Shell, and Equinor, advanced in sympathy with the rise in the price of oll, as OPEC tightened supply whilst global demand remains robust.

Future Health UnitedHealth and Danaher advanced with the stabilisation in recent operational challenges. Changes in Chinese regulations potentially favoring domestic suppliers represented a headwind for medical technology companies, including Siemens Healthineers

Sustainable Solutions Jacobs traded higher on strong engineering services demand. Avery Dennison climbed on signs of improvements in the inventory situation impacting its radio frequency identification (RFID) products. Nutrien gained in sympathy with the rise in the price of agricultural products.

Scarce Commodities Anglo American and Antofagasta outperformed with robust commodity prices Gold miners, led by Barrick Gold declined in sympathy with the fall in gold prices due to a strengthening US dollar and higher bond yields.

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Product Snapshot

Performance Review
Product Overview
Peer Comparison
Product Details

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.
Zurich Investments Gbl Thematic Shr	-0.46%	2.07%	14.3%	5.42%	6.08%	7.56%	10.54%	10.5%	-2.29%	-16.27%	-45.14%

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.
Zurich Investments Gbl Thematic Shr	ZUR0061AU	Managed Funds	Foreign Equity	Large Growth	Foreign Equity - Large Growth Index	Developed -World Index	291.46 M	0.98%	0	0.08%

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.
Zurich Investments Gbl Thematic Shr	Foreign Equity - Large Growth Index	-7.28%	-1.37%	NA%	NA%	NA%	0.71	4.28%	4.11%	0.92	0.93

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Zurich Investments Gbl Thematic Shr	Yes		-	https://www.zurich.com.au/	-

Product Due Diligence

What is Zurich Investments Gbl Thematic Shr

Zurich Investments Gbl Thematic Shr 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 Zurich Investments Gbl Thematic Shr has Assets Under Management of 291.46 M with a management fee of 0.98%, a performance fee of 0 and a buy/sell spread fee of 0.08%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The Fund produced a positive absolute return in August in Australian dollar terms but was unable to keep pace with the index return. Themes are discussed below in order of contribution.

Software as a Standard: Bullish sentiment about artificial intelligence (AI) continued to be broad tailwinds for the theme with Intuit, Adobe, and Autodesk rising most. Intuit and Autodesk also reported strong operating results, with the former surprising the market with strength in its QuickBooks and Credit Karma businesses and the latter with resiliency in its subscription model and renewals amidst macroeconomic headwinds.

Data and AI: Bullish sentiment about AI and data-related companies remain a broad tailwind for holdings in this theme such as Mastercard, Alphabet, and Visa. At its Cloud Next event, Alphabet introduced Duet AI (similar to Microsoft’s Copilot), that allows for live integration of customer’s data.

Sustainable Solutions: AZEK rose on better-than-feared sell-through in the US residential market, ongoing reduction in inventory, and margin expansion coming through from its cost saving initiatives. Jacobs gained on ongoing engineering services demand from its semiconductor, biotech, and electric vehicle clients and on increasing interest in the sale of its Critical Mission Solutions (CMS) business. Future Health: Danaher gained on news it plans to acquire Abcam, a life science company specialising in antibodies. Siemens Healthineers retreated with operating results showing weaknesses in its imaging and Varian businesses.

Energy Transitions: Integrated energy holdings, BP and Total, climbed in sympathy with the rise in the price of oil. Vestas traded lower on slow orders and industry challenges with renewable developers (e.g. Orsted). Enduring Brands: Spirits holdings, Pernod Ricard and Remy Cointreau, dropped on China-related weakness. Pernod Ricard also pointed to further weakness in the US, with dampening demand for on-trade channels.

Performance Commentary - July 31, 2023

The Fund produced a positive absolute return in July but was unable to keep pace with the strong index return. Themes are discussed below in descending order of contribution.

Software as a Standard: Adobe, Intuit, and Salesforce were the top contributors within this theme, as bullish sentiment about artificial intelligence (AI) continued to provide a strong positive tailwind. Microsoft declined with ongoing optimization of broader cloud and IT spending.

Data and AI: Alphabet rose on robust operating results, highlighting both revenue acceleration and cost control and on excitement around further integrating AI into its advertising and search products. Tencent advanced as part of a broader gains made by Chinese equities, thanks to expectations on further stimulus measures.

