US Equity - Majedie

We target stocks offering an attractive asymmetric return profile with clear catalysts to realise the potential.

The US Equity Fund is a concentrated, high-conviction US equity portfolio, managed by Adrian Brass, with Hong Yi Chen and James Dudgeon as fund analysts.

The investment process seeks to identify, investigate and then invest in stocks that meet two key criteria. First, there should be an asymmetric share price return profile, and, second, there should be a clear catalyst that can crystallise this potential. Our investigation aims to build conviction around a thesis that there will be a material positive surprise over the coming years.

In an increasingly global world shrunk by 24-7 news streams, there is a risk of being swamped by the blizzard of emails, broker calls, blogs, share-price gyrations, and economic reports. However, we believe that having an explicit philosophy, and a process that is built around it, means that we can embrace and harness information, rather than being overwhelmed by it.

Ultimately, our analysis is distilled into fundamental and valuation-based forecasts which allows the setting of two-year share price targets, according to three outcomes: optimistic, base case and pessimistic.

Having built conviction that the stock meets both investment criteria, the size of the investment is driven by both the attractiveness of the return profile, and the conviction that the catalyst will materialise within our two-year timeframe.


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Majedie US Equity Fund Class Z Acc (net of fees, USD)

S&P 500*

Discrete years (%)
12 months ending
Dec 15Dec 16Dec 17Dec 18Dec 19Since Inception^ (P.A.)
(to 31 December 2019)
Z Accumulation (USD) 0.8 5.1 15.7 -4.0 31.1 10.2
S&P 500 Net* 0.7 11.2 21.1 -4.9 30.7 11.1
Relative 0.0 -6.1 -5.4 +0.9 +0.4 -0.9

^26 June 2014

Source: Majedie, USD, net of fees.

*For reference only

Other share classes are available.
Past performance is not necessarily a guide to future performance. The return on investments may increase or decrease as a result of currency fluctuations.

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN Price Price swing Pricing date Valuation point
A USD Acc IE00BNGWXX42 1.7554 none 16 Oct 2020 C.O.B., NY
A GBP Acc IE00BNGWXW35 2.308 none 16 Oct 2020 C.O.B., NY
B USD Acc IE00BNGWXZ65 1.9291 none 16 Oct 2020 C.O.B., NY
B GBP Acc IE00BNGWXY58 2.5364 none 16 Oct 2020 C.O.B., NY
P USD Acc IE00BYMLZX67 1.7718 none 16 Oct 2020 C.O.B., NY
Z USD Acc IE00BNGWY190 1.8396 none 16 Oct 2020 C.O.B., NY
Z GBP Acc IE00BNGWY083 2.4196 none 16 Oct 2020 C.O.B., NY

The prices shown are historic (calculated at the valuation point on the date shown) and are indicative only. Transactions will be effected at the price next calculated after receipt of a valid dealing instruction.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN OCF (%) AMC (%) ACC (%) One-off entry/exit cost (%) Transaction costs (%) Performance fees (%) Pricing basis Dilution Rates (%)
A USD Acc IE00BNGWXX42 1.62 1.50 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05
A GBP Acc IE00BNGWXW35 1.62 1.50 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05
B USD Acc IE00BNGWXZ65 0.12 0.00 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05
B GBP acc IE00BNGWXY58 0.12 0.00 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05
P USD Acc IE00BYMLZX67 0.01 0.00 0.00 0.00 / 0.00 0.00 0.08 Single Swing 0.05 / 0.05
Z USD Acc IE00BNGWY190 0.87 0.75 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05
Z GBP Acc IE00BNGWY083 0.87 0.75 0.12 0.00 / 0.00 0.16 Single Swing 0.05 / 0.05

Charges shown are predicted (calculated at the valuation point on 30 September 2020 and estimated as of 05 October 2020), are for indicative purposes only and subject to change. Please note that B share classes are only available by separate agreement with Majedie Asset Management Limited, bespoke arrangements typically include performance fee structures.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.
OCF (%): Ongoing Charges Figure. This is the annual cost that is incurred through the regular operation of the Fund. The figure is normally based the actual costs of the previous year, but for new funds or a new share class of existing funds, the figure provided may be an estimate based on expected costs. These charges are deducted from the daily quoted price of the Fund. The two components of the OCF, Annual Management Charge (AMC) and Admin Cost Charges (ACC) are described separately. The OCF does not include Entry Charges, Exit Charges or Transaction Costs (such as taxes and execution) which are quoted separately in this table. Research Costs are paid for by Majedie.
AMC (%): Annual Management Charge. This is the annual charge received by Majedie Asset Management Limited.
ACC (%): Admin Cost Charge. This is the annual charge for all other administrative costs incurred in the regular operation of the Fund, including for example daily fund accounting, safe custody of assets, transfer agency services, trustee & depositary oversight, regulatory fees, external audit and where applicable, hedged share class administration fees. Where Majedie Asset Management has elected to pay certain costs, the ACC quotes only those costs that will be paid by the Fund. The ACC is the difference between the OCF and the AMC.
Entry / Exit Charge: No entry or exit fees are charged for any fund.
Transaction costs (%): This figure includes explicit costs (taxes such as stamp duty‚ exchange fees‚ and commission paid to brokers for execution)‚ an estimate of implicit costs or “slippage” (using intraday arrival prices)‚ and – where relevant – an offset from any anti-dilution mechanisms applied. These ex-ante costs are projected using the actual costs incurred over the most recent 3 year period‚ annualised (but excluding commissions paid for research pre-2018 which are now absorbed by Majedie).
Performance fee (%): Please see the fund prospectus for details on any performance fee terms. These ex-ante cost projections are based on the actual performance fees incurred over the most recent 5 year period‚ annualised (using a proxy for share classes with shorter histories). Please note that this could mean that 0 is shown but an amount may be incurred in the future. If no figure is shown in this column, no performance fee applies.
Pricing Basis: The Fund operates on a single swinging pricing basis. Prices are swung up / down whenever there are net inflows / outflows of $400,000 (or currency equivalent) or higher on any dealing day.  Please see the prospectus for further information.
Dilution Rates (%): These are the current bid/offer rates applied to prices when swung down/up.  Dilution compensates the Fund for transaction taxes, trade execution costs and market spread incurred by the Fund in actioning trades resulting from investor subscriptions or redemptions.   Dilution rates are reviewed regularly and therefore subject to change.

This information is not intended to be an offer or solicitation of an offer to buy or sell securities. All rights in the referenced index are vested in the index owner and/or its licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.

Fund: For further information, please refer to the Prospectus and/or KIIDs
Notes
For further information, please refer to the Prospectus and/or KIIDs.
More details on costs and charges can be found in the European MiFID Template (EMT) – Excel or the European MiFID Template (EMT) – Pipe Delimited files.