Latitude Horizon Fund


THE OBJECTIVE OF THE LATITUDE HORIZON FUND IS TO DELIVER CAPITAL APPRECIATION OVER THE LONG TERM BY HOLDING A CONCENTRATED PORTFOLIO OF STOCKS, WHILST LOWERING THE EQUITY RISK THROUGH A SELECTION OF NON-EQUITY INVESTMENTS. 

July 2019 Commentary

The debate about where we are in the global economic slowdown rages on, and the range of opinions appears to be widening not narrowing. The Federal Reserve chairman believes we are in a “mid-cycle adjustment” yet observers of the trade war between the US and China, or the Brexit situation closer to home tend to feel more pessimistic.

From a high level, despite the strong run over the past decade, stock markets are actually now valued at the steepest discount to bonds since 2012 when the European crisis was at the centre of investors’ thoughts (which feels like a lifetime ago). Perhaps that observation can give perspective on the issues which we currently face at home and abroad, especially when paired with the fact that across the developed world employment is high, borrowing costs are low and economic growth still prevails, albeit at a lower rate

At Latitude, our process dictates that we do not attempt to time changes in the economic cycle, instead investing in a selection of individual businesses which we believe will grow in intrinsic value through cycle. Many of our stocks reported their Q2 earnings recently and there were a standout number of positive comments which give us confidence in their future.

As a key barometer of US activity, given their 66m customers, this comment from Bank of America’s CEO Brian Moynihan echoes what many suggest continues to be a robust enough environment for growth and business success:

“Many of you discussed, wrote about and engaged in debate about the perceived change in the forward environment that we all saw this quarter. However, what we saw in our client base during the second quarter 2019 was solid consumer activity, pointing to a continued growing economy in the United States this year, albeit at a slower pace. In that environment, our company reported the best earnings quarter in the company's history.”

It is clear that investors remain concerned, with cash levels high and alternative assets like bonds and gold continuing to rally. We believe our portfolio of companies are suitably placed to perform well in a multitude of economic environments, and our non-equity investments (like bonds and gold currently) offer solid protection on the downside should economic growth turn negative.

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Key info
Key Info
Fund Launch Date1st November 2016
Legal StructureIrish Domiciled UCITS V Fund - ICAV
RegulatorCentral Bank of Ireland
Base CurrencySterling
Regional ExposureGlobal, primarily developed markets
BenchmarkThe fund is not benchmarked
Share Classes£ - A/I IE00BDC7CZ89 / IE00BD37NY30
$ - A/I IE00BD37NZ47 / IE00BDC7JY67
€ - A/I IE00BDC7CX65 / IE00BDC7CW58
Management Fee1% per annum
Performance Fee0%
DealingDaily
AdministratorSEI Investments – Global Fund Services
CustodianSEI Investments Trustee and Custodial Services (Ireland)
Auditors PriceWaterhouseCoopers
Legal CouncilMatheson
Firm ComplianceOptima Partners
Contact DetailsPatrick Valentine
patrick.valentine@latitudeim.com
+44 (0)207 087 9278
Documents
Fund Reports
Liquidity Risk Rising

Liquidity Risk Rising

Latitude 2018 Annual Review

Latitude 2018 Annual Review

Latitude 2017 Annual Review

Latitude 2017 Annual Review

Latitude Philosophy

Latitude Philosophy