• Aim is to provide capital growth over the long term by investing in Global Equities
  • Opportunity arises from differences in performance of Global Sectors which are often driven by different factors
  • Sector Rotation strategy can capture changes in sector leadership
  • Avoids style bias – portfolio style changes as sector selection changes in different market conditions
  • Provides Active sector selection with Passive implementation using low-cost liquid sector ETFs
  • Provides sector focus with significant diversification and minimal stock specific risk

Investment Approach

The two most important drivers for investment decisions are fundamental value and market trends. Fundamental value determines the potential over the medium/long term but can be a poor indicator of price movements in the short term. Market trends (including momentum and overbought signals) can be a good leading indicator of future price movements but can be dangerous if fundamental value is ignored. Neither analytic should be used in isolation but it is logical to select investments based objectively according to a combination of fundamental value and market trends which are independent of opinion, forecasts and emotion.


(as at 30 April 2024)

Performance shown is the total return (net of fees & costs) for the Accumulation B share class. Inception date was 7 November 2022. The Fund is not managed against any benchmark. The MSCI World Index and Investment Association Global Sector are shown as comparator benchmarks as per FCA PS 19-04. Past performance is not a reliable indicator of future performance. Source: Ekins Guinness LLP, MSCI, FE fundinfo.

Key Facts

Structure & Administration

Structure UCITS /
Depositary Custodian Auditor Income /
Valuation &
Cut Off
BNY Mellon
BNY Mellon
Cooper Parry
31 January
31 July
12 noon
MSCI World

Share Classes

Share Class Minimum
Managment &
Z Accumulation GBP
Z Income GBP
B Accumulation GBP
B Income GBP


Charles Ekins

Charles is the founder and Chief Executive of Ekins Guinness LLP. Previously he was Chief Investment Officer at Valu-Trac Investment Management, prior to which he spent 19 years at Morgan Grenfell (Deutsche) Asset Management where he was a portfolio manager, member of the Investment Policy Committee and client director. He read Maths with Computing Science at Bristol University and has an MBA from the City University Business School. Charles is a Director of the Herald Worldwide Technology Fund (Dublin OEIC).

Jasper Falk

Jasper has over 20 years experience in Investment Banking. He established and managed JPMorgan’s Global Inflation trading business which assisted Pension Funds and Asset Manager clients in hedging and managing their liabilities. He was also a member of the Fixed Income Management Committee. Jasper read Engineering and Management Studies at St Catharine’s College Cambridge, and holds the Financial Times Non-Executive Director Diploma.


(as at 30 April 2024)

Portfolio Holdings

Equity Analysis

Investment Commentary

as at 30 April 2024

as at 30 April 2024

The Fund fell 1.9% in April 2024, which compares with a fall of 2.9% for the MSCI World Index, and which gives a return of 7.7% year-to-date. Since launch on 7th November 2022 the Fund has returned 22.6% (net of fees and costs), which is slightly ahead of the MSCI World Index return of 22.3% and ahead of the Investment Association Global return of 18.1%.

World equities fell 3.2% in local price terms during March, which equates to -2.9% in GBP terms. The UK equity market performed well (+2.5%) while the NASDAQ fell over 4%.

There has been significant sector rotation within the global equity market. In April, the more defensive Sectors outperformed, such as Utilities (+1.7% in GBP terms) and Consumer Staples (-0.4%). Energy (+1.2%) also continued to perform well. By contrast the growth sectors such as Technology (-4.9%) and Consumer Discretionary (-4.0%) underperformed.

The main change during the month has been a reduction in the long standing overweight allocation to Technology, which is now slightly underweight. We are not overly concerned – Technology earnings have remained strong and valuations are mostly still reasonable. However, it has paused for breath and Equity markets especially growth sectors have been strong since November. This temporary pause could be a warning sign of further consolidation to come, so best to step back for a while.

The Fund has also moved from underweight to overweight in Energy.


Specific to WS Enigma Dynamic Growth Fund

Specific to Fund Umbrella

How to Invest

via Platforms


The WS Enigma Dynamic Growth Fund is available on the following platforms:

Allfunds Aegon AJ Bell Alliance Trust

Contact Ekins Guinness LLP

Contact Waystone Fund Services

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