Apostle Dundas Global Equity Fund Unveils June 2026 Holdings Highlighting Strong Tech Sector Focus

K2 Asset Management’s Fund Management and Strategic Positioning

Operating as the responsible entity for the Apostle Dundas Global Equity Fund – Class D, K2 Asset Management Ltd oversees a registered managed investment scheme offering investors access to a diversified portfolio of international equities. The quarterly portfolio disclosure underlines the firm’s dedication to regulatory compliance and transparency as mandated by Australian Financial Services Licensee requirements. As of 30 June 2026, the fund’s holdings reflect a strategy targeting established, globally significant publicly traded companies within developed markets.

The fund’s investment approach spans multiple geographies and sectors, aiming to balance concentration risk while capitalizing on growth opportunities in mature economies. The quarterly reporting and diversified holdings indicate a long-term value-driven investment philosophy rather than short-term trading. Allocations across technology, healthcare, industrials, financial services, and consumer discretionary sectors demonstrate a multi-sector diversification strategy designed to enhance portfolio resilience.

Technology Sector Leads Portfolio Allocations

The Apostle Dundas Global Equity Fund exhibits substantial technology sector exposure, with key investments in semiconductor and software companies. Applied Materials Inc., a top semiconductor equipment manufacturer, constitutes 8.7% of the portfolio, marking it as the largest single holding. Taiwan Semiconductor Manufacturing Co. Ltd. ADR, a leading global semiconductor foundry, holds 5.5%, while Alphabet Inc. Class C, parent of Google, accounts for 4.6%. ASML Holding N.V., a Dutch photolithography systems supplier critical to semiconductor production, represents 4.2% of the fund.

This technology concentration aligns with global trends emphasizing digital transformation, AI infrastructure, and semiconductor supply chain importance for economic growth. Analog Devices Inc., specializing in semiconductors and signal processing, comprises 3.5%, and Microsoft Corp., a diversified software and cloud services leader, accounts for 3.0%. The significant weighting toward technology and semiconductor companies reflects the fund manager’s conviction in their long-term growth potential and global market dominance, underscoring the sector’s vital role in modern electronics, data centers, and AI systems.

Healthcare and Pharmaceutical Sector Exposure

Healthcare and pharmaceuticals form a key part of the fund’s diversification, targeting defensive sectors with stable revenue streams and favorable demographic trends. Thermo Fisher Scientific Inc., a premier laboratory equipment and diagnostics provider, makes up 2.2% of the portfolio. Japanese pharmaceutical firm Chugai Pharmaceutical Co., Ltd. holds 0.5%. Medical device manufacturers like Stryker Corp. (1.3%), Alcon Inc. (0.8%), and Sonova Holding AG (0.9%)—a leader in hearing aids—are also included. Zoetis Inc., focusing on animal health, accounts for 0.4%.

Additional healthcare investments include Novo Nordisk A/S Series B, a Nordic pharmaceutical company specializing in diabetes and obesity treatments, at 1.4%, and Novozymes A/S Series B, a Danish biotech enzyme developer, also at 1.4%. These holdings represent a strategic allocation to sectors characterized by high barriers to entry, intellectual property protections, and recurring revenues driven by aging populations and rising global healthcare spending. The diversified healthcare exposure spans pharmaceuticals, medical devices, and diagnostics, enhancing portfolio stability.

Financial Services and Banking Sector Representation

The fund holds meaningful positions in global financial services and banking, reflecting the sector’s systemic role in capital markets and commerce. DBS Group Holdings Ltd., a leading Southeast Asian bank, comprises 2.7%. American Express Co., a global payment and consumer finance company, accounts for 2.8%. Visa Inc. Class A, the largest payment network worldwide, represents 3.2%, and Mastercard Incorporated holds 1.5%. These companies benefit from the growth of electronic payments and digital commerce.

Other financial sector holdings include HDFC Bank Ltd. ADR (India) at 0.9%, Hong Kong Exchanges and Clearing Ltd at 1.1%, and Deutsche Boerse AG (Frankfurt Stock Exchange operator) at 0.8%. Automatic Data Processing Inc., a major payroll and human capital management provider with financial sector exposure, comprises 1.5%. Collectively, these holdings provide diversified exposure across payment processing, banking, and market infrastructure, emphasizing fee-generating businesses with strong market positions and regulatory protections.

Industrial and Manufacturing Sector Allocations

The fund maintains significant allocations to industrial and manufacturing companies supplying critical infrastructure and capital equipment. Amphenol Corporation, a major electrical and electronic connector manufacturer, accounts for 4.3%, ranking as the fourth-largest holding. Swedish industrial conglomerate Atlas Copco AB holds 1.4%. Ametek Inc., producing electronic instruments and electromechanical devices, represents 1.9%, while ASSA Abloy AB Series B, a global door opening solutions leader, comprises 1.6%.

