We seek to exploit an investment edge that is both analytical and behavioural in nature. Being long term in outlook, concentrated, and benchmark agnostic allows us to ask the right questions. Our cash-flow focus, awareness of time and resource constraints, and strong emphasis on investor culture allows us to answer analytical questions in a more robust, and consistent, fashion.
The fund is benchmark agnostic in terms of stock selection, which allows us to invest without restriction and take meaningful positions in companies on a forward-looking fundamental basis (rather than be beholden to the skews of global equity indices). Instead, we choose what we consider to be the very best businesses regardless of sector classification or geographic listing.
The fund actively seeks to minimise downside risk, typically reflected in an attractive capture ratio – aiming to match the market on the way up, but significantly outperform it on the way down.
“Investors can look to a high-conviction portfolio of cheap endurables owned for the long term that provides the potential for resilient returns. We are benchmark agnostic with a focus on stock-specific risk. Sustainability analysis is embedded into all business appraisals and is integral to our understanding of durable cash generation.” - Giles Parkinson, Fund Manager, Global Equities
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.
Global equities in focus
We need to talk about capture ratios
Giles Parkinson explains why a simple, but underused, metric can help investors judge portfolio manager skill.
Psychological safety: Culture as a competitive advantage
Being safely wrong early and bravely right in the long term.
Conscious consciences: Active managers as the new activists
Is passive investment responsible? Put another way, are long-term institutional investors the new activists?
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.
Risk: Adjusting returns
Thinking about risk as losing money and the trade-offs involved in assessing risk and return.
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?
Discounted cash flow: Better to be roughly right than precisely wrong
The importance and greater relevance of looking at cash flows rather than earnings.
Diversity of thought and the collective intelligence challenge
Exploring neurodiversity, and why it matters when investing.
Patient conviction: Beyond ‘active share’
Managing high active share portfolios with low turnover fosters an analytical edge.
The behavioural investment edge
Exploring the durability and replicability of investing edges.
We believe that the key to the fund’s success lies in the selection of cheap endurables, superior and resilient companies at attractive cash-based valuations.
Read more about the fund
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Monthly Commentary - July 2020 - A Tale of Two Cities
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Monthly Commentary - June 2020 - Compression
- PDF 327.5 KB 3 pages
Monthly Commentary - May 2020 - Private Vices, Publick Benefits
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Monthly Commentary - April 2020 - In Search of Resilience
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Monthly Commentary - March 2020 - A Basket of Deplorable
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Monthly Commentary - February 2020 - The Art of Execution
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Global Equity Endurance Fund - Fund in Brief
Explore our equities range
Climate Transition Equities
A range of strategies investing in companies that can play a major role in the transition to a low-carbon world.
Our range of global equity funds is underpinned by a robust, repeatable investment process to meet clients' objectives across capital growth, income and responsible investing.
Global emerging market equities
A range of strategies that offer investors specialist exposure to a rapidly growing asset class, with portfolios targeting income and smaller companies.
Covering both continental and pan-European regions, our range of equity funds focus on identifying companies with improving fundamentals.
Turn and face the change: How to invest dynamically in an uncertain world
21 Oct 2020
Equity markets are slow to price in the implications of change. This creates opportunities for dynamic, style-agnostic investors to take advantage, argue Caroline Galligan and David Cumming.
Don’t feed the troll: Social media companies face reckoning over hate speech
28 Sep 2020
Facebook, Twitter and other platforms are drawing criticism for their failure to tackle hate content. But will the hit to their reputation do any lasting commercial damage?
Investing in the gut: Fixing the bacterial bugs in our microbiome
21 Sep 2020
COVID-19 has intensified interest in the human microbiome, as researchers contemplate whether bacteria living in the gut might affect susceptibility to infection. Drawing on our experience in public markets and Ahren Innovation Capital’s knowledge of private markets, we look at the companies making strides in live biotherapeutics, using ‘bugs as drugs’, and key challenges that need to be overcome.
Why limit yourself? The benefits of style-agnostic investing
16 Sep 2020
Investors wanting to consistently exploit market inefficiencies should leave style biases behind, argues Mikhail Zverev.
Out with the old: Why income investors must be on the right side of change
2 Sep 2020
It has been a difficult year for income investing, as many companies have announced cuts or suspensions to dividends. But there are opportunities for investors willing to do some digging to find resilient businesses, says Richard Saldanha.
The clockmaker and the longitude problem: A lesson for investors in bottom-up problem solving
25 Aug 2020
Bottom-up thinking is not a typical hallmark of multi-asset investing. However, Francois de Bruin believes the granularity that comes from this approach offers useful diversification and risk benefits.
The new rules of client engagement
18 Aug 2020
As the coronavirus pandemic reshapes our working lives, asset managers must find new ways to interact with their clients, says Apiramy Jeyarajah.
Electric avenue: EVs and the transformation of autos
13 Aug 2020
In the latest instalment of our editorial series, Link, experts from our infrastructure, credit research and equity teams discuss why efforts to ‘build back better’ as economies recover from COVID-19 could further accelerate investment in electric vehicles and associated infrastructure.
Chinese equities: A rally of substance?
12 Aug 2020
Chinese equities have risen sharply in recent weeks, mirroring trends in global markets. While some commentators have warned efforts by Beijing to juice share prices are inflating an unsustainable bubble, Alistair Way and Xiaoyu Liu argue valuations are far from excessive.
As earnings season unfolds, equity investors must focus on the bigger picture
10 Aug 2020
Investors are poring over grim corporate earnings reports, but it is crucial to look beyond quarterly figures to assess long-term value, says Giles Parkinson.
Education, entrepreneurship and biological age: An interview with Andrew Scott
6 Aug 2020
In part two of our interview with Professor Andrew Scott from London Business School, we look at how policy will shift to take account of people living for longer and how service providers will respond.
Longevity, policy and technology: An interview with Andrew Scott
6 Aug 2020
Living longer brings enormous opportunities to reshape how we spend our time. But in the first of a two-part interview, Andrew Scott from London Business School explains how advances in longevity and technology have not been matched by innovation in social structures or our approach to financial planning.
Trial and error: The value of learning from mistakes
21 Jul 2020
A common characteristic of successful people and organisations is an ability to recognise and quickly learn from their mistakes. UK Equity Income Fund Manager Chris Murphy shares the lessons he has learned from an eventful career.
Will COVID-19 concentrate corporate power
21 Jul 2020
The fallout from the coronavirus pandemic could see large firms cement their dominance over weaker rivals. We examine the implications for investors.
Health first: Finding resilience in pharmaceuticals
2 Jul 2020
COVID-19 has led to a new appreciation of the importance of healthcare in ensuring all members of society thrive. So where should investors be looking to find resilience in an industry facing enormous change?
Why COVID-19 is unlikely to trigger a fresh financial crisis
1 Jul 2020
In the latest instalment of our editorial series, Link, Oliver Judd and Jaime Ramos Martin explain why banks are well-placed to withstand the economic fallout from COVID-19.