32433
Sustainability risks are integrated as part of the decision-making process and a dynamic asset allocation process is used that seeks to ensure that risk and variations in value are reduced. The fund has a long-term track record of positive risk-adjusted returns with lower volatility.
The Fund follows a similar investment strategy to the Gresham House Global Multi-Asset Fund, but differentiates itself through its ethical focus.
Stocks are subject to an ethical screen and the Fund avoids those companies in conflict with global ESG norms. Therefore, the investment universe is more limited.
Investors in the Gresham House Global Thematic Multi-Asset Fund have the potential to benefit from:
Diversification: The Fund provides a wide exposure to different asset classes, which reduces the volatility of the aggregated return.
Active asset allocation: With an emphasis on the value and quality of the assets, we strive to produce positive returns by maintaining appropriate levels of exposure to the relevant asset class at suitable points in the economic and business cycle.
We follow a disciplined investment process to achieve the investment objectives for our investors.
Past performance is not a guide to future performance. Capital at risk.
Period | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|---|
Fund return* | 8.29% | 4.37% | -8.35% | 17.22% | 6.74% | 14.46% | -4.48% | 1.86% | 1.93% | -2.43% |
Close of business mid-market prices | Deal Date | Dealing Price € |
---|---|---|
30/09/2024 | 01/10/2024 | 143.5376 |
31/08/2024 | 01/09/2024 | 140.4164 |
31/07/2024 | 01/08/2024 | 141.5856 |
30/06/2024 | 01/07/2024 | 136.3279 |
31/05/2024 | 01/06/2024 | 139.2510 |
30/04/2024 | 01/05/2024 | 133.9608 |
31/03/2024 | 01/04/2024 | 135.6564 |
29/02/2024 | 01/03/2024 | 131.0288 |
31/01/2024 | 01/02/2024 | 131.2532 |
31/12/2023 | 01/01/2024 | 132.5509 |
30/11/2023 | 01/12/2023 | 126.9746 |
31/10/2023 | 01/11/2023 | 120.2942 |
30/09/2023 | 01/10/2023 | 126.7378 |
31/08/2023 | 01/09/2023 | 130.0249 |
31/07/2023 | 01/08/2023 | 131.5933 |
30/06/2023 | 01/07/2023 | 129.5138 |
31/05/2023 | 01/06/2023 | 128.9029 |
30/04/2023 | 01/05/2023 | 131.9407 |
31/03/2023 | 01/04/2023 | 132.6859 |
28/02/2023 | 01/03/2023 | 136.6672 |
31/01/2023 | 01/02/2023 | 134.2986 |
31/12/2022 | 01/01/2023 | 127.0007 |
30/11/2022 | 01/12/2022 | 130.9351 |
31/10/2022 | 01/11/2022 | 128.7774 |
30/09/2022 | 01/10/2022 | 122.9133 |
31/08/2022 | 01/09/2022 | 133.3939 |
31/07/2022 | 01/08/2022 | 136.9902 |
30/06/2022 | 01/07/2022 | 129.4374 |
31/05/2022 | 01/06/2022 | 137.0234 |
30/04/2022 | 01/05/2022 | 140.3650 |
31/03/2022 | 01/04/2022 | 139.6421 |
28/02/2022 | 01/03/2022 | 136.1057 |
31/01/2022 | 01/02/2022 | 136.5485 |
31/12/2021 | 01/01/2022 | 138.5754 |
30/11/2021 | 01/12/2021 | 132.7031 |
29/10/2021 | 01/11/2021 | 137.1287 |
30/09/2021 | 01/10/2021 | 131.6478 |
31/08/2021 | 01/09/2021 | 134.7641 |
