MAB Quarterly Review Q1 2025 - Adventurous - Flipbook - Page 5
Global equity markets were collectively down over the quarter, although the Fund’s strategy of always
maintaining broad diversi昀椀cation across different regions and styles was undoubtedly helpful, particularly
with the previously dominant US equity market delivering some of the largest declines. Within the US equity
component, the Amundi Russell 1000 Growth ETF, which has the largest exposure to US technology companies,
endured a dif昀椀cult quarter returning -12.7%. The smaller company-focused Neuberger Berman US Small
Value Fund also had a challenging quarter, declining -12.0%. However, the Fund’s active managers within the
global equity component are collectively underweight US equities which helped it to outperform its global
equity index comparator. The Pzena Global Value Fund’s +1.6% quarterly return was particularly notable.
Although the Global Emerging Market Index was marginally down over the quarter, two of the three active
managers the Fund utilises in this component were able to deliver positive returns. The Paci昀椀c North of South
EM All Cap Fund’s value approach and signi昀椀cant allocation to China helped it to post a +3.2% return over
the quarter. Despite being meaningfully underweight to China, the Skerryvore Global Emerging Markets Fund
(+1.3%) was also able to generate a positive return with its emphasis on quality companies and management
teams serving it well as it often does during a more dif昀椀cult backdrop.
In Europe, the Fund’s growth-oriented manager, the BlackRock Continental European Fund, had a challenging
quarter, falling -4.0% as its tech and semiconductor related holdings dropped sharply in the more uncertain
environment for AI. However, the Lansdowne European Special Situations Fund which adopts a much more
idiosyncratic and style-agnostic approach, rose +8.4% over the quarter, helped by its exposure to European
banks and defence-related companies. Once again, this balance of different styles proved its worth to the
Fund.
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 -2.7% 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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