Global Capital Aware Fund Update – October

The Insync Global Capital Aware Fund returned 1.30% over the month and has gained 11.63% for the last 12 months to October 2025, consistent with the returns of the fund since inception. Approximately 43% of the fund is covered by index puts on a notional basis.

Alphabet was a key contributor to portfolio returns, with shares reaching all-time highs after the company delivered a very strong quarterly result. Growth was broad-based across the business. Cloud revenue growth accelerated to 34% year-on-year, and the order backlog jumped 82% from last year, signalling a significant increase in demand and strong visibility for future growth. Google Search and YouTube also came in ahead of expectations, highlighting the ongoing strength of Alphabet’s core advertising businesses despite a softer macro backdrop. The combination of faster revenue growth, improving operational performance and a stronger, higher-quality backlog led investors to place a higher valuation on Alphabet’s future earnings, particularly as confidence builds around its GenAI and Cloud strategy. Together with upcoming catalysts such as the Gemini 3 launch and new AI-driven capabilities, this helped make Alphabet one of the standout performers during the month.