30/07/2021 | 03/08/2021 | 133.5442 |
30/06/2021 | 01/07/2021 | 130.8747 |
31/05/2021 | 01/06/2021 | 131.3781 |
30/04/2021 | 01/05/2021 | 127.9472 |
31/03/2021 | 01/04/2021 | 126.5800 |
26/02/2021 | 01/03/2021 | 121.9934 |
29/01/2021 | 01/02/2021 | 118.9285 |
31/12/2020 | 04/01/2021 | 118.2203 |
30/11/2020 | 01/12/2020 | 114.4186 |
30/10/2020 | 02/11/2020 | 106.2492 |
30/09/2020 | 01/10/2020 | 107.9432 |
31/08/2020 | 01/09/2020 | 107.2796 |
31/07/2020 | 04/08/2020 | 103.6997 |
30/06/2020 | 01/07/2020 | 102.4709 |
31/05/2020 | 02/06/2020 | 103.0517 |
30/04/2020 | 01/05/2020 | 100.4763 |
31/03/2020 | 01/04/2020 | 93.2481 |
28/02/2020 | 02/03/2020 | 104.1408 |
31/01/2020 | 03/02/2020 | 108.6331 |
31/12/2019 | 02/01/2020 | 110.7539 |
30/11/2019 | 02/12/2019 | 108.5602 |
31/10/2019 | 01/11/2019 | 106.1562 |
30/09/2019 | 01/10/2019 | 104.8950 |
30/08/2019 | 02/09/2019 | 102.6139 |
31/07/2019 | 01/08/2019 | 104.3679 |
28/06/2019 | 01/07/2019 | 104.5224 |
31/05/2019 | 04/06/2019 | 102.4940 |
30/04/2019 | 01/05/2019 | 106.7369 |
29/03/2019 | 01/04/2019 | 104.4960 |
28/02/2019 | 01/03/2019 | 104.2016 |
31/01/2019 | 01/02/2019 | 101.5180 |
31/12/2018 | 02/01/2019 | 96.7642 |
30/11/2018 | 03/12/2018 | 101.0732 |
31/10/2018 | 01/11/2018 | 101.2560 |
28/09/2018 | 01/10/2018 | 103.1678 |
31/08/2018 | 03/09/2018 | 102.8722 |
31/07/2018 | 01/08/2018 | 103.5996 |
29/06/2018 | 02/07/2018 | 102.1571 |
31/05/2018 | 01/06/2018 | 101.8900 |
30/04/2018 | 01/05/2018 | 100.7902 |
29/03/2018 | 03/04/2018 | 98.6876 |
28/02/2018 | 01/03/2018 | 100.2820 |
31/01/2018 | 01/02/2018 | 101.9015 |
29/12/2017 | 02/01/2018 | 101.3017 |
30/11/2017 | 01/12/2017 | 99.8946 |
31/10/2017 | 01/11/2017 | 101.2479 |
29/09/2017 | 02/10/2017 | 99.9150 |
31/08/2017 | 01/09/2017 | 97.7266 |
01/08/2017 | 02/08/2017 | 98.6719 |
30/06/2017 | 03/07/2017 | 98.9100 |
31/05/2017 | 01/06/2017 | 99.3799 |
31/05/2017 | 01/06/2017 | 100.1063 |
28/04/2017 | 02/05/2017 | 100.1953 |
31/03/2017 | 03/04/2017 | 99.9134 |
28/02/2017 | 01/03/2017 | 98.3884 |
02/02/2017 | 02/02/2017 | 99.4497 |
30/12/2016 | 03/01/2017 | 97.9558 |
30/11/2016 | 01/12/2016 | 96.1930 |
31/10/2016 | 31/10/2016 | 96.2759 |
30/09/2016 | 03/10/2016 | 96.8322 |
31/08/2016 | 01/09/2016 | 96.1365 |
31/07/2016 | 01/08/2016 | 95.1260 |
30/06/2016 | 01/07/2016 | 95.8331 |
31/05/2016 | 01/06/2016 | 94.9925 |
29/04/2016 | 03/05/2016 | 95.0435 |
31/03/2016 | 01/04/2016 | 94.4893 |
01/03/2016 | 01/03/2016 | 95.5456 |
01/02/2016 | 01/02/2016 | 97.5678 |
31/12/2015 | 04/01/2016 | 98.9225 |
30/11/2015 | 01/12/2015 | 97.6258 |
30/10/2015 | 02/11/2015 | 94.6216 |
30/09/2015 | 01/10/2015 | 96.0355 |
31/08/2015 | 01/09/2015 | 99.6289 |
Prospective investors can access information about how to invest in our products, by directly contacting
Kathryn Hannon, Head of Private Clients
+353 87 741 6057 | k.hannon@greshamhouse.ie
Callum joined Gresham House in January 2024.
