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Recent fund developments

Following the most recent earnings season, the fund’s stock holdings suffered a price fall that reflected the switch in the market’s mindset from inflationary to deflationary mindset, rather than a raft of poor results. It is overweight in those sectors that will outperform in the inflationary scenario.

During November, the fund’s stocks witnessed an ***EPS 12-month forward Earnings Revision Ratio*** of 2.23:1 (upgrades to downgrades). Month-to-date and during the earnings season, we in the portfolio have been seeing twice as many upgrades than downgrades. This is substantially more impressive than its benchmark, which observed a net downgrade of earnings estimates (0.86 upgrades for every downgrade).