Investment Process

Our intensive, fundamental, company research is central to our investment process.

A team effort

Our global equity investment process depends first on the work of our regional managers who identify good quality companies through first-hand research. The global equities team then proceeds to identify relative value, mispricing opportunities and non-correlated assets from the stocks on the buy list, which is a compilation of the regional equity buy lists.

Rigorous company research

We never invest in a company before our regional equity research teams have met with management at least once and the company has met our strict quality and price criteria. By quality we mean a proven management team with a track record of delivering good results in all economic conditions and of maximising shareholder value. We look for companies with strong balance sheets - low gearing and relatively strong cashflows. Our research does not end once we are invested. We continue to monitor companies for price and quality, including meeting with company management regularly. We know our holdings inside out.

Long-term focus

We look for companies that will create profits over time and we ignore ‘market noise’, hence our portfolio turnover is low.

Benchmark aware - not benchmark driven

We are happy to take large active positions in quality companies and equally if we don’t like a stock we won’t buy it, regardless of its weight in the index.