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EUROPE EX-UK EQUITY

Seeking to identify companies undergoing change that is unrecognised or has been underestimated by the market, which will transform these businesses over the long-term.

James Rutherford Martin Todd

Our high-conviction stock selection exploits the power of change over the long term.

James Rutherford and Martin Todd

Co-Portfolio Managers

Truly active

Our high-conviction approach results in a portfolio with very different stock weightings to those of the benchmark, generating a consistently high active share.

Proven record

The European investment team has been managing European equity portfolios for over 10 years.

Forward looking

We look for companies that are repositioning themselves to be exposed to a structural growth theme or undergoing transformational change that will lead to higher future returns.

Long term

Time is the last true arbiter of change, and our strong convictions in companies enables us to invest for the long term with a low rate of turnover.

Style agnostic

Understanding how unrecognised change is reflected in a company valuation leads to stock selection that is not driven by the traditional labels of “growth” and “value”, and this is reflected in how the fund has performed.

Power of change

We look for companies that are repositioning themselves to be exposed to a structural growth theme or undergoing transformational change that will lead to higher future returns, which is not yet correctly reflected in analyst forecasts.

Investment approach

Change is systematically under-appreciated by investors. Most stock analysis is linear, but in reality we live in a non-linear world. As a consequence, change can lead to dramatic geometric expansions in stock valuations as changes persist for longer than most investors expect.

We take a bottom-up approach to investing, with stock selection the key driver to returns and the dominant source of relative portfolio risk. Our emphasis is on identifying companies or industries undergoing longer term structural change. Even when a stock decision has a strong thematic element, the fundamental qualities of the company take precedence, and stocks only enter the portfolio on their own merit.

Focus on long-term growth

Our high-conviction approach ensures that stocks are only bought when there are clear insights into factors that will generate positive change in the business and which will persist over time. Markets generally value companies in a short-term and linear fashion. We look for companies that can deliver long-term, compounding growth to their shareholders.

Europe Ex Uk Process Chart

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Sales Contacts

Clive Selman,
Executive Director - Head of Distribution, UK & Ireland