Zenith upgrades Pan-Tribal Global Equity Fund

Zenith upgrades Pan-Tribal Global Equity Fund

After recently celebrating its second anniversary, the Pan-Tribal Global Equity Fund (the Fund) has been upgraded to ‘Recommended’ by Zenith Investment Partners (Zenith).

The research house has closely followed the Fund’s progress since inception, and as part of its recent ‘International Equity – Global (Unhedged)’ sector review, visited the sub-investment manager, Davis Advisors, in New York.

After its extensive review of Davis Advisors and the Fund, Zenith upgraded the fund from ‘Approved’ to ‘Recommended’. According to Zenith’s rating definitions, ‘Recommended’ products are deemed strong investments within their respective asset class, typically rating first quartile on most criteria. The rating also indicates that the analysts have high confidence that the Fund will meet its investment objectives.

The Pan-Tribal Global Equity Fund provides a style neutral, currency unhedged and benchmark unaware exposure to the international equities market. Some key takeouts from Zenith’s report include:

“Zenith holds a positive view on Davis Advisors’ overall investment process. Our conviction in the Fund is based on our assessment of the investment team and portfolio manager, which we believe to be of a high calibre.”

“…we are of the opinion that (Danton) Goei is a strong investor, highlighting his impressive long-term track record.”

“The Fund is constructed in a benchmark unaware manner which may appeal to investors searching for an active international shares manager. Davis Advisors’ style neutral investment process results in the Fund being well suited to delivering outperformance throughout the market cycle (i.e. in both rising and falling market environments).”

“The Fund has historically experienced a low to moderate level of portfolio turnover, between 20% p.a. to 45% p.a., in absolute terms and relative to competitors in this sector. Zenith expects the majority of the Fund’s performance to be delivered via capital appreciation in the unit price rather than through the realisation of capital gains distributed as income. Low levels of portfolio turnover will generally contribute to a more tax effective exposure to international equities, an approach which would typically better suit high marginal tax rate payers.”

“Remuneration for the investment team includes a base salary and a bonus. The bonus determination is predominantly based on whether the firm’s strategies have outperformed their respective benchmarks by at least 1% p.a. over rolling five year periods. Zenith believes this incentive structure is relatively unique in that it is a longer-term hurdle and promotes investment discipline.”

“Given an inception date of November 2014, the Fund’s track record is currently too short to draw any meaningful long-term conclusions. However, Zenith draws comfort from Davis Advisors’ longer-term track record for the strategy which dates back to January 2005. Since the strategy’s inception, it has exceeded its investment objectives”

In its first two years, the Pan-Tribal Global Equity Fund has amassed over $20 million in funds under management and has been added to the investment menus of a number of key platforms; these include AMP North, Asgard, BT Wrap, FirstWrap, Macquarie Wrap, Hub24, and netwealth. More recently, the Fund was added to MLC Wrap and Navigator.



DISCLAIMER:  The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2016) referred to in this document 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 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 http://www.zenithpartners.com.au/RegulatoryGuidelines



The following information has been prepared by PAN-Tribal Asset Management for use by Sophisticated Investors / Wholesale Clients and Investment Professionals only. No account has been taken of the investment objectives, financial situation or particular needs of any particular person. Information is provided for general information purposes only and does not contain investment recommendations nor provide investment advice, nor is it intended to take the place of professional advice. Investors should not take action in reliance on information contained on this website.


Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of PAN-Tribal, its related bodies or associates, nor any other person, guarantees the repayment of capital or the performance of the Fund(s) or any particular returns from the Fund(s). No representation or warranty is made concerning the accuracy of any data contained on this website.


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