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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Slightly lagging its benchmark. The manager actively adjusted the portfolio by adding resilient quality compounders on pullbacks and exiting fully valued names."
For the month ending 30 April 2025, the Bell Global Equities Fund (Wholesale Class) declined by 2.0%, slightly underperforming its benchmark, the MSCI World ex-Australia Index, which fell 1.8%. The portfolio's monthly decline was primarily driven by depreciating holdings within the Consumer Discretionary, Financials, and Health Care sectors. Although gains were achieved in Communication Services, Energy, and Consumer Staples, they were insufficient to offset broader losses. Geographically, holdings in Asia-Pacific and Europe performed strongest, while North American holdings faced pressure following President Trump's 'Liberation Day' universal tariff announcement on April 2. Key contributors for the month included Japanese ERP provider OBIC Co., Ltd. and UK online car platform Auto Trader Group PLC, both benefiting from limited tariff and currency risk exposure. Conversely, British distribution company Bunzl plc was the main detractor following a profit warning. The fund took advantage of market volatility by initiating new quality compounder positions in Deckers Outdoor Corporation and Gartner, while exiting fully valued holdings including Euronext, Rightmove, BJ's Wholesale Club, Edwards Lifesciences, and Automatic Data Processing.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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