FFF Asset Management Ltd

Signet Global Leaders Fund gained +1.08% for the month of April 2023

Portfolio comments for April 2023
The equity markets were slightly up in April 2023 as market participants digested Q1 2023 earnings season, impact of the US regional banks crisis and new set of macroeconomic statistics. The Fund benefited from exposure to healthcare companies that recovered from Q1 sell-off as regulatory uncertainty eased and exposure to Big Tech that continues to impress investors both on earnings and share price performance sides.
The largest contributors to the Fund’s performance were UnitedHealth, S&P Global and Johnson & Johnson. UnitedHealth and S&P Global benefited from solid quarterly results and upgraded guidance for FY2023 as the healthcare company increased Medicare Advantage enrolment while the financial information company showed progress in delivery of cost synergy targets and the Ratings business turnaround. Johnson & Johnson got closer to the settlement of talc litigation that partially removed legal overhang. The Portfolio Hedges detracted from the performance due to the options time decay. MSCI, Adobe and Thermo Fisher slightly detracted from the performance on the back of quarterly results. We used this opportunity to add to positions in these companies and initiated position in Enphase Energy via sold put options.