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For investors in Hong Kong

US Forty Fund

Our differentiated view from the market identifies growth where growth is scarce, which we believe positions our investments to outperform the index over time

ISIN
IE0004445239

NAV
USD 70.85
As of 2025/05/12

1-Day Change
USD 2.73 (4.01%)
 As of 2025/05/12

Key investment risks:

  • The Fund's investments in equities are subject to equity market risk due to fluctuation of securities values.
  • Investments in the Fund involve general investment, currency, hedging, economic, political, policy, foreign exchange, liquidity, tax, legal, regulatory and securities financing transactions related risks. In extreme market conditions, you

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  • may lose your entire investment.
  • The Fund may invest in financial derivatives instruments for investment and efficient portfolio management purposes. This may involve counterparty, liquidity, leverage, volatility, valuation, over-the-counter transaction, credit, currency, index, settlement default and interest risks; and the Fund may suffer total or substantial losses.
  • The Fund's investments are concentrated in a portfolio of 20-40 US companies and may be more volatile.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.

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The Fund seeks to achieve its objective by investing at least 80% of its assets in a concentrated portfolio of 20-40 equities of US companies selected for their growth potential. The Fund generally invests in larger companies in any industry and sector.

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ABOUT THIS FUND

  • Typically holding 20 to 40 stocks, the fund invests in our best US large-cap growth equity ideas where we believe we have a differentiated view from the market
  • Stock-picker’s fund leveraging three decades of experience in high-conviction investing
  • Fundamental, research-driven approach seeking innovative wide-moat companies

Portfolio Management

Nick Schommer, CFA: Portfolio Manager
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht: Portfolio Manager | Research Analyst
Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

Cumulative Performance (%)
As of 2025/04/30
A2 USD (Net) Russell 1000® Growth Index US Large-Cap Growth Equity - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/12/24
A2 USD (Net) 0.77 -10.56 -6.11 -8.18 9.33 37.53 76.26 565.90
Russell 1000® Growth Index 1.77 -10.15 -1.57 -8.37 14.53 54.48 121.39 707.82
US Large-Cap Growth Equity - OE 1.53 -9.78 -2.24 -6.38 9.31 36.03 79.60 540.32
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2025/03/31
A2 USD (Net) Russell 1000® Growth Index US Large-Cap Growth Equity - OE
2024 2023 2022 2021 2020
A2 USD (Net) 26.85 37.13 -34.32 21.26 37.27
Russell 1000® Growth Index 33.36 42.68 -29.14 27.60 38.49
US Large-Cap Growth Equity - OE 23.20 34.27 -30.62 20.93 33.97
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs980 USD1,010 USD
Average return each year-90.23%-36.82%
UnfavourableWhat you might get back after costs6,190 USD11,060 USD
Average return each year-38.06%2.03%
ModerateWhat you might get back after costs11,250 USD18,170 USD
Average return each year12.47%12.69%
FavourableWhat you might get back after costs15,210 USD27,490 USD
Average return each year52.15%22.41%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 2024/12/31) 		2.15%
The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2025/03/31)
% of Fund
Microsoft Corp 9.77
Amazon.com Inc 8.27
NVIDIA Corp 5.94
Apple Inc 5.43
Mastercard Inc 5.04
Meta Platforms Inc 5.00
Alphabet Inc 4.26
Eli Lilly & Co 3.58
Broadcom Inc 3.57
Oracle Corp 3.46
TOTAL 54.32
Portfolio holdings are subject to change without notice. 
Regional Allocation % of Fund % of Index % of Fund % of Index As of 2025/03/31
Sector Allocation % of Fund % of Index % of Fund % of Index As of 2025/03/31

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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