Last Word
Perspective
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strategy directly from the fund manager.
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research and market views together with an explanation of the
The Parvest Disruptive Technology Fund, managed by BNP Paribas Asset Management, offers investors global exposure to companies using innovative technologies to drive change in society and the broad global economy. Investing in 30-50 stocks, it was created out of the Parvest Global Technology Fund in November 2017.
Axis analyses the fund from four perspectives to bring you insight,
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Review By Nicola Brittain
COMPANY_ Last Word
The Baillie Gifford European Fund has a pretty convincing premise, it invests in companies that are leaders in niches often overlooked by the wider investment community. When combined with a long-term approach, when the general market is increasingly short term, this strategy means the fund is able to buy quality stocks at often excellent valuations.
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“The European equities team, led by Stephen Paice, chooses stocks with the following characteristics: they must be aligned to their customers and Baillie Gifford’s long-term philosophy; they must show good growth potential; and they must have a competitive edge over their peers.”
JOB TITLE_ Investment Writer
YEARS IN INDUSTRY_ 6
LOCATION_ London
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COMPANY_ Square Mile Investment
The need for ongoing research as technology evolves
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To view Square Mile Investment Consulting and Research Ltd's disclosure on their involvement on this site, please click here.
YEARS IN INDUSTRY_ 21
“The manager’s extensive experience is certainly an edge for this fund, as she will have witnessed first-hand both the good and the tough times that technology companies can and have experienced.”
JOB TITLE_ Research Manager
The Parvest Disruptive Technology Fund conducts thematic and industry analysis in order to identify long-term trends, such as the new technologies that have the potential to transform traditional and existing business practices.
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Last Word
Perspective
When investors hear the term ‘disruptive technology’ there is often the natural tendency to think of the possible negative connotations of what the disruption could mean, rather than thinking of innovation and investment opportunities.
For example, there remains the fear robots will take people’s jobs, while driverless trucks could put millions of lorry drivers out of work.
However rather than be put off by the negatives, in November last year BNP Paribas Asset Management decided to evolve the mandate of its Global Technology Fund to create the Parvest Disruptive Technology Fund. Pamela Hegarty is the lead manager of the fund based in BNP Paribas’s Boston-office, and explains that the decision to move away from a strict sector approach to a more thematic one was based on client feedback.
“A disruptive technology is any innovation powerful enough to either create new business models, or force change on existing ones,” says Hegarty. “The major change we made to the fund was to allow it to invest in any sector of the global economy where innovative technology is bringing about change.” Describing the portfolio as diversified, Hegarty explains the fund is focused on four key themes; artificial intelligence (AI), cloud computing, automation & robotics and the internet of things.
“While about two thirds of the fund is invested in the technology sector, the key to making the change is that we are no longer limited to investing solely in tech,” she says. “Part of the onus for the evolution of the fund was that we noticed so many companies beyond traditional software or hardware companies driving this change. We invest in innovative consumer, health care, financial services and industrial companies, for example, so long as they are levered to these disruptive technology themes.”
While taking a global approach in its hunt for both leaders and adopters of disruptive technology, Hegarty says at present the portfolio is weighted to the US. While this is a function of the fact most of the large technology companies are headquartered in America, she adds at least half of the sales within the portfolio are generated outside of the US.
“The fund has a good balance of geographic revenues because most of the large tech companies in the US generate their revenues globally,” she says. “As such we invest in good, high quality companies, across the world, with the fund having a lot of investments in Europe, Asia and some smaller emerging markets.”
Supporting Hegarty in picking these stocks is BNP Paribas Asset Management’s Global Specialist and Thematic Equity team and network of in-house analysts, who cover the entire investment universe.
The strong performance of tech stocks in general in the last two years has been well documented, with the sector significantly outperforming the rest of the market. However concerns about software valuations, the semiconductor cycle and trade tensions, could all test performance going forward.
By investing in a diversified portfolio, not just tech, Hegarty argues the Parvest Disruptive Technology Fund can find innovation wherever it is in the global economy.
The power of disruptive technology
AUTHOR_ ADAM LEWIS
Hegarty explains that disruptive tech is already having a large impact on the global economy. Take cloud computing as an example, despite the fact it has only been around for a few years the industry is already worth $150bn and is expected to double within the next five years.
