SEB US Focus Core Fund

Fact sheet as of 4 December, 2023
Printable version

Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. Key Information Document and prospectuses are available on www.sebgroup.lu/funds.

The fund is actively managed and focuses on companies in the US, regardless of size and sector. The fund is managed based on a fundamental strategy to select companies that are deemed to offer the best potential for long-term capital growth. The aim is to create a focused portfolio that mainly includes so-called core companies. The fund integrates environmental, social and corporate governance (ESG) factors in the investment process and strives to influence companies in sustainability-related issues through active ownership. The fund promotes sustainability-related characteristics, partly through integrated sustainability analysis as part of the investment decisions, partly through the exclusion of companies, business models and products that are judged to have a negative impact on the climate, society or stakeholders. The fund has an active ownership management process that aims to drive and influence the development of the companies it invests in. For more detailed information, see the fund's Sustainability Information Document on our Fund List. As the fund may invest in financial instruments denominated in currencies other than the fund's base currency, returns may be affected by changes in exchange rates.

INVESTMENT TEAM

The fund is managed by Aristotle Atlantic Partners, LLC, with Owen Fitzpatrick as lead fund manager. The management team, which has the US as its geographical base, has extensive experience in management in the US stock market.

Performance (USD)

NAV: 13.84 USD (12/4/2023). AuM (M USD):508.21 (10/31/2023)
When calculating the returns the inflation is not taken into account

Return % USD

Accumulated
since 		Fund Benchmark*
1 day 0.24 -0.46
1 month 5.28 5.33
6 months 5.81 7.59
1 year 11.50 13.49
2 years -7.15 1.51
3 years 15.69 23.66
5 years 56.69 76.07
Year to date 18.37 20.38
Average annual growth
3 years 4.98 7.34
5 years 9.40 11.98

* Benchmark, including dividends

Sector allocation*

*Last updated 10/31/2023. Source: SEB

Largest positions1 Share  %

Apple 8.2
Microsoft 7.7
Alphabet 4.6
Amazon.com 4.3
NVIDIA 4.2
Ingersoll-Rand 3.9
JPMorgan Chase 3.1
Halfmoon Parent Inc 2.9
Becton Dickinson and 2.9
Darling Ingredients Inc 2.7
1Last updated 9/29/2023. Source: SEB

risk measures 1

Standard Deviation (Fund)18.8
Standard Deviation (Index)18.9
Tracking error3.21
Sharpe Ratio-0.48
Information Ratio-1.26
Alpha-4.03
Beta0.98
Active share68.12
124 months rolling. Last updated 31 October, 2023
2Active share measures the difference between the fund’s and the benchmark’s holdings. From 10/31/2023

Other information

As of 7 September 2022, the fund changed name from SEB US All Cap, index from Russell 3000 Net Return Index and portfolio manager from Fort Washington Investment Advisors Inc. As of 2 November 2016, the fund´s Management company is SEB Investment Management AB. SEB works actively with sustainability and follows the UN Principles for Responsible Investments. Read more at www.sebgroup.com

SEB US Focus Core Fund, 4 December 2023

Investment comment

Texts as of November 2023
  • November posted positive returns
  • The portfolio outperformed the Russell 1000 Index
  • The largest contributors were Trane Technologies, Telexflex, and ServiceNow

Market Update

The month of November posted positive returns, with a sizable decline in interest rates and growing expectations of the end of the US Federal Reserve’s tightening cycle. Economic data pointed to a slowing economy, but one not headed for a recession.

Fund update

The portfolio outperformed the Russell 1000 Index during the month. Security selection in industrials, as well as overweight in information technology and the lack of exposure to energy contributed the most to relative performance. Conversely, security selection in healthcare, financials and consumer discretionary detracted. The largest contributors were Trane Technologies, Telexflex, and ServiceNow. Trane Technologies, a manufacturing company focused on heating, ventilation, air conditioning, and refrigeration systems was the largest contributor to relative performance following strong top and bottom line beat to earnings, with a slightly raised guidance. The second biggest contributor was Teleflex, a provider of specialty medical devices for a range of procedures in critical care and surgery, which rebounded in November following a top and bottom line beat with broad-based growth, partly fuelled by the GLP-1 trade earlier this year. ServiceNow continued to outperform in November, as investors focused on improving momentum across the NOW platform following strong 3Q results at the end of October. In addition, ServiceNow continues to announce new product enhancements to the platform to support AI capabilities with positive early signs of customer adoption. The top three relative detractors were Cigna, Becton Dickinson and Darling Ingredients. There were no initiations or outright sales for November.

Strategy going forward

Many of the challenges facing the economy continue to be in focus going forward, as inflation, monetary policy decisions, fiscal deficits, and renewed geopolitical conflicts remain in the headlines. Nonetheless, there continue to be opportunities resulting from the resilient labour market, continued strong consumer spending, and persistent tailwinds from government spending on infrastructure, semiconductors and clean energy. We continue to seek to invest in companies with secular tailwinds or strong product-driven cycles.

Key Facts

Year of launch1988
Value at launch (USD)1.00
BenchmarkRussell 1000 Net Return Index
Fund Management CompanySEB Investment Management AB
SRI scale 1-75
ISINLU0030166176
Base CurrencyUSD
Share ClassC (USD)
Morningstar rating
Turnover Ratio0.201
Use of derivativesYes2
1From 10/31/2023
2Derivatives may be used to achieve investment objectives or for hedging.

Dividend

Non-distributing share class

Costs %

Management Fee1.50
Entry FeeNone
Ongoing Charges11.552
1The ongoing charges include the management fee and constitute payment for fund management, including marketing and distribution. The ongoing charges do not include transaction costs such as brokerage commissions on securities transactions.
2From 31/05/2023

More information

Welcome to contact your financial advisor for more information or visit www.sebgroup.lu.

Important information

This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds. Tuesday, December 5, 2023 6:15:21 PM