Global Long/Short Equity Fund

$134.50
NAV
+$0.76 / +0.57%
$130.1M
Fund assets
8.46%
Year-to-date return
7/31/2017
Fund inception date
Data as of 7/22/2024
Fund overview
A defensive equity solution
The Global Long/Short Equity Fund aims to exploit inefficiencies in global developed markets by building a long portfolio with exposure to fundamental factors that can generate alpha and by shorting high-risk stocks with poor fundamental factor exposure.

Seeks long-term capital appreciation whilst preserving capital in down markets through a strategy of gaining long and short exposure in equity securities of issuers in developed markets 

Key differentiators

  • Uses quantitative techniques that combine responsive, disciplined individual security selection and unbiased portfolio modelling
  • Provides meaningful downside preservation that can help compound positive returns over time whilst performing well in choppy, moderate and falling markets
  • Provides a conservative leverage profile, making it a good core allocation and complementing other long/short approaches

General facts

ISIN

LU1571399168

SEDOL

BF0BY72

Bloomberg

WFGLSIU LX

SFDR classification

6

Minimum investment

$1,000,000

Share class launch date

7/31/2017

Annual management fee

0.75%

Total expense ratio (TER)

1.00%

Benchmark name

50% MSCI World (Net) (USD)/50% 3M T-Bill(USD)

Settlement

T+2

Quick resources

Morningstar Rating™

Out of 205 funds, Long/Short Equity - Global As of 6/30/2024

Performance

Past performance is not indicative of future results.

Calendar year

Calendar year

(as of 12/31/2023)
2023
2022
2021
2020
2019
2018
Fund
4.36
-4.52
17.72
1.85
7.89
-9.06
Benchmark
14.50
-7.91
10.63
8.91
14.56
-3.12
Average annual returns

Average annual returns

(as of 6/30/2024)
7/31/2017
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
-1.42
-0.79
7.84
14.02
5.05
4.99
-
4.29
50% MSCI World (Net) (USD)/50% 3M T-Bill(USD)
1.22
2.03
7.18
12.84
5.51
7.42
-
6.80
Expenses (as of 8/31/2023)
Annual management fee
0.75 %
Total expense ratio (TER)
1.00 %

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.

Cumulative

Cumulative

(as of 6/30/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics

Performance and volatility metrics

(as of 6/30/2024)
3 Year 5 Year
Alpha 0.14 -0.79
Beta 0.96 0.84
Sharpe Ratio 0.17 0.26
Standard Deviation 10.83 10.59
R2 0.58 0.49
Information Ratio -0.04 -0.30
Upside Market Capture Ratio 106.54 85.53
Downside Market Capture Ratio 108.74 103.79
Tracking Error 7.13 7.78
Correlation 0.76 0.70
Treynor Ratio 0.02 0.03
Morningstar ratings and rankings

Morningstar ratings and rankings

(as of 6/30/2024)
Overall
Long/Short Equity - Global (Out of 205 funds)
Three Year
16th percentile (38 out of 205)
Five Year
38th percentile (53 out of 153)

For illustrative purposes only. Ratings and awards are not an indication, promise, or guarantee of future performance. Ratings and awards should not be relied upon when making an investment decision. The Overall Morningstar Rating™ is a weighted average of the 3-, 5-, and 10-year (if applicable) ratings and is based on risk-adjusted return. Past performance is no guarantee of future results.

The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

Prices and distributions

Historical prices

YTD high $135.72 6/3/2024
YTD low $124.01 1/1/2024
52-week high $135.72 6/3/2024
52-week low $114.86 10/29/2023
2023 high $124.05 12/13/2023
2023 low $112.99 3/19/2023
Best quarterly return 10.66% 12/31/2022
Worst quarterly return -10.83% 3/31/2020
Best annual return 17.72% 12/31/2021
Worst annual return 0.00% 12/31/2017

Composition

Portfolio statistics

Portfolio statistics

(as of 6/30/2024)
Fund Benchmark
Number of Holdings 319 1431
Holdings

Top 10 holdings

(as of 6/30/2024)
Top Long Holdings
(as of 6/30/2024)
Percentage
NVIDIA Corporation 3.84%
Bank of New York Mellon Corp 2.99%
CVS Health Corporation 2.96%
Danske Bank A/S 2.88%
PACCAR Inc 2.87%
Alphabet Inc. Class A 2.82%
United Therapeutics Corporation 2.80%
Alphabet Inc. Class C 2.69%
Heidelberg Materials AG 2.61%
Tyson Foods, Inc. Class A 2.59%
Top Short Holdings
(as of 6/30/2024)
Percentage
OSAKA GAS CO LTD /JPY/ -0.99%
BEIJER REF AB /SEK/ -0.99%
TRADE DESK INC/THE -CLASS A -1.02%
MITSUBISHI CHEMICAL HOLD /JPY/ -1.08%
TOAST INC-CLASS A -1.08%
EQT AB /SEK/ -1.20%
ARGENX SE /EUR/ -1.21%
NIPPON YUSEN KK /JPY/ -1.22%
FRANCO-NEVADA CORP /CAD/ -1.23%
TOKYO ELECTRIC POWER CO /JPY -1.31%

Based on ending weights as of month-end. Source: FactSet. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security.

