New Capital
US Growth Fund

»JOEL RUBENSTEIN

Riding the US recovery via growth stocks

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A stockpicking strategy to access the improving US economy

We launched the New Capital US Growth Fund in 2010, based on our view that growth across the Atlantic will be on an upward trend for years to come.

While New Capital US Growth is a large-cap focused fund, it also includes the team’s best mid and small-cap ideas.

In short, the philosophy is to own the highest-quality growth companies with superior financial models.

To pare down the universe to best ideas, the team uses a detailed bottom-up process, driven by in-depth industry analysis and proprietary financial modelling.

Each stock in the universe goes through our proprietary investment framework, grading every one based on four categories to produce an overall score.

The first two factors are qualitative, looking at a company’s quality and timeliness – while the managers want to hold the best stocks, they also want to own them at the right point.

This is typically before a positive earnings surprise and over the years, around 75% of holdings in the portfolios every year have met this criterion.

While the first two metrics are subjective and tend not to vary too far, the other two are quantitative and linked to real-time stock prices. One is called the growth grade and the other the market’s growth grade: this focuses on our valuations but tempers them with consensus to ensure funds do not own companies too early.

We tend to be long-term holders of stocks, often owning businesses as they graduate from small to mid to large caps. That said, the team are far more active traders than many peers, looking to benefit from ongoing volatility in stock prices.

On the case for a US growth focus today, our analysis highlights an improving macro backdrop in the country, with interest rates, inflation and energy prices all co-operating with increasingly confident consumers.

A rising interest rate environment is traditionally one in which growth equities outperform value and valuations are also positive at present, at a discount to the long-run average with solid earnings expectations and many businesses sitting on cash balances.

Video

Finding opportunities in a low growth environment

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Morningstar rating is shown for the New Capital US Growth Fund USD Inst Acc share class

163.18%

Cumulative performance is for the USD Ord Acc share class, since inception (26 Jul 2010)
 
  1 Year YTD
Fund
Benchmark
»QUARTERLY COMMENTARY
»LATEST WEBINAR

PRICES AND LITERATURE

Class ISIN Price Currency Price Date Factsheet Datasheet KIID
USD Ord Acc IE00B3PHBL43 261.89 USD 12/13/2017
EUR Ord Acc IE00B3M4GP73 242.21 EUR 12/13/2017 -
GBP Ord Acc IE00B3M6FR88 259.95 GBP 12/13/2017 -
CHF Ord Acc IE00B67QFN07 246.05 CHF 12/13/2017 -
USD Inst Acc IE00B55BL213 245.57 USD 12/13/2017
HKD Ord Acc IE00BDGSPV42 129.11 HKD 12/13/2017 -
GBP Inst Acc (unhedged) IE00BDGNWF22 131.32 GBP 12/13/2017 -

DOWNLOAD FUND DOCUMENTS FOR DUE DILIGENCE

Reports & Accounts
Annual Report-ENG
Semi-Annual Report-ENG
Prospectus
Full Prospectus-ENG
How to Invest
Application Form
Shareholder Notice
Shareholder Notice-ENG
HMRC Year End Reporting
HMRC Reporting-ENG
Registration Matrix
Registration Matrix-ENG
Dealing Calendar
Dealing Calendar-ENG
Memorandum and Articles of Association
Memorandum and Articles of Association-ENG

DOWNLOAD HISTORICAL PRICES FOR DUE DILLIGENCE

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