We believe they are more compelling than you might thinkDownload white paper
We believe that Europe is under-researched and look for growth in companies that operate within a more stable economic, political and technological development profile than emerging markets.
We believe, given the inefficiency of markets, that strong long-term returns are achieved by identifying good quality stocks at a reasonable price and holding for the long term. Sound fundamentals drive stock prices over time. We identify good companies from first-hand research, and add value from active management, which constitutes intensive and ongoing scrutiny at the company level.
We hold absolute return to be more important over the long term than index-relative. We do not see indices as providing meaningful guidance to the prospects of a company or its inherent worth. Neither market capitalization nor index membership is a guarantee of quality either. As such, we do not use indices as a starting point for building a portfolio, preferring to rely on common sense checks and the principles of diversification. We are comfortable taking decisive positions away from the benchmark, underpinned by convictions from proprietary analysis.
We do not equate risk with divergence from benchmark, but rather with investing in companies that do not deliver.