Sector allocation

Sector allocation

(as of 6/30/2024)
Type
Fund
Benchmark
Other
0.00% -
Cash & equivalents
30.14% -
Communication services
11.00% -
Consumer discretionary
8.18% -
Consumer staples
9.27% -
Energy
0.83% -
Financials
11.51% -
Health care
12.73% -
Industrials
14.16% -
Information technology
14.82% -
Materials
5.77% -
Real estate
3.90% -
Utilities
6.41% -

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

ESG data summary

MSCI Overall ESG Score 1
Portfolio
6.5
Sustainalytics ESG Risk Score 2
Portfolio
24
SFDR Rating
 
6

Product involvement 3

Portfolio Benchmark
Controversial Weapons exposure 0.61% -%
Oil Sands exposure 0.00% -%
Small Arms exposure 0.00% -%
Thermal Coal exposure -2.31% -%
Tobacco exposure 0.00% -%
UN Global Compact non-compliant exposure 1.93% -%

¹ Data is sourced from MSCI ESG Research where companies are rated on a scale of 0 – 10 (0 - worst, 10 - best). Weighted average scores exclude effects of unrated securities.

² ESG Risk Ratings measure exposure to and management of ESG risks. Lower risk scores reflect less ESG risk. Sustainalytics ESG Risk Scores measure ESG risks on a scale of 0 – 100 (0 - no ESG Risk, >40 - Severe ESG Risk).

³ Carbon emissions includes operational and first-tier supply chain greenhouse gas emissions. Data sourced from S&P Trucost Limited.

⁴ Source: Allspring Global Investments. This report contains information developed by Sustainalytics. Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. Copyright © 2023 Sustainalytics. All rights reserved.

Documents

Literature Date Language
Commentary 3/31/2024 English Download
Fact Sheet 5/31/2024 Spanish Download
Fact Sheet 6/30/2024 English Download
Fact Sheet 5/31/2024 French Download
Fact Sheet 5/31/2024 German Download
Fact Sheet 5/31/2024 Italian Download
Fact Sheet 5/31/2024 English Download
Fact Sheet 5/31/2024 Chinese Download
Fact Sheet 5/31/2024 Korean Download
Fact Sheet 5/31/2024 English Download
Fund Profile 12/31/2023 English Download
Monthly Commentary 6/30/2024 English Download
Regulatory Document Date Language
KIID 1/24/2024 English Download
Lux Fund Sustainability-Related Disclosures 4/16/2024 English Download
PRIIPs KIDs 11/15/2023 Italian Download
PRIIPs KIDs 11/15/2023 English Download
PRIIPs KIDs 11/15/2023 French Download
PRIIPs KIDs 11/15/2023 German Download
PRIIPs KIDs 11/15/2023 French Download
PRIIPs KIDs 11/15/2023 Dutch Download
PRIIPs KIDs 11/15/2023 Norwegian Download
PRIIPs KIDs 11/15/2023 Spanish Download
PRIIPs KIDs 11/15/2023 Portuguese Download
PRIIPs KIDs 11/15/2023 Finnish Download
PRIIPs KIDs 11/15/2023 Swedish Download
Our team
Meet the investment team

The team believes company returns are predictable based on quantitative factors. They seek to systematically harvest these factors to generate alpha for their clients.

Key risks

Smaller-company securities risk: Securities of companies with smaller market capitalisations tend to be more volatile and less liquid than securities of larger companies.

Global investment risk: Securities of certain jurisdictions may experience more rapid and extreme changes in value and may be affected by uncertainties such as international political developments, currency fluctuations and other developments in the laws and regulations of countries in which an investment may be made.

Convertible securities risk: These instruments can be converted into common stock because of the occurrence of certain predetermined trigger events including when the issuer is in crisis resulting in possible price fluctuations and may be subject to redemption at the election of the issuer.

Currency risk: Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments.

Equity securities risk: These securities fluctuate in value and price in response to factors impacting the issuer of the security as well as general market, economic and political conditions.

ESG risk: Applying an ESG screen for security selection may result in lost opportunity in a security or industry resulting in possible underperformance relative to peers, ESG screens are dependent on third party data and errors in the data may result in the incorrect inclusion or exclusion of a security.

Geographic concentration risk: Investments concentrated in specific geographic regions and markets may be subject to greater volatility due to economic downturns and other factors affecting the specific geographic regions.

Leverage risk: The use of certain types of financial derivative instruments may create leverage which may increase share price volatility.

Contact Us

We look forward to helping you with your investment needs

 

Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy.
 

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.
 

Any benchmark referenced is for comparative purposes only, unless specifically referenced otherwise in this material and/or in the prospectus, under the Sub-Funds’ Investment Objective and Policy.
 

†Promotes environmental and social characteristics but does not have a sustainable investment objective
 

†While the Sub-Funds listed above have access to both internal and external ESG research and integrate financially material sustainability risks into their investment decision-making processes, ESG-related factors are considered but not determinative, permitting the relevant Sub-Investment Managers to invest in issuers that do not embrace ESG; as such, sustainability risks may have a more material impact on the value of the Sub-Fund’s investments in the medium to long term. The investments underlying these Sub-Funds do not take into account the EU criteria for environmentally sustainable economic activities.
 

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.