Magellan High Conviction Trust (ASX:MHH), a global equity fund, has provided a fund update for the end of the year 2022.
The Morgan Stanley Capital International World Index rose 4.1% in Australian dollars, and the S&P 500 Index rose 7.1%.
The Magellan High Conviction strategy also rose slightly for the quarter.
Visa, Intercontinental Exchange and Yum! Brands had the strongest contributions, while Amazon had the biggest detractor in local-currency terms, falling 25.9%.
The US 10-year bond is settling into a range in the high 3%, indicating the major repricing of duration has finished.
The easing of aggressive regulatory constraints on the technology and other sectors in China, combined with the opening of China’s borders, could have positive implications for markets.
Magellan aims to deliver clients strong double-digit returns over coming years by selecting compelling uncorrelated exposures via companies with strong competitive advantages.