Prior to joining Gresham House, Callum worked for Goodbody Stockbrokers as a sell-side equity analyst, initially covering macro research before covering the UK video games and technology sectors.
Callum holds 3 years’ financial services experience and holds a BSc in Financial Mathematics & Economics from National University of Ireland, Galway.
Derek joined the Fund Management industry in 2008. Previously, he worked as a Senior Equity Portfolio Manager within the Treasury Asset Management division of the IKEA Group. Prior to this he held the position of Portfolio Manager with AGF, a Canadian mutual fund company.
Derek has considerable experience in managing Global Equity Portfolios and has spent time working overseas in Singapore. He holds an MBS (Corporate Finance and Accounting) from University College Cork, a BBS (Economics and Finance) from the University of Limerick and the Chartered Financial Analyst (CFA) designation.
Patrick is the Managing Director and Chair of the Investment Committee for the Gresham House Asset Management Ireland Funds.
Patrick founded Gresham House Asset Management Ireland Limited (formerly Appian Asset Management Limited) in 2002 after completing the management buy-out of the private client arm of Aberdeen Asset Management Ireland Limited. He has over 30 years’ investment experience in the fund management, stockbroking and private banking businesses and was Head of Investment for ABN AMRO Bank in Ireland.
He is a qualified Investment Analyst, is a member of the Chartered Financial Analysts Institute and the Society of Investment Professionals in the UK and Ireland. Patrick is also a member and director of the Board of the Irish Association of Investment Managers (IAIM).
Kathryn joined Gresham House Ireland in March 2022 to spearhead our offering for private clients. She has worked as an investment manager with private clients for over 15 years, aligning their investment strategies with their personal goals, across various wealth structures. She has over 20 years’ experience in the wealth management sector, having advised individuals and their families, not-for-profits, corporates and pension clients in this time.
Kathryn graduated with a degree in Corporate Law and interned at MetLife Bank in New York prior to commencing her career at a large wealth management business in Dublin. She is a Chartered Member of the Securities & Investment Institute in London and holds the CFP® designation. She also holds a first-class MSc in Financial Services, and has served as a Professional Pension Trustee Practitioner. Demonstrating her commitment to sustainable investing, Kathryn recently completed the ESG Certificate via the CFA.
Sean is a member of the Institute of Banking with over 38 years experience in the financial services industry. Sean has worked / lived in Waterford, Thurles, Kilkenny and Cork holding branch manager, area and regional management positions. Sean now lives in Cork and is Appian’s South of Ireland business development manager.
Kenneth joined Gresham House Ireland in March 2023.
Prior to Gresham House, Kenneth spent two years with Bank of Ireland in a Welcome and Operations role dealing with commercial and personal customers.
Kenneth graduated from the University of Galway with a Bachelor of Commerce and is studying for his Qualified Financial Advisor exams.
Ian joined Gresham House Ireland (formerly Appian Asset Management) in June 2009 after spending over five years at Bear Stearns. Ian worked within Bear’s Fixed Income/Equity operational departments for two years followed by three years in the Legal & Compliance Department where he worked as an AMLO Officer & Compliance Officer. In June 2009, Ian worked within the Account Opening/Compliance departments before managing the operations department. Ian has built up a strong relationship with our brokers and clients over the past nine years. Ian brings a wealth of experience into our client relationship team having worked in the industry for nearly 14 years. Ian is a Qualified Financial Advisor.
