Global equity income fund focused on high quality cash compounders that can produce attractive total returns for investors through time. Strong bias towards market leading companies with a large element of recurring revenues, and strong competitive positions. These businesses tend to be asset- light and able to generate growing free cashflows that can help drive dividend growth and compound returns for shareholders in the long-term.
“The Evenlode Global Dividend Fund is a portfolio of highly cash-generative companies from around the world, designed to provide an attractive yield today and prospects for higher than average, inflation-beating dividend growth."
Ben PetersPortfolio Manager
Aims to deliver capital growth and a growing income stream from a portfolio of global equities
Focus on quality companies with high returns on capital, a strong economic moat and pricing power
Disciplined long-term investment approach, supported by a single investment team shared across all Evenlode strategies
Ben has been a manager of Evenlode Global Dividend since launch in May 2018, and has worked on Evenlode Income since launch in 2009.
CFA (Level 1), IMC
15 years
16 years
Chris has been a manager of Evenlode Global Dividend since launch in November 2017 and Evenlode Global Equity, which launched in July 2020.
CFA
9 years
9 years
The global equity market moved further upward in June, with the benchmark MSCI World Index up by +2.0% in US dollars. The fund in comparison saw less exuberance with modest gains. Within the market the Information Technology sector continues to be the driving force, with large contributions from companies centred around the theme of artificial intelligence (AI). The sector was the biggest contributor to the fund’s performance, albeit at a lesser rate compared to the market. Information Technology was also the biggest component of relative underperformance when compared to the benchmark. Consumer Staples companies were relatively weak for the portfolio, with the main driver being a negative market reaction toward French listed businesses L’Oréal and Pernod Ricard following the announcement of snap elections in the country. These businesses are very internationally diversified and whilst the result of the election is of great significance for European and global geopolitics, we are not unduly concerned about their effect on the long-term prospects of these companies. This dynamic can be seen globally, with the medium-term ramifications of elections in the UK, US and elsewhere being something of an imponderable.
On the face of this, and through a period of relatively weak performance in market terms for the fund, we look to the fundamental characteristics of the portfolio to guide us. In recent investment views (available at https://evenlodeinvestment.com/news) we have examined the fundamental cash flow and dividend-generating ability of the companies in the portfolio, as well as the valuations at which the collection of businesses trades at in the market. With consistent dividend growth a key aim of the strategy, it is encouraging that this is now being achieved post-pandemic being backed by solid cash generation from enterprises that sell products and services which are overwhelmingly repeat purchase in their nature. The market excitement over recent months and, indeed, years has been centred around more cyclical industries and the AI investment boom, but the quieter underlying performance of the companies in the portfolio is providing a solid platform for future growth at attractive valuations.
1Unilever | 5.1 |
2Microsoft | 4.3 |
3Nestlé | 3.6 |
4RELX | 3.5 |
5Accenture | 3.5 |
6Procter & Gamble | 3.5 |
7Experian | 3.5 |
8Medtronic | 3.4 |
9L'Oréal | 3.4 |
10Quest Diagnostics | 3.3 |
11Reckitt | 3.3 |
12Wolters Kluwer | 3.3 |
13Roche | 3.1 |
14Paychex | 3.1 |
15Cisco Systems | 3.1 |
16LVMH | 2.9 |
17Jack Henry & Associates | 2.8 |
18Diageo | 2.8 |
19Sanofi | 2.4 |
20Capgemini | 2.4 |
Consumer Staples | 23.4 | |
Industrials | 22.3 | |
Health Care | 20.3 | |
Information Technology | 13.3 | |
Financials | 7.2 | |
Communication Services | 5.2 | |
Consumer Discretionary | 5.1 | |
Materials | 2.0 | |
Cash | 1.2 |
Europe | 38.1 | |
North America | 33.2 | |
United Kingdom | 22.8 | |
Asia-Pacific | 4.6 | |
Cash | 1.2 |
Comparator Benchmark | MSCI World |
Morningstar category | EAA Fund Global Equity Income |
Launch date | 16 May 2018 |
Fund type | Irish Domiciled UCITS |
Base currency | USD |
Dividend frequency | Quarterly |
Country of registration | Denmark, Finland, Germany, Ireland, Luxembourg, Norway, Sweden, Switzerland |
SFDR disclosure | Article 8 |
The investment objective of the Fund is to provide long-term total returns with an emphasis on income.
Dealing line | +353 (0)1 6750 300 |
Administrator email | Contact |
Dealing frequency | Daily |
Price frequency | Daily |
Settlement terms | T+3 |
Dealing cut-off time | 9:30am (Irish Time) |
Valuation point | 12 noon, Daily (Irish Time) |
Client services line | +353 (0) 1 533 7810 |
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