“Other newer and emerging technologies like blockchain and autonomous driving may take longer to develop and as such have less measurable impact on the economy today, but they will have a large impact in the future,” she adds. “We can see a point in time where most people will be driven around by automated cars as opposed to owning their own vehicle, so it really is about transforming the way we live our lives.”
To get access to these themes the fund invests in some 30 to 50 globally-listed companies, down from the 65 names which were held in the previous portfolio. The manager says this reduction in the number of holdings is a reflection of their conviction in each of the fund’s best ideas.
“While we have cut the number of holdings, the investment process has not changed dramatically,” she says. “We have always adopted a very thematic approach to investing, focusing on bottom up, fundamental research, combined with a top down view of the world. So we still look for those companies which have a strong competitive advantage, high quality management teams and are able to improve their cash flows and returns on invested capital over time.”
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Kames Global Diversified Income Fund
Fund
Vincent McEntegart has been managing the Kames Global Diversified Income Fund for six years and is well-versed to the changeable financial climate. Curabitur blandit tempus porttitor. Aenean lacinia bibendum nulla sed consectetur.
Manager
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From a performance perspective, it is difficult to make some firm statements about the manager’s track record thus far, given that she only took over the fund in September 2016. This is not a particularly long-time frame to meaningfully analyse such an actively managed fund in great detail, especially when the manager’s investment objective is seeking to outperform the fund’s benchmark over a full market cycle. Last year, the fund was up by 23.6%, well ahead of the MSCI World TR index, which delivered 11.8% and this year, to the end of November, the manager has delivered a phenomenal return of 18.9% versus 4.8% for the index over the period.
In conclusion, we think the fund has some promising features and is managed using a sensible process that combines thematic/industry analysis with company research. Although during the manager’s short tenure, returns have been very strong, investors should be mindful that these can be variable, especially when market participants are chasing other themes rather than focusing on company fundamentals.
Performance numbers are in GBP terms and calculated using the fund’s Classic Cap EUR share class. Data is sourced from FE Analytics.
AUTHOR_ AMAYA ASSAN
“This fund’s manager has only been in situ since September 2016, when she joined the investment group. However, she has over 20 years’ experience researching technology companies. So far, performance has been promising and we think that the fund’s comprehensive investment process, as well as Hegarty’s experience, should be helpful in what is a very challenging space to invest in.”
As technology is constantly evolving, ongoing research is required. The manager conducts thematic and industry analysis in order to identify long-term trends, such as the new technologies that have the potential to transform traditional and existing business practices. In fact, Hegarty uses her research as a way of screening and then reducing an investible universe of c. 2,000 stocks down to a more manageable 500.
In order to then proceed to a shortlist of 150 stocks, these 500 companies must meet at least one of the following three criteria: they must have more than 50% of their revenues, cash flows or profits coming from innovative technology, be purveyors of enabling technologies, or, finally, be benefitting from the adoption of new technologies.
Comprehensive further analysis is then undertaken, including meetings with company management, site visits, valuation analysis and the setting of price targets, all of which we feel should help the manager add value over time. There are also some sensible parameters in place to ensure that the portfolio has an appropriate level of diversification. For example, the final portfolio will have a range of 30 to 50 holdings made up of businesses that can range from manufacturers of semi-conductors, to medical device makers, to application & systems software, and internet retail.
Ultimately, Hegarty is seeking those companies she feels are trading below their intrinsic worth. In other words, where her insights and analysis on such companies differ from the wider market and therefore should help meet her goal of generating alpha over time.
BNP Paribas Asset Management is the investment management arm of BNP Paribas, which is a major European financial services company. It manages circa 299bn euros (as at the end December 2018) in a wide range of active, passive and quantitative products. With over 500 investment professionals and 3,000 employees located in 30 offices across the world, the group has a range of underlying investment teams that operate using their own investment philosophy and process.
This fund’s lead portfolio manager is Pamela Hegarty, who is a member of the Global, Specialist and Thematic Equity team, which operates out of London, Boston (where the manager is based) and Paris. She is also responsible for the team’s investments within the technology and communication sectors.