Brian has over 30 years of industry experience. Previously Co-Head of Investment Banking and Managing Director of Corporate Finance in Goodbody Stockbrokers, Mr. O’Kelly has deep knowledge of financial markets having operated at the highest level at a regulated entity at Goodbody Stockbrokers. He also sat on the board of Directors at Goodbody Stockbrokers and Ganmac Holdings, the holding company of the Goodbody Group. He was previously the Senior Independent Director at Irish Continental Group plc.
Catherine is a former partner and Chair of one of Ireland’s leading law firms, A&L Goodbody. During her partnership she was head of the financial services and banking department and head of its asset finance group. She has advised many RFSP’s in meeting their obligations in the banking and private equity space. Her practice included all aspects of banking including corporate and acquisition financing, asset financing, securitisation, and general banking. Catherine has also been a director of a publicly quoted firm.
Co-Founder and MD of Real Estate, Gresham House Ireland. He has over 35 years experience in property and investment management and was previously Managing Director of Treasury Holdings Ireland having joined the company in 2000. Before that he was Head of Property with AIB Investment Managers Ltd.
In 2001 he served as President of the Society of Chartered Surveyors in Ireland (SCSI). He is a Fellow of the SCSI and of the Royal Institution of Chartered Surveyors. He has an MBA from University College Dublin and was the Chairman of the Urban Land Institute Ireland.
Pat joined the Board in September 2017.
He currently holds a variety of advisory and Board level roles at commercial, charitable and European bodies, including the Institute for International and European Affairs, Gore Street Energy Storage Fund Plc, Ecocem Ireland, European Investment Bank and Supernode Ltd. Ireland.
He is a former Irish politician and television current affairs presenter. He was President of the European Parliament from 2002 to 2004 and served as a member of the European Parliament from 1989 to 2004. Prior to this he was a journalist and presenter with RTÉ’s Today Tonight and then a Teachta Dála (TD) for Cork South–Central.
Tony has been Chief Executive Officer (CEO) of Gresham House since December 2014. He chairs the Investment Committees of Gresham House and Strategic Equity Capital plc and is a Non-Executive Director for Gresham House Asset Management Ireland Limited.
Tony led the management buy-in and established a new management team that transformed the firm from an investment trust into the specialist asset manager it is today.
Tony has a long track record of investing and advising numerous public and private equity businesses. From 2002 to 2011, he established and grew SVG Investment Managers before being asked to lead SVG Advisors (formerly Schroder Ventures, London) as CEO. He started his career at Phillips & Drew Fund Management (later UBS Global Asset Management), one of the UK’s most prominent value investment firms with £60bn in assets under management at its peak and where he was a member of the Investment Committee. He was also previously Chair of the LPFA Investment Panel and Non-executive Board member.
Tony has over 25 years of investment experience and holds an MA in Management Studies from the University of Cambridge (where he was also a junior rugby international and Blue).
Patrick is the Managing Director and Chair of the Investment Committee for the Gresham House Asset Management Ireland Funds.
Patrick founded Gresham House Asset Management Ireland Limited (formerly Appian Asset Management Limited) in 2002 after completing the management buy-out of the private client arm of Aberdeen Asset Management Ireland Limited. He has over 30 years’ investment experience in the fund management, stockbroking and private banking businesses and was Head of Investment for ABN AMRO Bank in Ireland.
He is a qualified Investment Analyst, is a member of the Chartered Financial Analysts Institute and the Society of Investment Professionals in the UK and Ireland. Patrick is also a member and director of the Board of the Irish Association of Investment Managers (IAIM).
View or subscribe to the key shareholder information for this company.
