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


USD 48.86
As of 10/23/2020

1-Day Change
USD 0.43 (0.89%)
As of 10/23/2020


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Watch now for a current market perspective and outlook from the investment team


The Fund aims to provide capital growth over the long term.
Performance target: To outperform the Russell 1000 Growth Index by at least 2.5% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities) of companies, in any industry, in the United States. The Fund is focused towards larger US companies.
The Fund may also invest in other assets including companies outside the United States, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the Russell 1000 Growth Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has a high degree of freedom to exercise conviction, which may result in a high degree of bias within the portfolio. The Fund may hold companies which are not within the index.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.


  • Typically holding 30 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
Past performance is not a guide to future performance. 


Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.


Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 09/30/2020
A2 USD Russell 1000 Growth
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
32.80% 6.95% 25.43% 19.47% 3.27%
Russell 1000 Growth 37.53% 3.71% 26.30% 21.94% 13.76%
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
35.66% 9.26% 28.19% 22.12% 5.56%
Russell 1000 Growth TR + 2.50% 40.98% 6.31% 29.44% 24.98% 16.61%
Cumulative & Annualised Performance (%)
As of 09/30/2020
A2 USD (Net) Russell 1000 Growth
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A2 USD (Net) -4.24% 23.29% 32.80% 21.22% 17.05% 14.70% 7.37%
Russell 1000 Growth -4.70% 24.33% 37.53% 21.67% 20.09% 17.25% 7.26%
3YR 5YR 10YR Since Inception
A2 USD (Gross) - 19.61% 17.23% 9.83%
Russell 1000 Growth TR + 2.50% - 23.09% 20.18% 9.94%
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2020)
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 06/30/2020)


Top Holdings (As of 09/30/2020)
% OF FUND Inc 8.76
Microsoft Corp 7.86
Mastercard Inc 6.15
Apple Inc 5.11
Facebook Inc 4.08
Total 31.96
Sector Allocation % OF FUND % OF FUND (As of 09/30/2020)
Information Technology 36.92
Consumer Discretionary 17.59
Health Care 15.97
Communication Services 15.19
Industrials 4.31
Real Estate 2.31
Consumer Staples 2.28
Financials 2.22
Materials 1.81
Cash & Equivalents 1.40
Regional Allocations % OF FUND % OF FUND (As of September 30, 2020)
North America 94.03
Europe 3.82
Asia/Pacific Ex Japan 0.75
Cash & Equivalents 1.40


  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.