Quarterly Fund Update - September 2020
The third quarter of 2020 saw markets make further gains as economic activity continued to improve from the lows seen in April and May. However, the rate of improvement in activity has started to moderate somewhat and the reality of less sanguine economic conditions resulted in a period of consolidation for markets during September.
For the quarter, the AIM Global High Conviction Fund delivered a return of+5.8% (net of fees) relative to a market return of +3.7%. In September, the fund delivered a return of -0.04% relative to a benchmark return of -0.4%.
The fund's relative performance for the quarter was driven in equal measure by stock selection and remaining underweight the Energy sector.
The top ten holdings have seen no changes beyond what has been driven by market fluctuations; however, we have made some changes outside of the top 10, which we explore in more detail in the quarterly update. We also discuss the recent earnings results delivered by portfolio companies Nike and Accenture.