Global Equity Enhanced Income Fund

$118.34
NAV
-$2.07 / -1.72%
$37.7M
Assets under management
8.78%
Year to date return
7/16/2020
Fund inception date
Data as of 4/12/2024
Fund overview
Targets high, consistent income and growth from global equities
The Global Equity Enhanced Income Fund seeks to deliver a high level of current income and long-term capital appreciation by investing in a diversified portfolio of global stocks together with an actively managed options overlay designed to generate additional income.

An innovative, dynamic approach that seeks to deliver high, consistent income and access to the growth potential of global equities

Key differentiators

  • Seeks to provide a targeted yield of 6% p.a.¹ based on prevailing market conditions
  • Uses two sources of income (equities and options), which are dynamically managed to balance the trade-off between income and capital growth
  • Aims to capture the long-term growth potential of global equities through a high-conviction portfolio of 60 to 80 stocks
  • Targets balanced factor, region and sector exposures to help mitigate style swings whilst capturing growth opportunities

¹ A target is indicative only, is not guaranteed and does not take into account fees or charges that will reduce returns. The targeted yield is based on prevailing market conditions and subject to change. There is no guarantee that the targeted yield, or any other level of income or returns, will be generated.

General facts

ISIN

LU2125154935

SEDOL

BKPX3O4

Bloomberg

WEEEIII LX

SFDR classification

8

Minimum investment

$1,000,000

Share class launch date

7/16/2020

Annual management fee

0.60%

Total expense ratio (TER)

0.70%

Benchmark name

MSCI ACWI Index (Net)

Settlement

T+3

Quick resources

Morningstar Rating™

Out of 1084 funds, Global Equity Income As of 3/31/2024

Performance

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
2021
Fund
18.37
-16.41
20.76
Benchmark
22.20
-18.36
18.54
Average annual returns Add Minus

Average annual returns

(as of 3/31/2024)
7/16/2020
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
4.35
10.67
10.67
22.56
7.09
-
-
11.83
Benchmark
3.14
8.20
8.20
23.22
6.96
-
-
12.01
Expenses (as of 7/31/2023)
Annual management fee
0.60 %
Total expense ratio (TER)
0.70 %

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.

Past performance is not indicative of future results. Performance calculations are net of all applicable fees and are calculated on a NAV-to-NAV basis (with income re-invested). Performance shown is for class and currency indicated and returns may increase/decrease as a result of currency fluctuations. 

Cumulative Add Minus

Cumulative

(as of 3/31/2024)

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 Add Minus

Performance and volatility metrics

(as of 3/31/2024)
3 Year
Alpha 0.56
Beta 0.93
Sharpe Ratio 0.28
Standard Deviation 15.64
R2 0.95
Information Ratio 0.04
Upside Market Capture Ratio 90.96
Downside Market Capture Ratio 93.44
Tracking Error 3.62
Correlation 0.98
Treynor Ratio 0.05
Morningstar ratings and rankings Add Minus

Morningstar ratings and rankings

(as of 3/31/2024)
Overall
Global Equity Income (Out of 1084 funds)
Three Year
25th percentile (249 out of 1084)

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 $122.45 3/27/2024
YTD low $109.10 1/17/2024
52-week high $122.45 3/27/2024
52-week low $99.40 10/29/2023
2023 high $112.14 12/31/2023
2023 low $99.40 10/29/2023
Best quarterly return 12.66% 12/31/2020
Worst quarterly return -14.73% 6/30/2022
Best annual return 20.76% 12/31/2021
Worst annual return 0.00% 12/31/2020

Distribution summary

Dividends Quarterly
Capital gains

Distribution history

Distribution history Type Per share amount Re investment price
2024-04-02 Dividend $1.03954 $119.65
2024-04-02 Short-term capital gain $0.79406 $119.65
Download CSV

Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 3/31/2024)
Fund Benchmark
Number of Holdings 99 2841

Equity Style Box

(as of 3/31/2024) Overview chart

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.

