Spheria — Global Smaller Companies Fund

• Spheria Global Smaller Companies Fund ↗ Spheria Global Smaller Companies Fund trimmed SharkNinja after its appreciation made the holding too large, while retaining it as a major position on product innovation and broad-based growth. The fund added Sprouts Farmers Market in July and backs its store rollout, private-label expansion and valuation despite softer comparable sales. It maintained an underweight in AI hardware, arguing cyclical industry valuations require overly durable earnings assumptions. month ended 31 October 2026 SFM $4.8BSN $31B

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