Empowered Consumer: Alibaba climbed on expectations for a recovery in Chinese consumption demand driven by policy support.

Reliance Industries rose on market share gains in its consumer-oriented businesses, particularly in groceries and media. Estée Lauder faltered after reporting a cybersecurity incident that may cause further disruption to parts of its business operations. Live Nation fell on rumours that the Justice Department may file an antitrust lawsuit against the company.

Sustainable Solutions: Nutrien gained with strong crop prices and expectations of a recovery in fertilizer demand. Avery Dennison rose on expectations for a faster end to customer destocking. Jacobs traded higher on strong demand on construction end market. Waste Management fell on weaker recycling and special waste volumes and delays to permitting of its sustainability investment projects. PPG declined on weakness in its coating and European businesses.

Scarce Commodities: Miners Antofagasta and Anglo American advanced in sympathy with the rise in the price of copper.

Bits of Chips: Infineon and Aptiv climbed on strong first half auto production volume. Applied Materials gained on optimism around opportunities surrounding broader adoption of AI. Keysight retreated on weakness in broader data centre spending. Taiwan Semiconductor Manufacturing Company receded on slower demand recovery, inventory correction, and delays in the production schedule of its Arizona N4 fab.

Digital Runway: Promise of further government stimulus targeting Chinese consumption boosted China-exposed holdings Ping An Insurance and DBS. ICICI rose on acceleration in loans and deposit growth.

Enduring Brands: Remy Cointreau advanced on quarterly results showing signs of the end of its inventory correction.

Future Health: UnitedHealth rose on better-than-expected operating results after previously warning about higher medical loss ratio (MLR). Zoetis climbed following positive news flow about its heartworm disease franchise. Danaher and Thermo Fisher both advanced on expectations of a demand upcycle, thanks to an improving biotech funding environment.

Energy Transitions: Integrated energy holdings BP and Total advanced in sympathy with the rise in the price of oil. Iberdrola declined after raising additional capital via green bond issuance.

Smart Capex: Caterpillar rose on dealer inventory replenishment, positive business mix, and strength in its construction business.

Hexagon traded lower after a short seller report. Fanuc fell on weak orders in its robotics division and inventory destocking. Honeywell receded on weakness in its shorter-cycle Building Technologies and Safety & Productivity Solutions businesses. Cognex faltered on concerns about potential slowdown in warehouse automation demand.

Performance Commentary - June 30, 2023

Performance Commentary - May 31, 2023

The Fund fell in May in absolute terms and underperformed the index return. Themes are discussed below in descending order of contribution.

Software as a Standard: Positive news flow and product demonstrations of the integration of new generative artificial intelligence tools into software products benefited holdings with Microsoft, Adobe, Salesforce, and Accenture rising most.

Bits of Chips: Applied Materials and Taiwan Semiconductor Manufacturing Company rose on bullish sentiment about the demand outlook for semiconductors linked to artificial intelligence (AI). Keysight gained on strength in automotive and industrial end markets.

Asset Efficiency: Cognex traded higher on easing supply chain headwinds and on market rotation towards technology and companies with exposure to artificial intelligence.

Data, Networks & Profits: Alphabet rose on expectations for faster adoption of generative AI and integration within its suite of products. Wolters Kluwer traded lower on weaker margins and market rotation.

Empowered Consumer: Amazon rose on stronger-than-expected retail sales data and expectations for higher demand for cloud infrastructure, with broader adoption of generative AI. Live Nation advanced on robust operating results showing less cyclicality in demand for live events.

Digital Runway: Bank Rakyat climbed on continued growth in micro banking and expectations for monetary easing from Indonesia’s central bank.

Extreme Risks: In the aftermath of three of the largest bank failures in US history occurring in the last two months, lenders PNC and Truist Financial fell on ongoing concerns about the stability of the US banking sector. Both positions were liquidated early in May.

First World Health: Medical device companies Siemens Healthineers, Thermo Fisher, Stryker, and Olympus all declined on worries about a weakened demand outlook. Olympus was sold on further idiosyncratic risks around increased compliance costs imposed by the US Food and Drug Administration.

Sustainable Solutions: Nutrien faltered on disappointing Potash and retail sales. AZEK declined on concerns about a weak demand outlook for US residential construction and remodelling.

