India2.8% Information Technology30.6% Consumer Discretionary23.3% Health Care12.1% Consumer Staples11.5% Financials6.2% Industrials5.3% Energy2.0% Cash and Cash Equivalents9.0% Software & Services29.7% Consumer Services11.2% Retailing10.2% Food, Beverage & Tobacco8.8% Pharma, Biotech & Life Sciences7.4% Commercial & Professional Services5.3% Health Care Equipment & Services4.7% Diversified Financials4.0% Banks2.1% Household & Personal Products2.1%
|% OF PORTFOLIO|
|Paysafe Group plc||4.4%|
|Worldpay Group plc||3.0%|
|Galaxy Entertainment Group Ltd.||2.8%|
|Domino's Pizza Group plc||2.5%|
|Fresenius Medical Care AG & Co.||2.4%|
|Nielsen Holdings plc||2.2%|
Paysafe Group Plc provides online payment processing and money transfer services. The company offers an integrated suite of secure and e-commerce payment solutions. It operates through the following segments: Netbanx and Neteller. The Netbanx segment offers services to accept and process credit & debit cards, online direct debit and local payments. The Neteller segment provides services to accept e-wallet payments. The company was founded in 1996 and is headquartered in Douglas, Isle of Man.
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.
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.
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.
MasterCard is a global payments and technology company connecting consumers, financial institutions, merchants, governments, and businesses worldwide. The company generates revenue by charging fees for providing transaction processing and other payment services; it enjoys a wide economic moat participating in a global oligopoly protected by third party processing and settlement and strong brand equity.
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.
YOOX Net-A-Porter SpA engages in the fashion electronic commerce business. It operates through the Multi-brand and Mono-brand segments. The Multi-brand segment includes activities relating to the multi-brand online stores yoox.com, thecorner.com, and shoescribe.com. The Mono-brand segment comprises the exclusive design, creation and management of the online stores of some of the top global fashion brands. The company was founded by Federico Marchetti on February 4, 2000 and is headquartered in Zola Predosa, Italy.
Nielsen Holdings N.V. is a global information and measurement company. The Company offers critical media and marketing information, analytics, and industry expertise about what consumers watch and what consumers buy on a global and local basis. The Company was taken private in 2006 in a leveraged buyout and became public again in January 2011.
Nielsen is a premier, global franchise whose business has high barriers to entry. It has a high level of recurring revenue, a scalable business model, and generates high levels of free cash flow. It is also a beneficiary of two secular trends: the growth of the developing markets' consumer and emerging middle class, and the capture of consumer behavior as consumers enjoy expanding ways in which to consume media.
|Portfolio P/E Trailing 12 Months*||31.1x|
|Portfolio Price to Cash Flow*||17.7x|
|Portfolio Price to Book*||4.8x|
|Median Market Capitalization*||$11.9 B|
|Number of Holdings||54|
|7-Year Beta* (A shares vs. MSCI AC World ex-U.S. Growth Index)||0.86|
|Emerging Markets Exposure||24.6%|
|Active Share* (vs. MSCI AC World ex-U.S. Growth Index)||90.0%|Consistent Growth30.5% Growth Industry Leaders28.4% Emerging Growth32.1% Cash & Cash Equivalents9.0% Large Cap (> $12 B)52.9% Mid Cap ($2.5 to $12 B)42.2% Small Cap (< $2.5 B)4.9%