Hegarty took over the management of this fund when she joined the firm in September 2016. She started analysing technology companies well over 20 years ago, first at Janus Capital Group, and then at Intergeneration Capital Management where she covered both the energy and technology sectors. Prior to joining BNP Paribas, she worked at Boston Common Asset Management where she covered the energy, alternative energy and technology sectors. Ms Hegarty is supported by portfolio manager, Pamela Woo, who is also based in Boston. Woo has 26 years of industry experience and is focused on consumer discretionary stocks.
The manager’s extensive experience is certainly an edge for this fund, as she will have witnessed first-hand both the good and the tough times that technology companies can and have experienced. Indeed, during Hegarty’s career, the technology sector has seen sharp rotations, such as the 1995 - 2000 “dot.com bubble” and its aftermath.
Being able to draw on this knowledge is also particularly useful when analysing the fast-changing landscape of this industry, especially as its established incumbents face the threat of new emerging companies. Moreover, the fact that the manager and her fellow team members follow a range of industries and are responsible for providing the investment recommendations in their respective areas of research, is another positive factor as it can enable them to make better informed investment decisions.
Getting to grips with the tech evolution
Amaya Assan, Research Manager, Square Mile Investment
Square Mile
Perspective
Fund buyers' perspective
A broad-based technology fund seeking to take advantage of the opportunities of disruptive tech.
Market Reaction
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Jonathan Woo_ investment research_ Santander Asset Management
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“There has been considerable structural reform in giant markets like India, China and the Pacific Tiger economies. It’s a time of change from investment in infrastructure to innovation. Baillie Gifford looks for superior growth, meaning its style is suited to this change. They make some debatable valuations but are valiant investors and can spot businesses with great fundamentals early. They are picking the sort of businesses that have the potential to steam ahead and accrue multiple years of earnings growth for investors.”
Scott Spencer_ Investment Manager_ F&C Multi-manager solutions, BMO Global Asset Management
“The key rationale behind Income Maximiser is the delivery of a 7% yield. The use of derivatives in the portfolio means the upside is therefore limited but we find the fund is a lower beta way of getting equity exposure as well as some downside protection.”
“The fund managers of Schroder Income [Nick Kirrage and Kevin Murphy] pick the stocks, and the derivatives for Income Maximiser are then written accordingly. We like the fact that derivatives provide a diversification element and we have a great deal of confidence that the derivatives are run by a separate team. It is a very different skill set and is a USP of theirs.”
Richard Philbin_ CIO_ Wellian Investment Solutions
Mona Shah_ head of collectives_ Rathbones
“After years of lacklustre performance, Asia and the emerging world experienced a resurgence last year, driven by rising commodity prices and a fundamental shift in favour of more cyclical sectors like financials, energy and materials. But many of the fortunes of Asia and emerging markets are driven by sentiment from the West, which was negatively affected by the US election in November. While markets have regained their initial losses, we’ve had no more clarity on what Donald Trump’s policies will mean with regards to global trade and protectionism. For this reason, we believe that diversification should offer benefits in a period where markets are likely to be volatile. In addition, the economies in Asia-Pacific are showing increasing dependence on domestic demand, and we believe funds exposed to growing demand from consumers in China, for example, may be better placed to withstand headwinds from the US.”
Robert Shepherd_ Director_ Bright & Co.
We were on the lookout for something different and, let’s face it, 4% or lower is the norm in this environment. So this is attractive”
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Achievable, sustainable, reliable
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Fund
Manager
Perspective
Fund Buyer
Perspective
This demo version has been optimised for desktop, laptop and tablet. Smartphones, iPhones will be supported in the next version.
to bring you insight, research and market views
together with an explanation of the strategy
directly from the fund manager.
Axis analyses the fund from four perspectives
Hegarty explains that disruptive tech is already having a large impact on the global economy. Take cloud computing as an example, despite the fact it has only been around for a few years the industry is already worth $150bn and is expected to double within the next five years.
“Other newer and emerging technologies like blockchain and autonomous driving may take longer to develop and as such have less measurable impact on the economy today, but they will have a large impact in the future,” she adds. “We can see a point in time where most people will be driven around by automated cars as opposed to owning their own vehicle, so it really is about transforming the way we live our lives.”
To get access to these themes the fund invests in some 30 to 50 globally-listed companies, down from the 65 names which were held in the previous portfolio. The manager says this reduction in the number of holdings is a reflection of their conviction in each of the fund’s best ideas.
