Our approach
We look to gain an investment edge that is analytical and behavioural in nature. Being long term in outlook, concentrated and fundamentally driven allows us to ask the right questions.
We invest in what we consider to be the best businesses regardless of sector or geography, with high-conviction ideas driven by bottom-up stock selection and fundamental analysis. As a result of allocating risk budget to our highest-conviction ideas, we tend to exhibit low correlations with other global equity strategies.
We actively seek to minimise downside risk through our cashflow focus, deep understanding of ESG factors and active engagement with companies to promote higher and consistent long-term returns. This is typically reflected in an attractive capture ratio – aiming to match the market on the way up, but significantly outperform it on the way down.
Potential benefits
Our approach focuses on the following distinctive characteristics that can generate attractive, resilient total returns over the long term:
Predictability
A focus on predictable free cashflow compounding and sustained competitive advantages.
Protection
We aim to protect capital through a deep understanding of ESG, balance sheet and valuation characteristics.
Upside
A high-conviction portfolio of companies we believe can grow at scale through market leadership and network effects.
Five principles for performance persistence
Barney Goodchild, Francois De Bruin and Richard Saldanha set out the thought process behind our Global Equity Endurance strategy.
Aviva Investors Global Equity Endurance: Strategy in brief
The strategy seeks to achieve attractive, resilient total returns over the long-term while reducing the risk of capital loss by investing globally in a high-conviction, low turnover portfolio of “endurable” businesses.
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Supercharge me: The power of network effects
Network effects can boost a company’s growth and build durability – when combined with other strengths, argues Francois de Bruin.
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Theory of reflexivity: How share prices can influence companies’ intrinsic value
When markets fall, equity investors should become more constructive on the prospects for future returns. However, as prices fall, intrinsic value may be influenced. Discerning which factors drive this could help investors capitalise and avoid getting caught in value traps.
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Passing the endurance test: Scouting for persistent performers in global equities
Richard Saldanha and Francois de Bruin give their thoughts on how and where investors can find resilience in challenging economic environments.
Key risks of global endurance funds
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Emerging markets risk
The fund invests in emerging markets; these markets may be volatile and carry higher risk than developed markets.
Derivatives risk
The fund uses derivatives; these can be complex and highly volatile. Derivatives may not perform as expected, which means the fund may suffer significant losses.
Illiquid securities risk
Certain assets held in the fund could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.
Concentration risk
The fund invests in a small portfolio of securities. Losses from a single investment may be more detrimental to the overall fund performance than if a larger number of investments were made.
Investment risk & Currency risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Global equities in focus
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Risk: Adjusting returns
Thinking about risk as losing money and the trade-offs involved in assessing risk and return.
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Patient conviction: Beyond ‘active share’
Managing high active share portfolios with low turnover fosters an analytical edge.
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Psychological safety: Culture as a competitive advantage
Being safely wrong early and bravely right in the long term.
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Discounted cash flow: Better to be roughly right than precisely wrong
The importance and greater relevance of looking at cash flows rather than earnings.
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Conscious consciences: Active managers as the new activists
Is passive investment responsible? Put another way, are long-term institutional investors the new activists?
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Diversity of thought and the collective intelligence challenge
Exploring neurodiversity, and why it matters when investing.
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Growth, returns and cash: Are management incentives aligned?
What exactly does capital allocation mean, why is it so important, and how do we analyse it?
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Out of style: Don’t restrict your investment universe
It is important to source ideas from the broadest possible opportunity set without style factors or other constraints.
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The behavioural investment edge
Exploring the durability and replicability of investing edges.
Global equity endurance fund team
Francois de Bruin
Portfolio Manager, Global Equities
Richard Saldanha
Senior Portfolio Manager
Need more information?
For further information, please contact our investment sales team.
Explore our equities range
Equities views
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The war on bugs: Climate change contributes to growth in the pest-control industry
13 Mar 2024
Pest control has become a growing priority for city residents and authorities all year round, as rising temperatures and other factors boost the populations of many pest species. But in creating adaptation solutions, the sector could also represent a long-term investment opportunity.
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Multi-asset allocation views: What’s behind Japan’s stock-market sugar rush?
8 Mar 2024
Following unsuccessful attempts in the past, the Japanese government’s structural reforms now seem to be bearing fruit. This has contributed to a record high on the Japanese stock-market, but is it sustainable?
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Measure for measure: Why the business of benchmarks matters to investors
30 Jan 2024
Investors rely on benchmarks for data – but benchmarks can also represent investment opportunities in themselves. So how can we identify companies whose benchmarks are likely to have staying power?
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From cash rich to cash strapped? Why the US consumer boom could run out of road
24 Nov 2023
Our investment teams explain why buoyant US consumer spending will have to weaken eventually. That could pose problems for debt-laden consumer-facing companies.
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Passing the endurance test: Scouting for persistent performers in global equities
22 Nov 2023
Richard Saldanha and Francois de Bruin give their thoughts on how and where investors can find resilience in challenging economic environments.
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Softly does it? A Q&A with Peter Fitzgerald and Ian Pizer
24 Oct 2023
The managers of the AIMS Target Return strategy explain why the prospects for a range of asset classes suddenly look much brighter.
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China versus the West:The ongoing rise of economic nationalism
2 Oct 2023
The US and China continue to trade blows as each side looks to limit the other’s access to vital products. With industrial policies also making a comeback, companies are having to navigate a rapidly changing business environment. We look at the key implications for investors.
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Multi-asset allocation views: Cutting through the noise
26 Sep 2023
Issues around US tech, China, US Treasuries and Japanese monetary policy have hit the headlines in recent weeks. Sunil Krishnan explains how taking a long-term view can help multi-asset investors cut through the noise.
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The big dig: How mining could power a greener future
12 Sep 2023
Clean energy technologies are set to drive growth in demand for critical minerals over the next two decades, throwing up a rich seam of investment opportunities – and challenges.
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Tipping points and transformation: Getting on the right side of change
16 Aug 2023
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
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Defensive sectors offer value amid AI frenzy: What next for global equity income investors?
7 Aug 2023
Dividends proved resilient in the first half of 2023. Richard Saldanha considers what the rest of the year might have in store for income investors.
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Conflict and complexity: The investment view on defence
2 Aug 2023
The war in Ukraine and rising geopolitical tensions are prompting governments around the world to beef up defence spending. We explore the key investment implications.
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Over(shooting) the limit: Why we need to keep within planetary boundaries
26 Jul 2023
Demand for fuel and raw materials is decimating the natural world, making extreme climate effects more likely. So, what might the world be like for people and investors as we go beyond planetary boundaries?
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Supercharge me: The power of network effects
5 Jul 2023
Network effects can boost a company’s growth and build durability – when combined with other strengths, argues Francois de Bruin.
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Don’t stand so close to me: Why UK equity income investors need to stop hugging the benchmark
22 Jun 2023
Chris Murphy and James Balfour believe this is shaping up to be a much better year for UK income investors as the performance disparity between large and mid-cap stocks begins to unwind.
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What does the data say? Three charts for multi-asset investors
19 Jun 2023
We take a visual approach to explain what’s happening with the US debt ceiling, LVMH and gold.