Among the 118 American funds with five-year records, it has by far the best investment figures and it has also comfortably outperformed the S&P500 Index, the benchmark for the stock market performance of America'sleading companies. Yet, it's the future that matters and reassuringly, Gary Robinson – one of four managers with an input into the fund – says there is no reason why its strong performance cannot continue despite increasing concerns over the headiness of the US market. The fund's focus is on identifying 'exceptional growth' American companies that will deliver upside over a five to ten-year period. The result is a £3.6billion fund with just over 40 holdings and a number of familiar names among its top stakes – Alphabet, Amazon, Netflix and Tesla. Robinson's view is that a lot of the returns from the US stock market are generated by a select band of companies – and he is determined that the fund has exposure to them. Although some experts believe such growth companies, which have led the US stock market through the coronavirus pandemic, are overvalued, Robinson doesn't agree. He believes the technological revolution still has a long way to go. He says some of these businesses – such as Slack Technologies, Wayfair and Teledoc – have seen demand for their services boom and he predicts much of this increased interest will stick as the world economy emerges from lockdown. Robinson says: 'Online furnishings business Wayfair has seen its revenues soar during the coronavirus outbreak. The same arguments, he says, apply to Slack – an online communications platform for businesses – and Teledoc which allows people to access medical advice over the phone or via video. A holding in business software company Workday has been built while stakes in industrial conglomerate Fortive and online university education platform 2u have been disposed of.
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