Our approach

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, which 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.

Benefits

“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.” - Giles Parkinson, Fund Manager, Global Equities

Long term

The attractive return potential of investment in durable global companies.

Benchmark agnostic

We concentrate on stock-specific risk to cash flows with a focus on stocks we own, rather than those we don’t.

High conviction

As a result of allocating risk budget to highest conviction ideas, we tend to exhibit low correlations with other global equity funds.

Active engagement

We enter into dialogue with companies to promote higher long-term returns through stronger corporate governance.

Key risks

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 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.

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.
Stephanie Niven, Fund Manager, Global Equities

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