MAB-Quarterly-Review-Q2-2025-Adventurous - Flipbook - Page 7
Among your underlying Fund Managers, the active Japanese Equity managers outperformed across the board.
This was led by the Neuberger Berman Japan Engagement Fund (+10.0%), the Goldman Sachs Japan Equity
Partners Fund (+8.5%) and the Nikko Japan Value Fund (+6.4%). Each of these managers were strongly ahead
of the Japanese equity market over the period, which returned +4.9%, while adding value in radically different
ways. Given the ongoing changes taking place in Japanese corporate culture, we feel these dynamics could
have a great deal of room to run.
Other strong performers over the quarter included the Polar Capital UK Value Opportunities Fund and the
Baillie Gifford Global Discovery Fund, which were up +12.8% and +11.8% respectively over the quarter.
Following a strong 昀椀rst quarter of the year, the Pzena Global Value Fund was the largest underperforming
equity manager over the second quarter as the market became increasingly wary of how their economically
sensitive holdings might fare under the new US administration’s trade policies.
Property, Real Assets & Absolute Return
Within the Property & Real Assets component, the sole holding in European Union carbon credits via the
Xtrackers Physical Carbon EUA ETC returned +4.6% over the quarter. We continue to think the structural longterm price dynamics for this differentiated and uncorrelated asset class remain highly attractive.
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