Top 10 holdings Add Minus

Top 10 holdings

(as of 3/31/2024)
Security
Fund
Microsoft Corporation
4.54%
NVIDIA Corporation
3.14%
Apple Inc.
2.19%
Amazon.com, Inc.
2.11%
Alphabet Inc. Class A
1.96%
Walmart Inc.
1.95%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR
1.91%
Broadcom Inc.
1.90%
ConocoPhillips
1.90%
Hitachi,Ltd.
1.86%
Top 10 represents 23.46% of total net assets

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 Add Minus

Sector allocation

(as of 3/31/2024)
Type
Fund
Benchmark
Financials
20.47% 16.06%
Information technology
20.02% 23.68%
Industrials
11.38% 10.80%
Communication services
10.23% 7.56%
Consumer discretionary
9.85% 10.90%
Health care
7.89% 11.14%
Energy
6.71% 4.55%
Consumer staples
4.19% 6.43%
Real estate
4.04% 2.20%
Other
2.06% -
Materials
1.89% 4.23%
Utilities
1.26% 2.46%

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

Geographic allocation Add Minus

Geographic allocation

(as of 3/31/2024)
Type
Fund
United States
59.68%
United Kingdom
6.92%
Japan
6.04%
France
3.95%
Germany
2.67%
China & Hong Kong
2.59%
Italy
2.59%
Canada
2.52%
Netherlands
2.36%
Taiwan
1.93%

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

Currency allocation Add Minus

Currency allocation

(as of 3/31/2024)
Currency
Share Class
Benchmark
Australian Dollar
0.74% 1.70%
Brazilian Rial
1.92% 0.52%
British Pound Sterling
6.81% 3.41%
Canadian Dollar
2.48% 2.76%
Euro (EUR)
12.40% 7.97%
Hong Kong Dollar
2.55% 2.27%
Japanese Yen
5.94% 5.52%
South Korean Won
2.07% 1.28%
Swedish Krone
0.82% 0.72%
United States Dollar
62.24% 64.24%

Currency allocation is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

ESG data summary

MSCI Overall ESG Score 1
Portfolio
7.1
Index
6.8
Sustainalytics ESG Risk Score 2
Portfolio
21
Index
21
SFDR Rating
 
8

Product involvement 3

Portfolio Benchmark
Controversial Weapons exposure 0.00% 1.53%
Oil Sands exposure 0.00% 0.23%
Small Arms exposure 0.00% 0.11%
Thermal Coal exposure 0.00% 0.99%
Tobacco exposure 0.00% 0.61%
UN Global Compact non-compliant exposure 0.00% 1.34%

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
Fact Sheet 3/31/2024 English Download Download
Fact Sheet 2/29/2024 French Download Download
Fact Sheet 2/29/2024 German Download Download
Fact Sheet 2/29/2024 Korean Download Download
Fact Sheet 2/29/2024 Spanish Download Download
Fact Sheet 2/29/2024 English Download Download
Fact Sheet 2/29/2024 English Download Download
Fact Sheet 2/29/2024 Italian Download Download
Monthly Commentary 2/29/2024 English Download Download
Quarterly Commentary 12/31/2023 English Download Download
Regulatory Document Date Language
KIID 1/24/2024 English Download Download
Lux Fund Sustainability-Related Disclosures 2/20/2024 English Download Download
PRIIPs KIDs 1/29/2024 English Download Download
PRIIPs KIDs 1/29/2024 French Download Download
PRIIPs KIDs 1/29/2024 German Download Download
PRIIPs KIDs 1/29/2024 Dutch Download Download
PRIIPs KIDs 1/29/2024 Norwegian Download Download
PRIIPs KIDs 1/29/2024 Danish Download Download
PRIIPs KIDs 1/29/2024 Spanish Download Download
PRIIPs KIDs 1/29/2024 Italian Download Download
PRIIPs KIDs 1/29/2024 Swedish Download Download
PRIIPs KIDs 1/29/2024 French Download Download
PRIIPs KIDs 1/29/2024 Finnish Download Download
PRIIPs KIDs 1/29/2024 Portuguese Download Download
Shareholder Notice 3/21/2024 Chinese Download Download
Shareholder Notice 3/21/2024 English Download Download
Shareholder Notice 3/21/2024 English Download Download
Shareholder Notice 3/21/2024 English Download 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

Market risk: Securities may decline in value due to factors affecting securities markets generally, and equity securities generally have greater price volatility than debt securities.

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

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.

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.

Derivatives risk: The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

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.

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.