“While we have cut the number of holdings, the investment process has not changed dramatically,” she says. “We have always adopted a very thematic approach to investing, focusing on bottom up, fundamental research, combined with a top down view of the world. So we still look for those companies which have a strong competitive advantage, high quality management teams and are able to improve their cash flows and returns on invested capital over time.”
When investors hear the term ‘disruptive technology’ there is often the natural tendency to think of the possible negative connotations of what the disruption could mean, rather than thinking of innovation and investment opportunities.
For example, there remains the fear robots will take people’s jobs, while driverless trucks could put millions of lorry drivers out of work.
However rather than be put off by the negatives, in November last year BNP Paribas Asset Management decided to evolve the mandate of its Global Technology Fund to create the Parvest Disruptive Technology Fund. Pamela Hegarty is the lead manager of the fund based in BNP Paribas’s Boston-office, and explains that the decision to move away from a strict sector approach to a more thematic one was based on client feedback.
“A disruptive technology is any innovation powerful enough to either create new business models, or force change on existing ones,” says Hegarty. “The major change we made to the fund was to allow it to invest in any sector of the global economy where innovative technology is bringing about change.” Describing the portfolio as diversified, Hegarty explains the fund is focused on four key themes; artificial intelligence (AI), cloud computing, automation & robotics and the internet of things.
“While about two thirds of the fund is invested in the technology sector, the key to making the change is that we are no longer limited to investing solely in tech,” she says. “Part of the onus for the evolution of the fund was that we noticed so many companies beyond traditional software or hardware companies driving this change. We invest in innovative consumer, health care, financial services and industrial companies, for example, so long as they are levered to these disruptive technology themes.”
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Hegarty is the lead portfolio manager for the Parvest Disruptive Technology Fund and a member of the Global Specialist and Thematic Equity team within BNP Paribas Asset Management. She joined the organisation from Boston Common Asset Management, where she conducted research on the global Technology and Energy Sectors.
Lead Fund Manager, Parvest Disruptive Technology Fund
Pamela Hegarty
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The Parvest Disruptive Technology Fund conducts thematic and industry analysis in order to identify long-term trends, such as the new technologies that have the potential to transform traditional and existing business practices.Scroll down to read more...
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Axis interrogates the fund from four perspectives
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Equity team within BNP Paribas Asset Management. She joined the organisation from Boston Common Asset Management, where she conducted research on the global Technology and Energy Sectors.
Hegarty is the lead portfolio manager for the Parvest Disruptive Technology Fund and a member of the Global Specialist and Thematic
The Parvest Disruptive Technology Fund conducts thematic and industry analysis in order to identify long-term trends, such as the new technologies that have the potential to transform traditional and existing business practices. Disclaimer »
“This is more of a broad technology fund as it can invest across the whole spectrum, wherever the manager sees opportunity from disruptive technology. This may include the popular themes of robotics, AI or cloud computing, but the emphasis is on the execution, i.e. the disruption opportunity. This leads the fund to have exposure in sectors outside of tech including financial services and healthcare. Performance of the fund has been strong over the past five years as technology has led markets, however that has come with lower volatility and indeed better capital protection than many of its peers.”
Adrian Lowcock_ head of personal investing_ Willis Owen
Ben Yearsley_ director_ Shore Financial Planning
“The main thing investors in thematic funds have to watch out for is an unintended doubling up of exposure to the specific theme as “mainstream” funds they invest in might already own a significant chunk. That aside, I have no problem with adding in thematic funds to portfolios. Some can be long term themes, such as healthcare and technology, others might be shorter-term holdings such as financials or commodities. I’m a long term believer in the power and influence of technology and think it should be in most client portfolios. Only really media and retail has been truly disrupted by tech so far, meaning there’s lots more to play for over the next few decades. That isn’t to say every industry will be at risk and tech won’t win everywhere, but it is becoming more entwined in everyday life so can’t be ignored from an investment perspective.”
Ryan Hughes_ head of active portfolios_ AJ Bell Investments
“This fund takes a slightly broader definition of technology and has the remit to invest in companies that can profit from technology such as healthcare for example. While that broader approach may appeal to some, I prefer a more classical approach to technology particularly given the experienced managers available in this space. That said it will be interesting to monitor this approach with the more traditional and established players.”