Gresham House Unit Trust – Annual Report and Accounts – 30 September 2023 >>
Gresham House Unit Trust – Annual Report and Accounts – 30 September 2022 >>
Appian Unit Trusts – Annual Report and Accounts – 30 September 2021 >>
Appian Unit Trusts – Annual Report and Accounts- 30 September 2020 >>
Appian Unit Trusts – Annual Report and Accounts – 30 September 2019 >>
Gresham House Unit Trust – Interim Report and Accounts – 31 March 2023 >>
Appian Unit Trusts – Interim Report and Accounts – 31 March 2022 >>
Appian Unit Trusts – Interim Report and Accounts – 31 March 2021 >>
Appian Unit Trusts – Interim Report and Accounts – 31 March 2020 >>
Appian Unit Trusts – Interim Report and Accounts – 31 March 2019 >>
Close of business mid-market prices | Deal Date | Dealing Price € |
---|---|---|
30/09/2024 | 01/10/2024 | 143.5376 |
31/08/2024 | 01/09/2024 | 140.4164 |
31/07/2024 | 01/08/2024 | 141.5856 |
30/06/2024 | 01/07/2024 | 136.3279 |
31/05/2024 | 01/06/2024 | 139.2510 |
30/04/2024 | 01/05/2024 | 133.9608 |
31/03/2024 | 01/04/2024 | 135.6564 |
29/02/2024 | 01/03/2024 | 131.0288 |
31/01/2024 | 01/02/2024 | 131.2532 |
31/12/2023 | 01/01/2024 | 132.5509 |
30/11/2023 | 01/12/2023 | 126.9746 |
31/10/2023 | 01/11/2023 | 120.2942 |
30/09/2023 | 01/10/2023 | 126.7378 |
31/08/2023 | 01/09/2023 | 130.0249 |
31/07/2023 | 01/08/2023 | 131.5933 |
30/06/2023 | 01/07/2023 | 129.5138 |
31/05/2023 | 01/06/2023 | 128.9029 |
30/04/2023 | 01/05/2023 | 131.9407 |
31/03/2023 | 01/04/2023 | 132.6859 |
28/02/2023 | 01/03/2023 | 136.6672 |
31/01/2023 | 01/02/2023 | 134.2986 |
31/12/2022 | 01/01/2023 | 127.0007 |
30/11/2022 | 01/12/2022 | 130.9351 |
31/10/2022 | 01/11/2022 | 128.7774 |
30/09/2022 | 01/10/2022 | 122.9133 |
31/08/2022 | 01/09/2022 | 133.3939 |
31/07/2022 | 01/08/2022 | 136.9902 |
30/06/2022 | 01/07/2022 | 129.4374 |
31/05/2022 | 01/06/2022 | 137.0234 |
30/04/2022 | 01/05/2022 | 140.3650 |
31/03/2022 | 01/04/2022 | 139.6421 |
28/02/2022 | 01/03/2022 | 136.1057 |
31/01/2022 | 01/02/2022 | 136.5485 |
31/12/2021 | 01/01/2022 | 138.5754 |
30/11/2021 | 01/12/2021 | 132.7031 |
29/10/2021 | 01/11/2021 | 137.1287 |
30/09/2021 | 01/10/2021 | 131.6478 |
31/08/2021 | 01/09/2021 | 134.7641 |
30/07/2021 | 03/08/2021 | 133.5442 |
30/06/2021 | 01/07/2021 | 130.8747 |
31/05/2021 | 01/06/2021 | 131.3781 |
30/04/2021 | 01/05/2021 | 127.9472 |
31/03/2021 | 01/04/2021 | 126.5800 |
26/02/2021 | 01/03/2021 | 121.9934 |
29/01/2021 | 01/02/2021 | 118.9285 |
31/12/2020 | 04/01/2021 | 118.2203 |
30/11/2020 | 01/12/2020 | 114.4186 |
30/10/2020 | 02/11/2020 | 106.2492 |
30/09/2020 | 01/10/2020 | 107.9432 |
31/08/2020 | 01/09/2020 | 107.2796 |
31/07/2020 | 04/08/2020 | 103.6997 |
