India2.7% Consumer Discretionary26.9% Information Technology26.6% Health Care12.7% Consumer Staples11.4% Financials6.8% Industrials3.7% Energy2.1% Cash and Cash Equivalents9.8% Software & Services26.6% Consumer Services12.1% Retailing11.9% Food, Beverage & Tobacco9.0% Pharma, Biotech & Life Sciences8.8% Diversified Financials4.8% Health Care Equipment & Services3.9% Energy2.1% Banks2.0% Household & Personal Products1.9%
|% OF PORTFOLIO|
|Galaxy Entertainment Group Ltd.||2.8%|
|Fresenius Medical Care AG & Co. KGaA||2.6%|
|Domino's Pizza Group plc||2.4%|
|Just Eat plc||2.2%|
|Alibaba Group Holding Ltd.||2.1%|
|B&M European Value Retail S.A.||2.1%|
Wirecard AG offers internet payment and processing services. The Company provides software and systems for online payment, electronic funds transfer, fraud protection, and enterprise solutions. As credit and debit transactions continue to take share from cash and checks, ecommerce and mobile payments should benefit.
Galaxy Entertainment is one of six casino operators with a license to operate in Macau. The company operates two flagship properties at the moment: Galaxy Macau and Starworld and is in the process of doubling the size of Galaxy Macau through Phase 2 expansion on the Cotai Peninsula.
The majority of Macau casino customers originate from China and Hong Kong with most of the revenue currently driven by the VIP market. The mass market opportunity though is increasing with rising wealth in China and infrastructure projects that enable easier access into Macau. Galaxy is well positioned to capture this incremental share.
Bayerische Motoren Werke AG engages in the manufacture and sale of automobiles and motorcycles. The company operates its business through the following segments: Automotive, Motorcycles and Financial Services. The Automotive segment develops, manufactures, assembles, and sells cars and off-road vehicles, under the following brands: BMW, MINI and Rolls-Royce, as well as spare parts and accessories. The Motorcycles segment develops, produces, assembles, and markets BMW and Husqvarna brand motorcycles, as well as spare parts and accessories. The Financial Services segment includes car leasing, fleet business, retail customer and dealer financing, customer deposit business, and insurance activities. Bayerische Motoren Werke was founded on March 6, 1916 and is headquartered in Munich, Germany.
Domino's Pizza Group holds the exclusive master franchise to own, operate and franchise Domino's Pizza stores in the U.K., Ireland, and Germany. The company manages a base of over 800 stores, mainly in the U.K. and Ireland. The company is the leading operator in the UK pizza delivery market and has exhibited consistent growth and margin expansion as it expands in a still relatively under penetrated market.
Worldpay Group Plc engages in global payment solutions. It operates through the following business divisions: global ecommerce, Worldpay UK, and Worldpay U.S. The global ecommerce division provides a range of online and mobile multi-currency payment acceptance, validation, and settlement services. The Worldpay UK division offers in-store, phone, online, and mobile payment acceptance solutions. The Worldpay U.S. division includes in-store, online, and mobile payment acceptance solutions for United States-based merchants, with a focus on developing omni-chanel and integrated payment solutions. The company is headquartered in London, the United Kingdom.
Alibaba Group was the largest online and mobile commerce company in the world by gross merchandise volume in 2013. Alibaba operates platforms for third parties and does not engage in direct sales or hold inventory. Alibaba Group started as an online B2B marketplace platform, alibaba.com, in 1999. In 2003, it launched an online C2C marketplace platform, Taobao. In 2008, it launched an online B2C marketplace platform, Tmall.
Taobao currently has 85% market share in China C2C ecommerce market. Tmall has 55% market share in China B2C ecommerce market. We believe Alibaba Group is a beneficiary of 1) growth in China consumption, and 2) increasing penetration of online retail to offline retail.
B&M European Value Retail SA is a general merchandise discount retailer. It offers fast-moving consumer goods (FMCG) brands and a variety of non-grocery products at a broad range of categories and price points. The company's product range spread over a number of non-grocery merchandise categories, including housewares, DIY, electrical, toys and pet products. B&M European Value Retail was founded on May 19, 2014 and is headquartered in Luxembourg.
|Portfolio P/E Trailing 12 Months*||28.2x|
|Portfolio Price to Cash Flow*||19.8x|
|Portfolio Price to Book*||4.1x|
|Median Market Capitalization*||$13.5 B|
|Number of Holdings||54|
|7-Year Beta* (A shares vs. MSCI AC World ex-U.S. Growth Index)||0.88|
|Emerging Markets Exposure||20.9%|
|Active Share* (vs. MSCI AC World ex-U.S. Growth Index)||91.0%|Consistent Growth29.3% Growth Industry Leaders29.5% Emerging Growth31.4% Cash & Cash Equivalents9.8% Large Cap (> $12 B)65.2% Mid Cap ($2.5 to $12 B)28.9% Small Cap (< $2.5 B)5.9%