Parvest
Disruptive
Technology
and market views together
Axis analyses the fund
strategy directly from the
from four perspectives to
bring you insight, research
fund manager.
with an explanation of the
While taking a global approach in its hunt for both leaders and adopters of disruptive technology, Hegarty says at present the portfolio is weighted to the US. While this is a function of the fact most of the large technology companies are headquartered in America, she adds at least half of the sales within the portfolio are generated outside of the US.
“The fund has a good balance of geographic revenues because most of the large tech companies in the US generate their revenues globally,” she says. “As such we invest in good, high quality companies, across the world, with the fund having a lot of investments in Europe, Asia and some smaller emerging markets.”
Supporting Hegarty in picking these stocks is BNP Paribas Asset Management’s Global Specialist and Thematic Equity team and network of in-house analysts, who cover the entire investment universe.
The strong performance of tech stocks in general in the last two years has been well documented, with the sector significantly outperforming the rest of the market. However concerns about software valuations, the semiconductor cycle and trade tensions, could all test performance going forward.
By investing in a diversified portfolio, not just tech, Hegarty argues the Parvest Disruptive Technology Fund can find innovation wherever it is in the global economy.
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“This is more of a broad technology fund as it can invest across the whole spectrum, wherever the manager sees opportunity from disruptive technology. This may include the popular themes of robotics, AI or cloud computing, but the emphasis is on the execution, i.e. the disruption opportunity. This leads the fund to have exposure in sectors outside of tech including financial services and healthcare. Performance of the fund has been strong over the past five years as technology has led markets, however that has come with lower volatility and indeed better capital protection than many of its peers. ”
“The UK equity portfolio is based on the Chris White-managed Premier Income Fund that is currently expected to generate a yield of 4% to 4.5%.”
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Review By Gary Corcoran
Chris White and Geoff Kirk joined forces in October 2017 to co-manage the Premier Optimum Income Fund. As the new fund managers, they have made changes to the way the UK equity portfolio and covered call strategy is managed, introducing an explicit target yield of 7% p.a.
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YEARS IN INDUSTRY_ 25+
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“A disruptive technology is any innovation powerful enough to either create new business models, or change existing ones across different sectors.”
Review By Adam Lewis
In November 2017 BNP Paribas Asset Management created the Parvest Disruptive Technology Fund. A fund that is broadly diversified by sector, region and market cap, it is focused on four key themes; artificial intelligence (AI), cloud computing, automation & robotics and the internet of things
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YEARS IN INDUSTRY_ 17
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In November 2017 BNP Paribas Asset Management created the Parvest Disruptive Technology Fund. A fund that is broadly diversified by sector, region and market cap, it is focused on four key themes; artificial intelligence (AI), cloud computing, automation & robotics and the internet of things.
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“A disruptive technology is any innovation powerful enough to either create new business models, or change existing ones across different sectors”
In November 2017 BNP Paribas Asset Management created the Parvest Disruptive Technology Fund. A fund that is broadly diversified by sector, region and market cap, it is focused on four key themes; artificial intelligence (AI), cloud computing, automation & robotics and the internet of things.
Review By Adam Lewis at Last Word
Review By Adam Lewis
at Last Word
Fund
size
Parvest Disruptive Technology
2018
Performance
Morningstar
Rating
Source: BNP Paribas Asset Management
Data correct as at 31/12/18
'Past performance is not a guide to future returns.'
Number of
holdings
1
2
3
4
5
6
€
7
8
9
0
Source: Eastspring Investments
Data from 31 Mar ’08 - 31 Dec ‘17
Eastspring Investments Japan Smaller Companies Performance
-30
Return (p.a.)
-20
Sharpe
20
Eastspring Investors Japan Smaller Companies
30
10
Max Drawdown(%)
-10
Russell Nomura Mid Small Cap
-50
Volatility (%)
-40
Data from 10 Nov ’17 - 1 Feb ‘19
Past performance is not a guide to future performance and the value of the investments in financial instrument(s) may go down as well as up. Investors may not get back the amount they originally invested.
Source: FE Analytics
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Source: BNP Paribas Asset Management
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Past performance is not a guide to future performance.
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