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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Bell Global Equities Fund returned 6.5% in Q2 2026 but underperformed its benchmark by 6.1% as momentum-driven markets favored cyclical value and speculative areas over quality. The fund's QARP approach faced headwinds from extreme market concentration, with the top 20 stocks driving 83% of index returns and AI-related names accounting for 90% despite representing only 30% of the index. Geopolitical developments dominated the quarter, with a fragile US-Iran agreement in June reopening the Strait of Hormuz and triggering commodity price declines, while central banks turned hawkish on energy-driven inflation. The portfolio added semiconductor equipment exposure through Screen Holdings, which surged 50%, and established positions in Legrand and Lowe's. Despite recent underperformance, portfolio fundamentals remain resilient, with holdings trading at approximately 25% discounts to year-ago and 10-year average valuations. The manager believes the current dislocation has created one of the most attractive forward-looking risk-reward profiles in years, with early July showing initial signs of momentum leadership unwinding.
The Bell Global Equities Fund employs a Quality at a Reasonable Price (QARP) approach, focusing on high-quality businesses with strong returns on capital, robust balance sheets, and attractive long-term earnings growth prospects purchased at sensible valuations.
The manager believes the portfolio is considerably better positioned than recent returns suggest, and that the current environment has created one of the most attractive forward-looking risk-reward profiles seen for a long time. While quality investing has experienced periods of relative underperformance before, the magnitude of the current dislocation is among the most extreme observed. History provides no guarantee, but previous periods of significant quality underperformance have ultimately been followed by attractive relative returns as share prices re-align with underlying earnings growth and business fundamentals. Early signs in July suggest potential for an unwind in narrow momentum leadership, though it is too early to conclude this represents a sustained change in market leadership.
As of Jul 17, 2026
Led by Chief Investment Officer Ned Bell alongside Co-Portfolio Manager Joel Connell and Portfolio Manager Matt Saddington, the management team brings extensive experience in global small and mid-cap investing. The team was recently strengthened with the appointment of Andrew Gowen as Director of Research and Portfolio Manager, who contributes over 25 years of global equities experience. Bell Asset Management employs approximately 30 staff with 33% working as investment professionals, demonstrating strong research infrastructure.
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Moderate Conviction Bullish
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