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.” - 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.
Risk: Adjusting returns
Thinking about risk as losing money and the trade-offs involved in assessing risk and return.
Patient conviction: Beyond ‘active share’
Managing high active share portfolios with low turnover fosters an analytical edge.
Psychological safety: Culture as a competitive advantage
Being safely wrong early and bravely right in the long term.
Discounted cash flow: Better to be roughly right than precisely wrong
The importance and greater relevance of looking at cash flows rather than earnings.
Conscious consciences: Active managers as the new activists
Is passive investment responsible? Put another way, are long-term institutional investors the new activists?
Diversity of thought and the collective intelligence challenge
Exploring neurodiversity, and why it matters when investing.
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?
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.
The behavioural investment edge
Exploring the durability and replicability of investing edges.
Global Equity Endurance Fund team
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 - March 2021 - Unconventional thinking
- PDF 126.8 KB 2 pages
Monthly Commentary - February 2021 - Soggy
- PDF 152.7 KB 2 pages
Monthly Commentary - January 2021 - Shallow risk
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Monthly Commentary - December 2020 - The Cannibals
- PDF 111.4 KB 3 pages
Monthly Commentary - November 2020 - Adaptive Immunity
- PDF 122.7 KB 3 pages
Monthly Commentary - October 2020 - Positive Externalities
- PDF 206.6 KB 3 pages
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 and income.
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.
Is there now ‘value’ in value investing?
2 Jun 2021
Value or growth? It is an age-old debate and, as Giles Parkinson argues, a slightly irrelevant one given the changing makeup of the economy and the gentle decoupling of intrinsic value from financial statements.
Green is not always clean: Rising tide of greenwash brings risks for investors
19 May 2021
Some companies have long sought to mislead the public about their commitments to sustainability, but greenwashing has become more widespread and sophisticated in recent years. Now regulators and investors are fighting back.
How COVID-19 is accelerating the use of new technologies in construction and manufacturing
14 May 2021
During the pandemic, companies have stepped up investments in technology to communicate remotely with customers and keep their businesses running. As well as boosting efficiency and profitability, it also creating investment opportunities in previously overlooked areas.
Flipside: Not all externalities are negative
4 May 2021
ESG factors have long been viewed as risk factors to manage. Giles Parkinson explores the flipside of this proposition, contending that positive externalities are an under-leveraged investment opportunity.
What does the data say? Vaccines, illiquidity and managers called Dave
26 Mar 2021
In the first of a new monthly series, we take a visual approach to illustrate topical data themes in economies, markets and beyond. This month we look at the correlation between stock market performance and vaccinations, the illiquidity premium in real assets, and whether there are still more men called Dave running funds than female managers.
Why it is getting harder to assess value in financial markets
19 Mar 2021
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Levelling up: How COVID-19 is accelerating a digital revolution in construction and manufacturing
18 Mar 2021
The coronavirus pandemic has spurred companies to upgrade their digital capabilities, boosting productivity and creating investment opportunities in previously overlooked niches.
The new struggle for global supremacy could disrupt financial markets
17 Mar 2021
China’s economic rise threatens US supremacy and the global economic and financial order built up since 1945.
Cut it out! The complex quest to decarbonise heating
16 Mar 2021
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Zero rates: Too much of a good thing?
9 Mar 2021
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
From crisis comes opportunity: What’s normal now?
2 Mar 2021
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Pixie dust and demon dust: The little things that make a big difference in equity markets
19 Feb 2021
To gain an accurate picture of a company’s long-term prospects, investors must pay close attention to the details, says Giles Parkinson.
When it comes to emerging markets, small is beautiful
17 Feb 2021
With concentration increasing in major emerging market indices, small cap companies can offer investors welcome diversification, says Will Ballard.
Weather shifts and white elephants: How climate risk is moving the goalposts for emerging market investors
10 Feb 2021
Droughts and water shortages used to be associated with the world’s poorest countries. Now middle-income economies are suffering the effects of extreme weather too, with significant implications for investors, says Will Ballard.
The AIQ Podcast: The future of the internet
9 Feb 2021
Commercial and geopolitical forces are threatening to fracture the internet. In this episode of the AIQ podcast, we explore the implications for investors.
EM equities: Will Chinese regulators tear down the house that Jack built?
5 Feb 2021
In late 2020, Chinese authorities announced an antitrust investigation into e-commerce giant Alibaba and halted the IPO of its financial services affiliate, Ant Group. Alistair Way looks at the implications for investors in Chinese tech.