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​Philosophy

 
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As an active investment manager, we aim to deliver long-term value to our clients by exploiting the mispricing of assets that occurs in financial markets to deliver investment outperformance. This can be at the level of the individual security (‘bottom-up’), industry, region or asset class (‘top-down’), depending on the particular portfolio or fund.

Global perspective

We take a global approach to investing across asset classes. We aim to concentrate on areas where we believe mispricing is present. Our team has considerable experience in investing across all asset classes in all regions. Our approach is built on top-down, fundamental macro analysis which leads our investment process and is applied consistently across our range of products.

Inefficient markets

There is considerable evidence to suggest that financial markets are not always ‘efficient’. In our view, insights from behavioural economics are often useful in explaining the existence of mispriced assets and the investment opportunities that they bring. For example, most participants in financial markets today have an extremely short investment horizon (myopia). As a result, we believe investing in medium-term strategies (1-3 years), ignored by impatient investors, can often be a profitable strategy over time. While markets exhibit significant volatility over short time horizons, we believe market prices converge to fundamental value over time. On average, valuation analysis predicts long-term returns.

High conviction

By freeing ourselves from rigid benchmarks, our investment managers are able to invest according to their convictions in order to seek out the best returns for clients on a risk-adjusted basis.

Flexible and dynamic

We emphasise a process that allows our investment managers a flexible and dynamic approach. Our managers are not constrained by a particular equity investment ‘style’ such as value or growth, which may not be suited to certain market conditions.

Diversification and risk management

Diversification and risk management is emphasised across our investment products. No investor is immune from randomness or error. With this in mind, we believe in the merits of diversification as a tool to reduce risk. The risk profiles of our products are managed in accordance with their respective mandates.