30/06/2020 | 01/07/2020 | 102.4709 |
31/05/2020 | 02/06/2020 | 103.0517 |
30/04/2020 | 01/05/2020 | 100.4763 |
31/03/2020 | 01/04/2020 | 93.2481 |
28/02/2020 | 02/03/2020 | 104.1408 |
31/01/2020 | 03/02/2020 | 108.6331 |
31/12/2019 | 02/01/2020 | 110.7539 |
30/11/2019 | 02/12/2019 | 108.5602 |
31/10/2019 | 01/11/2019 | 106.1562 |
30/09/2019 | 01/10/2019 | 104.8950 |
30/08/2019 | 02/09/2019 | 102.6139 |
31/07/2019 | 01/08/2019 | 104.3679 |
28/06/2019 | 01/07/2019 | 104.5224 |
31/05/2019 | 04/06/2019 | 102.4940 |
30/04/2019 | 01/05/2019 | 106.7369 |
29/03/2019 | 01/04/2019 | 104.4960 |
28/02/2019 | 01/03/2019 | 104.2016 |
31/01/2019 | 01/02/2019 | 101.5180 |
31/12/2018 | 02/01/2019 | 96.7642 |
30/11/2018 | 03/12/2018 | 101.0732 |
31/10/2018 | 01/11/2018 | 101.2560 |
28/09/2018 | 01/10/2018 | 103.1678 |
31/08/2018 | 03/09/2018 | 102.8722 |
31/07/2018 | 01/08/2018 | 103.5996 |
29/06/2018 | 02/07/2018 | 102.1571 |
31/05/2018 | 01/06/2018 | 101.8900 |
30/04/2018 | 01/05/2018 | 100.7902 |
29/03/2018 | 03/04/2018 | 98.6876 |
28/02/2018 | 01/03/2018 | 100.2820 |
31/01/2018 | 01/02/2018 | 101.9015 |
29/12/2017 | 02/01/2018 | 101.3017 |
30/11/2017 | 01/12/2017 | 99.8946 |
31/10/2017 | 01/11/2017 | 101.2479 |
29/09/2017 | 02/10/2017 | 99.9150 |
31/08/2017 | 01/09/2017 | 97.7266 |
01/08/2017 | 02/08/2017 | 98.6719 |
30/06/2017 | 03/07/2017 | 98.9100 |
31/05/2017 | 01/06/2017 | 99.3799 |
31/05/2017 | 01/06/2017 | 100.1063 |
28/04/2017 | 02/05/2017 | 100.1953 |
31/03/2017 | 03/04/2017 | 99.9134 |
28/02/2017 | 01/03/2017 | 98.3884 |
02/02/2017 | 02/02/2017 | 99.4497 |
30/12/2016 | 03/01/2017 | 97.9558 |
30/11/2016 | 01/12/2016 | 96.1930 |
31/10/2016 | 31/10/2016 | 96.2759 |
30/09/2016 | 03/10/2016 | 96.8322 |
31/08/2016 | 01/09/2016 | 96.1365 |
31/07/2016 | 01/08/2016 | 95.1260 |
30/06/2016 | 01/07/2016 | 95.8331 |
31/05/2016 | 01/06/2016 | 94.9925 |
29/04/2016 | 03/05/2016 | 95.0435 |
31/03/2016 | 01/04/2016 | 94.4893 |
01/03/2016 | 01/03/2016 | 95.5456 |
01/02/2016 | 01/02/2016 | 97.5678 |
31/12/2015 | 04/01/2016 | 98.9225 |
30/11/2015 | 01/12/2015 | 97.6258 |
30/10/2015 | 02/11/2015 | 94.6216 |
30/09/2015 | 01/10/2015 | 96.0355 |
31/08/2015 | 01/09/2015 | 99.6289 |
Period* | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|---|
Fund return* | 8.29% | 4.37% | -8.35% | 17.22% | 6.74% | 14.46% | -4.48% | 1.86% | 1.93% | -2.43% |
The Gresham House Thematic Multi Asset Fund is managed through a top-down asset allocation framework which involves the formation of a house view on financial markets that drives the asset allocation. Individual asset allocation decisions are based on bottom-up fundamental analysis and application of a sustainable investment process.
