Contributors and Detractors

The Fund fell 0.9% during February.

Top Holdings (alphabetically)

K+S AG

Germany

Materials

K+S Aktiengesellschaft manufactures and markets within the fertilizer division standard and specialty fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Major Drilling Group Internati

Canada

Materials

Major Drilling Group International Inc. is a contract drilling company. The Company has drilling operations in Canada, United States, Mexico, South America, Australia, Europe, Asia, and Africa. Major Drilling also conducts directional, environmental, and geotechnical drilling and, in addition, manufactures drills and support equipment.

Spotify Technology SA

United States

Communication Services

Spotify Technology S.A. provides entertainment services. The Company offers commercial free music and audio streaming solutions to subscribers as well as provides content design services. Spotify Technology serves clients worldwide.

Telix Pharmaceuticals Ltd

Australia

Health Care

Telix Pharmaceuticals Limited operates as a biotechnology company. The Company develops and commercializes molecularly-targeted radiation therapy for the treatment of prostate, renal, and brain cancer. Telix Pharmaceuticals serves patients worldwide.

Tenet Healthcare Corp

United States

Health Care

Tenet Healthcare Corporation, through its subsidiaries, owns or operates general hospitals and related health care facilities serving communities in the United States. The Company operates rehabilitation hospitals, specialty hospitals, long-term care facilities, psychiatric facilities, and medical office buildings near its general hospitals, as well as ancillary health care businesses.

Germany’s largest outdoor media advertising company Stroeer rose 7% in February after reporting strong full-year results and guidance for 2023. European gas prices are now trading at pre-Ukraine invasion levels, which have reduced pressure on the German economy. We expect the company to benefit from a switch from fixed displays to digital billboards, which can earn higher advertising rates. Stroeer also owns a valuable hidden asset in Statista, a data aggregation business to which the market is assigning little value.

US hospital operator Tenet Healthcare rose 12% despite announcing conservative profit guidance for 2023. Temporary nursing costs, fueled by Covid staff shortages, are now abating and are a tailwind for the sector.

Swiss solar panel producer Meyer Burger rose 10% on continued speculation over an expected European clean energy manufacturing support package.

Spotify continued its positive post results run on little news rising a further 7%.

On the negative side, Australian biotech Opthea (Wet AMD drug developer) declined 12% after announcing a 3-6 month delay in enrolment of its major Phase 3 studies. This was previously expected to be completed in the middle of this year. Although disappointing, we still believe the company has sufficient funds to reach the read-out of its studies later next year.

Norwegian bladder cancer company Photocure fell 23% after releasing weaker than expected results highlighting issues such as staff shortages in the December quarter, which have now been resolved in January and February. Revenue growth guidance of 20% for 2023 also disappointed market expectations with the company highlighting a shortage of semiconductors impacting its ability to place equipment with urologists.

US Internet advertising companies Alphabet, down 12%, and Magnite, down 16%, fell on disappointing revenue guidance despite other companies in the advertising industry such as Meta and the Trade Desk faring better. Magnite did highlight that trends were not deteriorating further in January or February. We have exited both holdings until we see more evidence of industry stability.