We’re delighted to announce that the PAN-Tribal Global Equity Fund has again maintained its Highly Recommended rating from Zenith Investment Partners (Zenith)…for the sixth year running.
Based on the number of managers and strategies available to investors, the global equities category is one of the most competitive fields in the investment landscape. Despite this, the PAN-Tribal Global Equity Fund continues to stand out from the pack.
The Fund provides a style-neutral, currency-unhedged and benchmark unaware international equities exposure. Despite some challenging shorter-term performance driven by another year of volatile equity markets, Zenith retains its conviction in the Fund. According to Zenith’s report, this conviction “is underpinned by the high regard we hold for the depth and quality of the investment team”.
Commenting on this achievement, PAN-Tribal CEO Colin Woods said: “Despite the challenges posed to the Fund by another year of volatile markets in 2023, the Fund has been well supported by the advisory community.”
“That the Fund has retained its Highly Recommended rating for the sixth year is a great result for the advisers and investors who have supported the Fund.
“It’s a testament to the quality of both the Davis Advisors’ investment team and the investment process that’s consistently applied irrespective of market conditions.”
Some key highlights from the Zenith report include…
On the Fund overall
“Despite challenging short-term performance, Zenith retains conviction in the Fund, which is underpinned by the high regard we hold for the depth and quality of the investment team. In addition, we view Davis Advisors’ investment process positively, noting its successful implementation since 1969.”
“Zenith has a favourable view of the arrangement between Davis Advisors and PAN-Tribal, believing that it pairs a solid investment manager with a distribution partner that has a strong footprint in the domestic market.”
On the investment process
“Davis Advisors favours market leaders with strong balance sheets, opportunistic investments and contrarian investments, expecting that the majority of the Fund’s performance to be driven by the investment team’s stock selection skills. Zenith believes the security selection process adopted by Davis Advisors is robust and detailed.”
“The portfolio construction process is primarily driven by the fundamental analysis conducted by the investment team. The primary determinants of a stock’s weighting in the Fund are the magnitude of the discount to fair value and the level of analyst conviction. Zenith is comfortable with Davis Advisors’ portfolio construction approach, which ensures a strong connection between the output of its security selection process and the resultant weight of the stocks in the portfolio.”
On the investment team
“Zenith has met with several members of the investment team and considers them to be high calibre, which we view as a key competitive advantage for the Fund.”
“Zenith rates [Danton] Goei as a strong and highly experienced investor.”
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned November 2023) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/fund-researchregulatory-guidelines/