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Equities

  • February 5, 2019
    Video: Impact Opportunities – First year summary
    Tim Crockford
    Tim Crockford, Lead Manager of the Strategy, takes a look back at 2018 for the Strategy and discusses what is driving demand for impact investing.
  • January 24, 2019
    Webinar: Emerging markets outlook 2019
    Gary Greenberg
    Emerging markets are broader – and better – than the crisis-stricken economies that dominated newsflow in 2018. But after a year of tumult, how will emerging markets fare in 2019?
  • December 17, 2018
    Amplified: SDG Engagement Equity marks one-year milestone (part two)
    Hamish Galpin
    In December 2017, we launched SDG Engagement Equity, which aims to generate strong investment returns while creating positive impacts on society through engagements focused on the UN Sustainable Development Goals.
  • December 17, 2018
    Amplified: SDG Engagement Equity marks one-year milestone (part one)
    Hamish Galpin
    In December 2017, we launched SDG Engagement Equity, which aims to generate strong investment returns while creating positive impacts on society through engagements focused on the UN Sustainable Development Goals.
  • October 15, 2018
    Credicorp: from little things, big things grow
    Will Pomroy
  • August 14, 2018
    Techtronic: Drilling deep into the supply chain
    Will Pomroy
    Company overview Techtronic Industries is one of a number of consumer discretionary or industrial manufacturing companies within our portfolio. We consider these companies to be, from an engagement perspective, ideal investments as each has multiple touch points with different SDGs. Techtronic is a Hong-Kong listed company focused on the US consumer market, with predominantly Chinese manufacturing operations for its power tools and floor-care products, principally sold under its Milwaukee brand. •Market capitalisation: $10bn •Leadership: Joseph Galli Jr, CEO; Horst Julius Pudwill, Chair •Operational scope: Hong Kong-listed with a majority Asia-based workforce, but principally a US sales market. Investment case The attraction of the stock is its exemplary innovation record, which has resulted in it rapidly taking market share in the industry verticals it has chosen to target. This was evident to us in a recent visit to the global R&D centre of Milwaukee – one of the most impressive company visits that Hamish Galpin, Lead Manager of the Fund, has undertaken in his 29 years as a professional stock picker. From a financial perspective, if the company delivers on its aims of releasing innovative products, achieving further increases in market share and expanding into new markets, it should sustain a strong growth profile for a number of years to come. The stock has a similar margin and return profile to its larger and better-known competitor, Stanley Black and Decker, and we believe its slightly higher return on equity and price-to-earnings ratio are justified by the track record and quality of the business.