search menu Home > Sanlam Investments > Our fund range EQUITIES SVS Sanlam North American Equity Fund Providing exposure to underappreciated growth utilising a thematic framework with the added benefit of AI-enhanced stock screening. The Fund aims to achieve long-term growth of capital primarily through investment in securities quoted on markets in North America. In order to achieve the Fund's objective, the strategy invests in a wide range of companies, large and small, which reflect growth opportunities in various sectors of the North American and global economies. The fund Invests primarily in North America. Managed by a highly experienced team. Focuses on growing companies trading at a discount to their intrinsic value. Sections: 5 reasons to invest Philosophy ESG Investment process Fund commentary Related articles Fund literature Factsheet KIIDs Regulatory Fund information Meet the growth equities team Chris Ford Fund Manager View profile Tim Day Fund Manager View profile Giles Worthington Fund Manager View profile Why invest in the fund? 5 reasons to invest Fund philosophy ESG Investment process High active share with a growth style bias Exposure to secular growth through a diversified blend of high-conviction holdings with attractive thematic attributes The combination of using AI to identify opportunities and the fund managers’ experience gives us a competitive edge Managed by an institutional-quality team with proven experience in thematic investment One of the longest serving US equity fund managers in the UK We use a unique, proprietary AI platform to identify North American companies with exposure to our favoured long-term thematic secular growth drivers. Tim Day, Fund Manager Fund Commentary Monthly Commentary Quarterly Update October 2021 Market/macro backdrop North American equity markets delivered further gains in October with the MSCI North America index posting a sterling total return of 5.2% in GBP (7.0% in USD – source: MSCI). North American equities were buoyed by a positive start to the Q3 earnings season but fixed income markets were volatile as inflationary pressures – and especially soaring energy prices – weighed on sentiment. At the sector level, energy and consumer discretionary delivered outperformance versus the wider North American equity market, while communication services and consumer staples were the laggards. Performance The Fund produced a performance of 6.0% in September (source: Morningstar – B share class). The MSCI North America index produced a sterling total return of 5.2% in GBP (source: MSCI). Past performance is not a guide to future performance. Total return, NAV to NAV basis, net of charges. Positive and negative attributors at stock level Positive: Alphabet, Generac, UnitedHealth Negative: Fiserv, Capital One Financial, Western Digital Significant portfolio changes - buy/sells Buys in October included Ulta Beauty and Keysight Technologies. Ulta is one of the leaders in the beauty & personal care category in the US with a strong position across digital and physical channels. It has a differentiated and crowd-pleasing shopping format that keeps customers coming back and is becoming a community hub for ‘Generation Z’ beauty enthusiasts. Keysight is a leading test & measurement equipment provider for electronic design, e-mobility, network monitoring, 5G and the Internet of Things. There were no complete exits in October although we reduced our exposure to the electronic payments theme through reductions of Fiserv and PayPal. We also took some profits in SVB Financial. Corporate/team highlights We are pleased to report that October was another positive month for the Fund where we outperformed the index, primarily reflecting good stock selection, although being underweight communication services (which underperformed) also added to returns. Outlook As vaccine coverage improves in a number of countries, investors are increasingly trying to ascertain what the ‘new normal’ might look like. While there is plenty of pent-up demand, we also think that there is genuine interest in creating better and more resilient world than the one that existed before the pandemic. We believe that this should provide a supportive backdrop for a number of our favoured investment themes, which include clean energy, electric vehicles, artificial intelligence and the rebuild of infrastructure. Ongoing inflationary pressure and the Fed’s taper could lend support to the more ‘value’ oriented areas of the market in North America in the short term, but the long-term earnings growth profile of the Fund’s holdings remains robust. Explore the details Providing exposure to underappreciated growth utilising a thematic framework with the added benefit of AI-enhanced stock screening. Read the latest factsheet Related articles MARKET OUTLOOK 03 September 2021 Economic output has recovered, but should we fear a financial reckoning? From the rapid nosedive following lockdowns in March 2020 to springing earnings in the first half of ‘21, we’ve moved through this business cycle at top speed. It’s time to take a look at potential market implications and ask ourselves: Does economic payback await? INSIGHTS 02 September 2021 Lovely grub The world's population is rapidly expanding and food consumption will also grow exponentially over the coming years. Could insects be the answer? The insect farming industry has been steadily growing for many years, and insects look set to be a key food source of the future. MARKET OUTLOOK 04 August 2021 Adapting to the new, more nuanced position for markets Over the past 18 months, our commentaries have often reflected on markets either falling dramatically or staging a remarkable revival. Now the position looks less clear-cut and increasingly nuanced. Read all Fund Risks Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. A table with five years’ performance is available in the fund factsheets. The Fund invests mainly in North America, movements in exchange rates may result in frequent rises and falls in the Fund's share price. Exchange rate changes may cause the value of investments to go down as well as up. Ready to invest? Contact us Create a downloadable brochure You can use these buttons to add a page, edit, or print your own brochure Add to brochure Add to brochure Brochure 0 Print Share Contact Us Terms of Use Website Privacy Policy Cookie Policy Modern Slavery Act Transparency Statement Accessibility Legal and Regulatory Sitemap © Sanlam. All rights reserved. Sanlam UK Limited is the provider of the Sanlam website. If you would like to view the regulatory and legal status of each Sanlam company to which this website relates, and the services and products which they provide, please click here. Please agree to proceed. By doing so you agree that you have read and understood the foregoing disclaimer and confirm that you are a professional investor. View disclaimer Cookie Consent We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. This will help us improve our service and tailor the marketing you see on apps and other websites. Select 'Accept all' to agree or 'Manage consents' to chose which cookies we use. Accept all Manage consents The value of investments and any income from them can fall and you may get back less than you invested.