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. 

March 2019 Commentary

There has never been a better time to be exceptional or a worse time to be average. Given our long-term investment outlook, peering ahead ten years or more when we consider purchasing a stock, it's imperative that businesses in which we invest have strong market positions, in industries which are themselves strong.

For example, Nokia operates in a duopoly in markets where Chinese vendors are banned, and a three or four player market where they are not. As the 5G cycle continues to spin, we expect Nokia's market share within this growing market to increase, which ought to be favourable for shareholders. Tesco has 35% market share in UK grocery and was recently allowed to further increase its share by buying Booker. As market leader its scale has allowed it to under-price the competition by 1% each year over the past four, driving customers to their stores. Booker offers many growth options, including the potential to copy the Costco business model from the US.

Visa and Mastercard are huge market leaders in one of the most defensive growth markets in the world. American Express is the next largest and is one sixth of the size. Visa's continued nvestment in security and technology builds out their sustainable advantage. AutoZone and Advance Auto Parts operate in a market with three listed players who account for 50% of the market, and then an incredibly long list of one and two store operators. This means the benefits of scale enjoyed by the incumbents can continue to drive share gains for many years to come as their pricing and inventory, not to mention online offering and delivery solutions, extends its lead against the smaller operators. Finally even for a hugely diversified business like Unilever, nearly 90% of sales are in markets where they have a #1 or #2 position leading to superior shelf space, advertising budget, and brand awareness.

These exceptionally strong businesses with impressive corporate strategies have been performing well despite the VC and private equity sponsored wave of disruption. If funding were to contract, and disruptive business models be exposed, then cash-generative incumbents would benefit. In other words, should credit conditions deteriorate or liquidity dry up, these businesses may prove even more resilient than they are at present - a solid hedge on potential dislocation.

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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
Latitude 2018 Annual Review

Latitude 2018 Annual Review

Latitude 2017 Annual Review

Latitude 2017 Annual Review

Latitude Philosophy

Latitude Philosophy