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North American Portfolio

Separately Managed Account (SMA)

High‑conviction exposure to U.S. and Canadian equities, designed to participate in upside while actively managing downside risk across market regimes.

Wholesale & Sophisticated Investors only

North American Portfolio — SMA Facts

Attribute Details
NameEmit Capital North American Portfolio
StructureSeparately Managed Account (SMA)
Investor TypeWholesale
Asset ClassGlobal Listed Equities
RegionsUS, Canada
Strategy Inception31 July 2019
Number of Holdings15–25
Cash Range5–15%
Minimum Initial InvestmentA$100,000
PricingDaily
Prime BrokerInteractive Brokers (IBKR)

SMA Summary

Strategy objective Long‑only North American equities with active risk management overlay
Benchmark MSCI ACWI NR (to Feb 2025) / S&P 500 thereafter
Currency exposure AUD & USD reporting available
Risk management Index hedging, options overlays, tactical cash
Suitable investors Wholesale & sophisticated investors seeking long‑term capital growth

Positioning Notes

Built for an environment where upside participation is attractive, but regime shifts (rates, USD, liquidity, geopolitics) can reprice risk quickly. The portfolio is designed to stay invested in structural winners while keeping tools available to actively reduce drawdown risk.

Risk: factor crowding / valuation compression in high‑quality growth; index drawdowns can dominate stock selection short‑term.
Opportunity: AI‑infrastructure + electrification capex cycle supports select industrials, utilities, and enablers.

Performance

AUD: North American Portfolio vs S&P 500 (base value series).

Returns

Series 1mth 3mth 6mth 1yr 2yr 5yr SI p.a SI
North American Portfolio 1.5%-0.5%17.5%39.5%29.6%5.0%31.5%494.0%
Benchmark -2.9%-4.6%1.0%3.7%15.1%13.1%12.3%112.5%
Active return 4.3%4.2%16.5%35.8%14.5%-8.1%19.2%381.5%
Benchmark note: ACWI NR to 28 Feb 2025 and S&P 500 thereafter. Performance includes realised/unrealised P&L, dividends, interest, and reinvestment of income. Individual account performance may vary due to fees, timing, and allocation differences.
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