The fund promotes environmental and social characteristics by investing at least 70% of its value in “sustainable assets” (excluding cash, cash equivalents and government bonds), as well as not investing in companies which do not adhere to global norms on environmental protection, human rights, labour standards and anti-corruption, and excluding companies which have significant involvement in certain industries. “Sustainable assets” are defined as those which meet the fund’s sustainable thematic alignment and exclusion criteria. Thematic alignment will be determined by the percentage revenue, or equivalent metric relevant to the business model, which demonstrates contribution to a sustainable theme. Investments must demonstrate that more than 20% of revenue, or equivalent metric, contributes to a sustainable theme to be included in the fund. The fund will report on the percentage of holdings aligned to each theme on a periodic basis.
In order to ensure the securities in the fund adhere to global norms and do not invest in excluded industries, an external ESG data provider is employed to monitor the portfolio. The internal investment team is responsible for compiling a sustainable investment thesis for each asset. The thesis includes a summary of findings from the ESG Decision Tool, employed to assess material ESG risks and opportunities, and an assessment of the thematic alignment of the underlying security.
This financial product promotes environmental or social characteristics but does not have as its objective a sustainable investment.
The fund promotes environmental and social characteristics by investing at least 70% of its value in sustainable assets (excluding cash, cash equivalents and government bonds). “Sustainable assets” are defined as those which align to sustainable themes, including but not limited to Climate & Energy, Waste, Circular Economy and Food & Agriculture, and meet the fund’s exclusion criteria restricting investment in certain activities. The fund will also not invest in companies which do not adhere to global norms on environmental protection, human rights, labour standards and anticorruption.
The Gresham House Thematic Multi Asset Fund seeks to achieve long-term capital appreciation with moderate risk exposure by investing on a diversified basis in transferable securities, such as equity securities and debt securities, and in collective investment schemes. The Fund may invest across asset classes, sectors, geographies, and market capitalisations without limitation save in respect of the restriction on investment that do not meet the fund’s thematic and exclusion criteria described below.
The Gresham House Thematic Multi Asset Fund is managed through a top-down asset allocation framework which involves the formation of a house view on financial markets that drives the asset allocation. Individual asset selection decisions are based on bottom-up fundamental analysis, including a consideration of valuation and business quality, as well as alignment to sustainable themes and adherence to exclusion criteria.
All investments must pass a screening process carried out by a third-party data provider to ensure they meet the fund’s exclusionary criteria. Exclusionary criteria are twofold:
First, the fund precludes investment in companies which do not adhere to global norms on environment protection, human rights, labour standards and anti-corruption. Global norms include:
The third-party data provider will produce a red flag for investments considered to violate these Norms. Investments receiving a red flag cannot be invested in or will be sold within three months if already invested.
Secondly, the fund excludes investments with significant involvement in certain industries and activities. The industries or activities and exclusion thresholds are listed below:
Any investment that is determined by the third-party data provider to breach the thresholds will be sold from the portfolio within three months.
For all new investments made by the fund (except for cash or cash equivalents, or sovereign bonds), a company note including an investment and sustainability thesis must be produced prior to investment. This includes an analysis of the thematic alignment of the security and includes detail such as the theme targeted and a description of how the asset aligns to the theme.