Energy Transitions: Integrated energy holdings BP, Iberdrola, Shell, and Equinor all fell in sympathy with the fall in the price of oil, as a stronger US dollar and weak data from China, the world’s top oil importer, fuelled concerns about demand.

Enduring Brands: Beiersdorf, Unilever, and Remy Cointreau all receded as part of a larger rotation away from consumer staples stocks.

Performance Commentary - April 30, 2023

Performance Commentary - March 31, 2023

The Fund produced a solid absolute return in the March quarter but was unable to keep pace with the strong index return. For the 12 months to 31 March 2023, the Fund is comfortably ahead of the index return. Themes are discussed below in descending order of contribution.

Software as a Standard: Software stock holdings broadly rose, thanks to the decline in bond yields and perceived earnings stability.

Salesforce rose most on strong quarterly results indicating robust demand and news that management will impose cost controls in a longawaited move to improve profit margins. Microsoft traded higher on bullish sentiment about its initiatives in artificial intelligence (AI).

Bits of Chips: Continued strength in automotive and industrial end markets, anticipation of increased spending from an AI arms race, and signs of a bottom in weaker segments, such as memory, drove a broad rally in semiconductor stocks. Taiwan Semiconductor Manufacturing Company, Applied Materials, and Infineon were the top performers.

Data, Networks, and Profits: Wolters Kluwer and RELX rose on accelerating organic growth, driven by new product innovation. Tencent traded higher as results showed a return to growth. Alphabet rose on market rotation and anticipation of new growth opportunities from integrating AI into its product suite.

Sustainable Solutions: Rentokil gained on strong quarterly results and reduced concerns over termite litigation in the wake of its merger with Terminix. Ecolab gained on strong pricing trends in its operating results.

Empowered Consumer: LVMH and Alibaba gained on expectations that the companies will benefit from the resumption of Chinese discretionary spending in the wake of China’s economic re-opening. Shares of Alibaba received another boost on news of its plans to split into six units.

Enduring Brands: Pernod Ricard advanced on strong results, with pricing power and low demand elasticity. Beiersdorf and Reckitt Benckiser rose on robust results.

Energy Transitions: Integrated energy holding BP rose on results showing high levels of cash generation and buybacks. Linde and Air Liquide gained on strong backlogs.

Performance Commentary - February 28, 2023

The Fund rose by 0.85% in Australian dollar terms but was unable to outperform the index return. Themes are discussed below in order of contribution. Energy Transitions: Integrated energy holdings BP and Shell rose on results showing high levels of cash generation and capital discipline. Linde also gained as it completed its re-listing in the US. Bits of Chips: Analog Devices, Applied Materials and Dolby all advanced on strong quarterly results and continued demand in industrial and automotive end markets. Aptiv traded higher on medium-term guidance at its analyst day. Keysight declined on results showing a deceleration from strong demand for 5G testing. Sustainable Solutions: Ecolab gained on strong pricing trends in its operating results. Kerry climbed on continued volume growth in its food service segment. Enduring Brands: Pernod Ricard rose on strong results, with pricing power and low demand elasticity. First World Health: Stryker and Boston Scientific traded higher as medical activity normalizes. Olympus and IQVIA declined on weak quarterly results. Digital Runway: Indian and Indonesian banks rose with strong loan growth, led by HDFC Bank and Bank Central Asia. China-related holdings, led by Ping An Insurance, declined in a reversal of January trends on concerns that the rebound in China’s economic activity will take longer than anticipated in the aftermath of the Chinese government abandoning its “zero COVID” policy. Asset Efficiency: Rockwell advanced on strong organic growth in quarterly results. Cognex traded lower as results showed a pause in demand from large warehouse automation customers. Software as a Standard: Microsoft traded higher on well-received communication about its initiatives in artificial intelligence. Adobe faltered on regulatory challenges to its acquisition of Figma. Data, Networks, and Profits: Wolters Kluwer rose on accelerating organic growth, thanks to new product innovation. Tencent traded lower as part of a larger decline in Chinese equities. Alphabet slid on concerns over increased competition from Microsoft in search. Extreme Risks: Gold miners Agnico Eagle and Newmont in sympathy with the softening in the price of gold after recent strength, concerns about margin pressure stemming from high costs reported in the company’s quarterly results, and the acquisition of Newcrest by competitor Newmont.

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Zurich Investments Gbl Thematic Shr (ZUR0061AU) Report & Performance