Fund Review: Alliance Trust Global Thematic Opportunities

Looking ahead, Mr Di Bon notes: “The outlook for global equities in 2014 is positive, especially in light of the favourable economic and policy context in most developed countries. However, stock picking will be of paramount importance given the maturity of the bull run of the past five years, which has resulted in significant expansion of the price/earnings (p/e) multiple across key markets. The fund will continue to identify high-quality opportunities by taking a longer view and focusing on valuation and sustainable growth.”

As one of the more recent entrants to the global opportunities market this fund offers a concentrated stockpicking approach, with a manager clear on the long-term nature of the fund. This could easily fit alongside other global or regional equity mandates as part of a core holding.

Article continues after advert


“This fund was launched two years ago for Ilario Di Bon, who had joined from Fidelity. It has attracted a decent amount of assets in that time and has just less than £200m today. It underperformed the peer group in 2012 but has done well in 2013, in spite of the manager’s increased responsibility in turning around other areas of Alliance’s equity offerings. As the name suggests, there is a thematic overlay to the process, where the manager looks for macro and micro themes that should benefit individual stocks. It is predominantly invested in developed market equities, but he has started to add a small amount to emerging markets with holdings in Mexico and the Asean region, as he has started to see an improved outlook.”