All investments made by the fund must also be assessed using the ESG Decision Tool (“the Tool”) prior to investment. This tool is used to assess material sustainability risks and opportunities to the investment case and to identify any areas to be monitored and addressed through engagement and/or voting, as and when relevant, through the holding period. A summary of material findings from the Tool will be included in the company note.
Good governance is assessed through application of the Tool which prompts an assessment of sustainability risks and opportunities to the investment case under the headings noted below:
It is also considered that the exclusion of investments in breach of global norms contributes to the avoidance of investments that do not demonstrate good governance.
Investment in sovereign bonds does not apply the fund’s exclusion or thematic alignment criteria. Investments in sovereign bonds that are intended to be held for more than 12 months (i.e. those that are not considered cash or cash equivalents) will be required to have a prime ESG rating (B- or above), as defined by a third party ESG data provider.
The fund invests across a variety of asset classes including equities, cash, bonds, property and alternative assets such as infrastructure and forestry. The fund will invest at least 70% of fund value in assets (excluding cash, cash equivalents and government bonds) that promote environmental and social characteristics as determined by their alignment to sustainable themes and compliance with the fund’s exclusion criteria.
Up to 30% of the fund asset value is classified as “other”. This mainly consists of investments in cash and/or bonds. This allocation is necessary from an asset allocation perspective
The fund does not intend to make any sustainable investments.
1. Continuous monitoring is carried by an external ESG data provider to ensure investments are not in breach of global norms in relation to environmental protection, human rights, labour standards and anti-corruption and to ensure that investments continue to meet exclusionary criteria.
2. Meetings with representatives of investments will be carried out regularly by the Gresham House Ireland Investment Team in order to:
3. The Fund is overseen by the Gresham House Ireland Investment Committee on a regular basis who provide oversight of the fund’s adherence to the investment process detailed above.
To ensure an alignment of investments to sustainable themes, a sustainable investment thesis is compiled by the Investment Team which includes an analysis of thematic alignment as well as an assessment of ESG risks. The assessment of thematic alignment is based on bottom-up fundamental research.
An external provider is employed to ensure the global norms, exclusionary criteria and country ESG ratings of the fund are met. Please see here links to the:
An external provider, currently ISS (institutional shareholder Services), is employed to provide data relating to compliance with global norms, breach of exclusion criteria, principal adverse impact indicators and country ESG ratings.
Internal analysis of all investments is conducted by the Gresham House Ireland Investment Team to determine thematic alignment. This is based on publicly available information and includes a review of documents including annual reports and sustainable investment reports, or equivalent.
Data relating to exclusions and global norms violations is provided by third party providers. The Manager is dependent on the external provider to provide accurate data. This data is also dependent on companies disclosing relevant data and accurate data.
The subjective nature of ESG data and sustainability topics means that third parties may not agree with the Investment Team or external provider in relation to thematic alignment or global norms violations.
Not all investments of the fund are covered by the third-party data provider. In circumstances where the investment is not covered, the Investment Team will endeavour, to an extent which is fair and reasonable, to follow the investment process laid out above using publicly available information. The Investment Team may also aim to improve on gaps in data by engaging with investments to encourage improved disclosure of required information.
To assess ESG risks associated with an investment, an internal ESG tool is applied by the investment team. In order to ascertain the sustainability characteristics of the underlying assets, a sustainability investment thesis is compiled by the investment team.
The Gresham house Ireland Investment Committee provides oversight of the fund’s investment process. The Sustainable Investment Team also carries an annual audit to assess adherence of the Investment Team to sustainable investment related commitments including the completion of ESG Decision Tools.
Engagement is part of the Manager’s sustainable investment approach, as detailed in the Engagement & Voting Policy. The Investment Team will engage with non-cash and non-government securities. The purpose of engagement can vary but includes to:
In addition, the fund will vote all resolutions where possible. Voting for holdings in the fund are undertaken by ISS based on the ISS Sustainability Policy guidelines.
The fund does not designate a reference benchmark.
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