Value is more than a number …
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Focus 15 is an actively managed, concentrated Global Equity Fund that is invested in circa 15 stocks. As a fundamental value investor our research is designed to properly understand how each business functions and to consider pertinent risks to the business. We attempt to value each business, incorporating relevant upside and downside scenarios.
As such the Fund attempts to invest in the most attractive stocks across all the firm's strategies using a risk-return framework. Investments are made for the long-term and are based on investment merit rather than with reference to benchmark. This Fund is mandated to be fully invested in equities. Due to the concentrated nature of the Fund, performance may be volatile.
The investment objective of the Fund is to outperform the MSCI World index over periods of three years or more.
| 1 month | YTD | 1 Year | 3 Year p.a. | 5 Year p.a. | 10 Year p.a. | |
| Fund | 4.7% | 1.5% | 1.5% | 23.3% | 3.4% | 2.4% |
| Benchmark | 3.6% | -2.4% | -2.4% | 13.7% | -2.1% | -0.2% |
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund | 17.0% | -2.7% | -35.2% | 44.0% | 28.2% | 1.5% |
| Benchmark | 7.4% | -1.7% | -37.6% | 25.9% | 19.5% | -2.4% |
| Company | Sector | % of Fund |
| SYSCO | Consumer Staples | 9.6% |
| TIDEWATER | Energy | 9.1% |
| JOHNSON & JOHNSON | Healthcare | 8.8% |
| STERIS | Healthcare | 8.5% |
| MICROSOFT | Information Technology | 8.3% |
| WINCOR NIXDORF | Information Technology | 7.5% |
| MI DEVELOPMENTS | Financials | 6.5% |
| ASTELLAS PHARMACEUTICAL | Healthcare | 6.4% |
| PFIZER | Healthcare | 5.9% |
| LEUCADIA NATIONAL | Financials | 5.2% |
| EVEREST RE GROUP | Financials | 5.2% |
| TOTAL | Energy | 4.5% |
| NTT DOCOMO | Telecoms & Utilities | 4.4% |
| KOMORI | Industrials & Materials | 4.0% |
| BELGACOM | Telecoms & Utilities | 3.8% |
| OPAP | Consumer Discretionary | 1.0% |
| CASH | 1.2% |
| Sector Name | Fund Weight |
| Consumer Discretionary | 1.0% |
| Consumer Staples | 9.7% |
| Energy | 13.8% |
| Financials | 17.1% |
| Healthcare | 30.0% |
| Industrials & Materials | 4.0% |
| Information Technology | 16.0% |
| Telecoms & Utilities | 8.3% |
David Coyne joined Setanta in 2006 and has 13 years investment experience. He began his career with AIB Investment Managers as a trainee fund manager, against the backdrop of the ‘TMT’ bubble in the late-90s. This experience continues to serve him as a lasting reminder of why it never pays to invest with the crowd or to pay premium prices for hype – key tenets of value investing. He has managed the Global Financials sector fund since joining the firm. In addition, David co-manages the concentrated equity fund Focus 15 and Setanta’s absolute return Long Haul Fund. David has a primary degree in Maths / Economics from Trinity College, Dublin and an MSc in Investment and Treasury from Dublin City University.
Rowan Smith joined Setanta in 1998 and has 13 years experience in the asset management industry. Rowan is responsible for the Global Healthcare sector and has managed other global sector portfolios in the past. Rowan co-manages Focus 15, the European fund and the EAFE fund. He gained his BA in Accounting from the National College of Ireland in 1998 and completed the professional examinations of the Institute of Investment Management and Research in 2001.
Performance Source: Setanta Asset Management Limited. Benchmark: MSCI World Index. The Fund returns stated (in Euro) are based on the movements in the unit prices of a representative account, based on mid to mid prices, and are gross of management fees. The performance will be reduced by the impact of management fees paid, the amount of which varies.
The Focus 15 Fund is managed by Setanta Asset Management Limited and is a representative account of the Focus 15 strategy. The Fund is currently available in Ireland via a unit-linked offering of Canada Life Assurance (Ireland) Limited. For this life assurance product, investors should refer to the relevant policy conditions. The strategy is also available on a segregated basis to insitutional investors.
WARNING: Past performance is not a reliable indicator of future results. The price of units and the income from them may go down as well as up and investors may not get back the amount invested. The return may increase or decrease as a result of currency fluctuations. Forecasts are not a reliable indicator of future performance.
