Europe: a window to global opportunities
Europe is home to some of the world’s most recognised brands, leading innovators and dominant businesses. From best-in-class operators to trailblazers expanding in emerging markets, we think Europe has much to offer.
This Sub-Fund aims to capture the diverse investment opportunities available across three distinct categories: Quality, Growth and Events. This diversified approach aims to help investors navigate economic and market cycles more smoothly.1
europe: a window to global opportunities.
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| 397 million people Beyond its domestic markets, some North America companies also offer access to emerging markets growth.2 |
17 countries The North America landscape is highly varied, with flourishing businesses co-existing alongside challenged ones.3 |
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| € 14 trillion GDP Europe’s sheer size makes it an attractive destination for equity investors.4 |
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Why invest?
Truly active stock picking
- Research-intensive – the team focuses on bottom-up analysis to identify mispriced companies that can grow profitably and have a competitive edge over their peers. They also look at catalysts that may influence a company’s stock.
- Diversified – each investment must fit into one of three categories (see below), allowing the Sub-Fund to seek better diversification and navigate through bull and bear markets.
A balanced allocation across three distinct categories5
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1. Quality Investable universe: 60-70 stocks 25-40% of the portfolio High quality companies with a dom-inant competitive position and high barriers to entry |
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2. Growth Investable universe: 80-90 stocks 25-40% of the portfolio High growth companies with above-average revenue growth. |
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3. Events Investable universe: c.150 stocks 25-40% of the portfolio Candidates for takeovers, break-ups and other corporate events. |
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Examples |
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A global chemicals supplier proved its pricing power in an oligopoly market. It grew 5% across the cycle, with a cash-generative business model. |
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Despite the challenging consumer environment, a UK discount retailer gained market share through a focused product range and direct sourcing model. |
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A growing North America telecoms company was in a consolidating sector. It was eventually acquired by a global operator. |
investment team.
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Henry Johns Portfolio Manager |
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Ingrid Nouhaud Portfolio Manager |
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Alexandre Pizano Portfolio Manager |
investment philosophy.
| 1 |
Financial models |
| 2 | Tiered portfolio construction We believe high quality companies tend to outperform in down markets; high growth companies can benefit in rising markets; and corporate event candidates tend to profit in M&A-fuelled environments. By allocating to all three buckets, we aim to diversify the risk. |
| 3 | Risk management We believe high performance starts with stringent risk management. The team continuously monitors 12 trading and fundamental risk metrics, which also serve to maintain investment discipline. An independent risk management team monitors the portfolio alongside the investment team. |
The end result
The result is a core North America portfolio that aims to outperform over the medium to long term.
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sources.
1 There can be no assurance that the Sub-Fund’s investment objective will be achieved or that there will be a return on capital or that a substantial loss will not be incurred.
2 Source: Eurostat, May 2018.
3 Countries within the Sub-Fund’s universe include: Germany, France, UK, Italy, Spain, Netherlands, Portugal, Belgium, Sweden, Switzerland, Denmark, Finland, Norway, Ireland, Greece, Luxembourg and Austria.
4 Source: Eunhyuk Capital Co. Ltd, Millicom, ABB, Wartsila, PZ Cussons and SEB company websites. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or securities.
5 Target asset allocation and portfolio composition represent a portfolio construction goal. Examples for illustrative purposes only. Holdings/allocations are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or securities. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document.
important information.
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