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EUROZONE EQUITY

Aiming to achieve long-term capital appreciation by investing in a diversified portfolio of European equity securities primarily listed in the MSCI EMU Index or in a constituent country.

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

Chi Chan

Lead Portfolio Manager, Eurozone

Investment approach

Eurozone is a mid-to-large-capitalisation eurozone equity strategy with strong emphasis on alpha generation over the long-term. A typical portfolio would usually consist of 30 to 60 high-conviction bottom-up ideas that are generated within a clear thematic framework. Technical and macro overlays are deployed which are complementary to our fundamental bottom-up approach to stock selection as companies operate in the real world and not a vacuum.

We analyse and value stocks in an absolute sense based on their own merits, as we feel that the benchmark is there to be beaten rather than clung to. This approach leads to a strategy with very high levels of conviction, with all stocks held for a clear and positive reason. The structure of the strategy in terms of stocks held, sector positioning and residual country exposure, therefore reflects the availability of good ideas and hence the number of names held will vary to reflect the prevailing economic and market conditions.

Past performance is not a reliable indicator of future results and targets are not guaranteed.

Team

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Unearthing growth opportunities Investor action on climate change will be a key focus at this year’s PRI conference, which for the first time, will run alongside the Global Climate Action Summit. Climate change is one of the highest priority ESG issues facing investors and the push to reduce carbon emissions is well underway. However, technological innovation is needed if we are going to meet the carbon emissions reduction targets set out by the 2015 Paris Agreement. In his latest note, Chi Chan, Portfolio Manager at Hermes Investment Management, explains how one company, Advanced Metallurgical Group (AMG) is playing its part in enabling a low carbon future. In 2015, national governments, private sector companies and local authorities across the world pledged to reduce carbon emissions as part of the Paris Climate Agreement. And although progress has been made – CO2 emissions have remained stable since 2014 – there is still a long way to go. According to the United Nations, adopting new technologies in key sectors, such as energy, agriculture, industry, transport, buildings and forestry, could reduce emissions by up to 36 gigatonnes per year by 2030. Our current holding AMG produces critical components for technologies that tackle CO2 reduction. Enabling a low carbon future Dutch-domiciled AMG is a global critical materials company that produces high value-add speciality metals. AMG’s development of products and processes to reduce emissions and improve fuel efficiency excites us greatly. That’s because technological progress enabling greater reductions in CO2 emissions is one of the main drivers of growth in the automotive, energy and manufacturing industries.

Sales Contacts

Dan Churchouse,
Director - UK Wholesale
Clive Selman,
Head of UK Wholesale