These are the 3 best-performing funds of the summer

With summer behind us, it’s time to take a closer look at the funds that have shone on the investment scene. In this article, we take a look at the three best-performing funds according to Morningstar data: The numbers speak for themselves and what emerges can shed new light on the direction of investment.

Source: data obtained from Morningstar as of 1 September 2023.

What were the best-performing funds of the summer?

Bronze medal: HSBC Global Investment Funds – Turkey Equity

This fund was created in 2008 and belongs to the Morningstar Turkey Equity category. It is managed by HSCB Global Investment Funds, specifically by Emin Onat, who joined in 2014.

Its benchmark index is the MSCI Turkey NR EUR, which represents the performance of investments in the Turkish stock market, measured in euros and including reinvested returns. This index is part of the MSCI (Morgan Stanley Capital International) series of indices used to assess the performance of equity markets in various nations and regions. The “NR” indicates that reinvested dividends are also included, providing a more complete view of investment performance over time.

The fund seeks to achieve long-term returns by investing primarily in equity securities of companies that are domiciled in Turkey, conduct a predominant part of their business activities, or are listed on the Turkish stock exchange.

HSBC Global Investment Funds – Turkey Equity invests 100% of its portfolio in equities, the stocks of which are mid-capitalisation.

The main sectors in which this HSBC fund invests are energy (29.03%), financial services (18.42%), and defensive consumers. In comparison, funds of the same class invest 27.87% in energy, 19.59% in financial services, and 14.75% in consumer cyclicals.

Sector Exposure – HSBC Global Investment Funds – Turkey Equity IC

Silver Medal: BNP Paribas Funds Turkey Equity

This fund was created in 2013 and belongs to the Morningstar Turkey Equity category. It is managed by BNP Paribas Asset Management, namely Burak Öztunc and Pinar Uguroglu. Both arrived in 2023.

As with the HSBC Global Investment Funds – Turkey Equity IC, its benchmark is the MSCI Turkey NR EUR.

The fund seeks to increase the value of its assets over the medium term by investing in equities issued by companies issued by or operating in Turkey. It is actively managed and as such may invest in securities not included in the MSCI Turkey IMI 10/40 (NR) index. Income is reinvested on a systematic basis.

Looking at the portfolio, the fund invests mainly in equities. In terms of style, most of the companies are mid-caps.

The main sectors in which the BNP Paribas Funds Turkey Equity invests are industrials (26.86%), financials (17.29%), and defensive consumer (16.9%). By comparison, funds in the same category invest 27.87% in industrials, 19.59% in financial services, and 14.75% in consumer cyclical.

Gold Medal: Impax Global Equity Opportunities

Impax Global Equity Opportunities Fund X EUR Inc. was established in 2021 and belongs to the International Large Cap Growth equity category. It is managed by Impax Asset Management and its benchmark is the MSCI ACWI Growth NR USD, an equity market index produced by MSCI Inc. It is a market capitalization-weighted index representing the performance of growth-oriented global companies.

Managed by Kirsteen Morrison (2014) and David Winborne (2018), the fund’s investment objective is to generate long-term capital growth through an actively managed portfolio of equities issued by issuers in a variety of global equity markets.

Looking at the investment portfolio composition of this strategy, Impax Global Equity Opportunities invests 97.76% of its portfolio in equities. In terms of style, the majority is represented by Broad Growth.

Specifically, 24.57% of its portfolio is concentrated in healthcare, 19.10% in financials, and 17.89% in technology. In comparison, funds in the same class invest 26.95% in technology, 16.92% in healthcare, and 13.39% in financials.