At a glance
- Targets a 7% annual distribution, paid quarterly — a target, never guaranteed
- Ten specialist underlying managers blending value, quality, growth and systematic styles
- UCITS fund domiciled in Luxembourg, with daily dealing and no lock-in
- Minimum investment USD 10,000; fund size over USD 1bn
- Equity risk: capital is at risk and the strategy fell 16.8% in the year to June 2022
What this fund is
This is a multi-manager global equity strategy. Rather than backing a single manager's judgement, it allocates across ten specialist managers, each running a distinct style, and blends them into one portfolio.
The fund has recently launched a distributing ("Income") share class. That share class is the subject of this listing. It is built for investors who want their portfolio to pay them a regular income rather than accumulate quietly, and it targets a distribution of 7% a year, paid quarterly.
Two things follow from that, and both matter more than the headline:
- The 7% is a target, not a promise. It is not contractual, it is not guaranteed, and it can be missed.
- This is an equity fund. Your capital is invested in company shares worldwide. It can fall, and it has — see the performance section below.
How the income is generated and paid
The income share class pays quarterly dividends, targeting roughly 1.75% per quarter.
To receive a quarter's distribution you must be on the share register on the penultimate day of March, June, September or December. The dividend is then typically paid within ten days of the quarter end.
Importantly, the income is not produced by lending, gearing or a derivative overlay. It comes from the underlying equity portfolio and from the manager's decision to distribute rather than reinvest. That is why the second objective — capital growth — is described as modest: money paid out as income is money no longer compounding inside the fund.
The secondary objective: modest capital growth
Alongside the distribution, the strategy seeks to grow the value of your original capital over the medium to long term, after distributions have been paid.
The manager's own illustration shows growth after dividends of approximately 3.2% a year. Treat that figure with care: it is drawn from a simulation, not from the income share class's own record. The next section explains why that distinction matters.
Performance — read the basis, not just the numbers
Discrete annual performance, to 30 June 2026:
| Period | Return |
|---|---|
| Jun 2025 – Jun 2026 | +14.7% |
| Jun 2024 – Jun 2025 | +16.2% |
| Jun 2023 – Jun 2024 | +14.9% |
| Jun 2022 – Jun 2023 | +14.9% |
| Jun 2021 – Jun 2022 | −16.8% |
Four strong years and one materially negative one. The −16.8% in the year to June 2022 is the most useful number on this page: it is what a global equity portfolio does in a bad year, and it is the honest answer to "what is the risk here?"
The basis of these figures needs stating plainly. They are the record of the strategy's accumulating share class, net of fees, in US dollar terms, adjusted to incorporate the prevailing fees for the distributing class. The manager then applies a notional 1.75% quarterly distribution to simulate the effect of the income share class on the net asset value.
In other words: this is a simulation of how the income share class would have behaved, not its actual track record. The income share class is new. Its real record does not yet exist. Past performance — simulated or actual — is not a guide to future returns.
What is inside the portfolio
Ten underlying managers, deliberately chosen to disagree with each other. Between them they run:
| Style | Managers |
|---|---|
| Quality value | Three |
| Growth | Three |
| Quality | One |
| Value | One |
| Regional value (Japan, Asia) | Two |
Blending value, quality, growth and systematic approaches is the point of the structure. Styles fall in and out of favour on different cycles; holding several is intended to make the combined return steadier than any one of them.
Regional exposure: North America 62.3%, Europe ex-UK 17.5%, Japan 7.0%, UK 4.9%, Asia ex-Japan 1.7%, Australia 0.7%, Other 5.9%.
Sector exposure: Information technology 25.7%, Industrials 17.3%, Financials 17.1%, Health care 9.9%, Consumer discretionary 9.4%, Communication services 7.5%, Consumer staples 5.3%, Energy 1.7%, Materials 1.2%, Utilities 1.2%, Real estate 0.8%, Not classified 2.8%.
Largest holdings: Alphabet 2.6%, Apple 1.7%, Nvidia 1.7%, Samsung Electronics 1.6%, Lam Research 1.3%, Flex 1.3%, Johnson & Johnson 1.3%, ASML 1.2%, L'Oréal 1.1%, TSMC 1.1%, Mastercard 1.0%, Amazon 1.0%, RELX 0.9%, Experian 0.9%, GE Vernova 0.8%.
Note how small the largest position is. At 2.6%, no single company dominates the outcome — the diversification is real, not nominal. Note also the concentration that does exist: nearly two-thirds in North America and over a quarter in technology. If US technology has a poor decade, this fund will feel it.
Key facts
| Structure | UCITS fund, domiciled in Luxembourg |
| Regulator (fund) | Luxembourg financial regulator (CSSF) |
| Currency | USD |
| Minimum investment | USD 10,000 |
| Subscriptions / redemptions | Daily |
| Investment horizon | 7 years or more |
| Track record since | 2019 |
| Fund size | Over USD 1bn |
| Distribution frequency | Quarterly |
We have not named the fund or its manager on this page, and that is deliberate. We act as an intermediary and arrange access for our clients. When you get in touch we will tell you exactly which fund this is, who manages it, how that manager is regulated, its full fee schedule, and its ISIN — alongside the Key Information Document and Prospectus, which are the documents that actually govern the investment.
The risks, stated directly
- Your capital is at risk. This is a global equity fund. The value of your investment can fall as well as rise, and you may get back less than you put in. The strategy fell 16.8% in the year to June 2022.
- The 7% distribution is a target and cannot be guaranteed. It may be reduced or not paid.
- Distributions can erode capital. If the portfolio returns less than is being paid out, the payments come out of capital and the value of your holding falls.
- Currency risk. The fund is denominated in US dollars. If your reference currency is different, exchange rate movements will alter what the investment is worth to you, independently of how the portfolio performs.
- Liquidity risk. Dealing is daily in normal conditions, but liquidity risk may delay or prevent redemptions.
- Concentration. Despite ten managers, 62.3% sits in North America and 25.7% in information technology.
- Fees at two levels. Under a multi-manager structure, annual investment management fees are payable both to the multi-manager and to the managers of the underlying assets, at the rates set out in the offering documents.
- Availability is restricted. This fund is not available to US persons, and is offered only to sophisticated investors and high-net-worth individuals.
Before you act
How to find out more
The Key Information Document and Prospectus are the documents that govern this investment, and they contain material this page does not. We will provide both, along with the fund's full identity, before you make any decision.
If you would like to discuss whether this fund suits your circumstances, speak to an adviser. Global Investments provides independent financial advice internationally through Financial Services Network Ltd, licensed by the Mauritius Financial Services Commission (licence C116016070). We are not authorised by the UK Financial Conduct Authority and cannot provide UK-regulated advice to UK residents.
Figures are drawn from the fund's own factsheet for the income share class; data to 30 June 2026 unless otherwise stated.
Risk Disclaimer: This information is provided for general purposes only and does not constitute a personal recommendation or investment advice. The investment described carries significant risk, including the risk of losing all capital invested. Past performance is not a reliable indicator of future results. Investments may be illiquid. The value of investments and income from them can fall as well as rise. Before investing, you should consider whether this investment is appropriate for your individual circumstances and seek independent professional financial advice. Global Investments is not responsible for any investment decision made in reliance on this information.