Ashburton Global Leaders Equity Fund

Focused investing through global market leaders

  • Global Leaders Equity Fund | Q1 2025

    Ashburton Investments

    A particularly volatile March rounded out a bumpy 1Q25 for global equity markets, with the MSCI World Net Index returning -4.5% in US dollars (USD) in the month and -1.8% in the quarter (local currency returns of -5% in March and -2.7% in Q1).

  • Global Leaders Equity Fund: Q4 2024

    Ashburton Investments

    Global equity markets finished 2024 relatively subdued, with the MSCI World Index returning -0.2% in U.S. dollars (USD) and +1.9% in local currency in Q4. Notwithstanding the mild Q4 returns, the index had another remarkable year, delivering +19% in USD and +21% in local currency; a cumulative two-year gain of nearly +50% in USD. U.S. election sentiment drove performance in Q4, with the highly cyclical, growth-tilted sectors leading.

  • Global Leaders Equity Fund: September 2024

    Kathy Davey

    In September we saw a much-anticipated cut in the US Federal Funds rate of 50bps with Federal Reserve Committee minutes mentioning confidence that inflation is moving sustainably towards the 2% target. Outside of the US, China announced a slew of prospective stimulus measures to revitalise their economy.

  • Global Leaders Equity Fund: August 2024

    Ashburton Investments

    August was a tale of two halves, starting on a negative note with the Bloomberg World Index dropping 6.5% in the first few days. One of the catalysts for the negative sentiment was a surprise Bank of Japan (BoJ) rate hike.

  • Global Leaders Equity Fund: July 2024

    Ashburton Investments

    July saw many companies report earnings, with aggregate average sales and earnings growth of 4.6% and 11.0%, respectively, for all companies reporting globally.

  • Global Leaders Equity Fund: June 2024

    Ashburton Investments

    In the USA, France, and UK, political transitions are expected following imminent elections. These “lame duck” periods can create uncertainty in markets as outgoing leaders finalise their terms.

  • Global Leaders Equity Fund: May 2024

    Ashburton Investments

    Global equity markets rose in May. Overall, the FTSE All World Index gained 4.1% while the Ashburton Global Leaders Fund (I class USD) returned 4.3%. Outperforming stocks held during the month included Nvidia (26.9%), Apple (13%) and Ping An (10.1%).

  • Global Leaders Equity Fund: April 2024

    Ashburton Investments

    Economists often use all available time or word count to explain the past, then offer a balanced view of the future. Ideally, investors would focus more on their long-term forecasts, valuations, and views, largely ignoring the near term.

  • Global Leaders Equity Fund: March 2024

    Ashburton Investments

    March was another positive month for global equities with the FTSE All-World Index gaining 3.1%. The energy and materials sectors were particularly positive with the equity market rally broadening out from Artificial Intelligence (AI) stocks.

  • Global Leaders Equity Fund: February 2024

    Ashburton Investments

    February 2024 saw the global equity market continue its recent pattern with share price momentum and companies with higher growth rates providing better performance. Index returns continue to be driven by the narrow number of companies delivering great earnings growth.