Other industrial investments include W.W. Grainger Inc., a maintenance and operations product distributor (1.2%), Siemens Energy AG, a German energy solutions provider (1.0%), and Hannover Rück SE, a major reinsurer (1.2%). These allocations reflect confidence in stable cash flows from established manufacturing and infrastructure firms benefiting from ongoing industrial modernization, infrastructure investment, and recurring demand for replacement parts and capital upgrades.

Consumer Discretionary and Luxury Goods Exposure

The fund’s consumer discretionary and luxury goods positions offer exposure to global consumer spending and premium brand dynamics. L'Oreal S.A., a French luxury cosmetics giant, accounts for 2.4%. LVMH Moet Hennessy Louis Vuitton SE, the world’s largest luxury conglomerate, holds 1.1%. Ross Stores Inc., an off-price retailer, represents 2.5%, and Booking Holdings Inc., an online travel platform, comprises 2.0%.

Additional consumer holdings include EssilorLuxottica S.A., a leading eyewear company (1.8%), Dassault Systemes SE, a software provider serving luxury sectors (1.5%), and MonotaRO Co., Ltd., a Japanese e-commerce distributor (0.7%). These investments capture higher-income consumer spending trends, international tourism recovery, and the pricing power of established luxury brands, balancing cyclical exposure with quality business fundamentals.

Broad Geographic Diversification Across Developed Markets

The Apostle Dundas Global Equity Fund exhibits broad geographic diversification across North America, Europe, and Asia-Pacific developed markets to mitigate concentration risk. North American holdings include Alphabet Inc., Microsoft Corp., and Applied Materials Inc. European investments feature ASML Holding N.V. (Netherlands), L'Oreal S.A. and Dassault Systemes SE (France), LVMH (France), Deutsche Boerse AG and Hannover Rück SE (Germany), Novo Nordisk A/S and Novozymes A/S (Denmark), and Atlas Copco AB and ASSA Abloy AB (Sweden).

Asia-Pacific exposure includes AIA Group Ltd (2.2%), DBS Group Holdings Ltd. (2.7%), HDFC Bank Ltd. ADR (0.9%), Hong Kong Exchanges and Clearing Ltd (1.1%), Keyence Corp. (1.2%), Chugai Pharmaceutical Co., Ltd. (0.5%), and MonotaRO Co., Ltd. (0.7%). Taiwan Semiconductor Manufacturing Co. Ltd. ADR represents Taiwan at 5.5%. This geographic mix provides exposure to growth in Asian economies, demographic trends, and technology advancements, while focusing on mature markets with strong regulatory frameworks and liquidity.

Cash Holdings and Liquidity Management Strategy

The fund maintains cash holdings at 0.7% of the portfolio, diversified across currencies including AUD, DKK, EUR, HKD, JPY, GBP, SGD, KRW, SEK, CHF, and USD. This multi-currency cash position supports liquidity needs for global portfolio management across time zones and settlement systems. The modest cash allocation indicates a predominantly fully invested stance, reflecting confidence in current portfolio construction and market conditions as of 30 June 2026.

Holding cash in multiple currencies allows flexibility for new investments, redemptions, and market responses without heavy currency conversion costs. The low cash level suggests a strategic preference for equity exposure over defensive cash positions, aligning with the fund’s global mandate and operational requirements in international securities markets.

Investor Insights and Portfolio Composition Overview

The Apostle Dundas Global Equity Fund’s portfolio as of 30 June 2026 demonstrates a sophisticated allocation targeting multinational companies with strong competitive advantages and global market presence. Emphasizing technology infrastructure, pharmaceutical innovation, financial services, and industrial efficiency, the fund’s investment philosophy focuses on structural economic trends such as digital transformation, healthcare progress, financial inclusion, and industrial modernization. Concentration in quality businesses with sustainable revenue models reflects a value-oriented approach within developed markets.

Prospective investors should recognize this portfolio snapshot may evolve due to market dynamics, valuation shifts, and manager decisions. The significant technology sector weighting highlights both valuation considerations and manager conviction in the sector’s outlook. With approximately 80 holdings diversified across regions and sectors, the top 10 holdings represent a substantial portion of assets. Regular quarterly disclosures ensure investor transparency and informed decision-making.

Sector Drivers and Investment Rationale

The fund’s positioning reflects key structural drivers influencing global equity markets in mid-2026. The heavy semiconductor and technology equipment exposure corresponds to rising demand for computing power, AI infrastructure, and semiconductor supply chain criticality. Healthcare holdings align with aging demographics, increased healthcare spending, and ongoing innovation in treatments and devices. Financial services investments benefit from digital payment growth, fintech adoption, and the essential role of financial intermediaries.

Industrial and manufacturing allocations anticipate sustained capital investment in modernization, infrastructure, and energy transition. Consumer discretionary exposure captures expectations for ongoing spending in developed markets, tourism recovery, and luxury brand strength. Geographic diversification across North America, Europe, and developed Asia-Pacific markets—including significant semiconductor and technology holdings—embodies a global institutional investment approach focused on mature, liquid markets with robust regulatory oversight. The overall thesis emphasizes quality companies with competitive advantages, profitability, and global reach benefiting from long-term structural trends.