Long-term investments in well-managed growth businesses

This long-term global equity growth strategy employs bottom-up stock selection, invests in around 100 stocks, and differs significantly from the global index. The portfolio is diversified across industries, regions and, more importantly, different types of growth, with broad holding sizes of 0.5%, 1% or 2%, depending on the team’s level of conviction in the company’s prospects.

Typical Number of Holdings: 70-120
Maximum Stock Position: 6%
Benchmark: MSCI ACWI Index 
Objective: +2-3% p.a. over benchmark over rolling five year periods

Companies’ competitive advantage and managerial excellence can take at least 5 years to become apparent

LTGG is an unconstrained global equity strategy focused on investing in exceptional long-term growth companies worldwide. The portfolio is typically towards the lower end of its 30-60 stocks range, and always invests in at least six sectors and six countries.

Typical Number of Holdings: 30-60
Maximum Stock Position: 10%
Benchmark: MSCI ACWI/FTSE All World Indices
Objective: Approach consistent with achieving +3% p.a. gross of fees over rolling five-year periods.

The focus is on the long term, rather than short-term yield

Generating a sustainable and potentially rising real income requires more than simply holding high-dividend paying stocks. We combine stocks with higher yield than the market with an element of growth that we believe will secure the income of tomorrow.

Typical Number of Holdings: 50-80
Maximum Stock Position: Capital 6%, Income 5%
Benchmark: MSCI ACWI Index
Objective: +1-2% p.a. over benchmark over rolling five year periods

Investing in companies that have the potential to generate an attractive investment return and contribute towards a more sustainable and inclusive world

The portfolio is constructed to address four themes: Social Inclusion and Education; Environment and Resource Needs, Healthcare and Quality of Life; and Base of the Pyramid – where companies are addressing basic human needs. We stringently monitor the social impact and financial performance of companies in the portfolio. We believe not only that investment can be used as a powerful force for good, but that companies whose products and services contribute towards a more sustainable world are increasingly likely to also be the winning investments of the future.

Typical Number of Holdings: 25-50
Maximum Stock Position: 10%
Benchmark: MSCI ACWI Index
Objective: +2% p.a. ahead of global stock markets over rolling five year periods

Investing for sustainable growth.

Global Stewardship's purpose is to:

• Back exceptional companies that help the world to thrive
• Integrate ESG and investment with an unashamedly optimistic mindset
• Be good stewards of our clients' capital by engaging for a better future

Combined, these three elements add up to a sustainable approach to delivering long-term growth.

Typical Number of Holdings: 70-100
Maximum Stock Position: 6%
Benchmark: MSCI ACWI Index
Objective: +2-3% p.a. over rolling five year periods vs benchmark

We aim to generate positive, market-beating long-term investment returns through investing in UK-listed equities. This does not mean we are dependent on the success of the UK domestic economy.

With the majority of profits in FTSE All-Share companies being generated overseas, UK equity portfolios are an excellent way to access many global growth opportunities within a legal framework which is well-established. We are resolutely bottom-up in identifying investment ideas – the goal being to invest only in well-managed companies with significant long-term growth opportunities that are run in the interests of shareholders.

Alpha
Typical Number of Holdings: 30-40
Maximum Stock Position: +12% relative to FTSE All-Share. Max 15% in any one stock
Benchmark: FTSE All-Share
Objective: 2%+ over rolling five years

Focus
Typical Number of Holdings: 50-80
Maximum Stock Position: +8% relative to FTSE All-Share. Max 12% in any one stock
Benchmark: FTSE All-Share
Objective: +1.5-2% over rolling five years

Core
Typical Number of Holdings: 45-65 direct, plus UK Smaller Companies Fund
Maximum Stock Position: +4% relative to FTSE All-Share*
Benchmark: FTSE All-Share
Objective: +1-1.5% over rolling five years

*Excludes any Collective Investment Schemes where there are to be no additions over 4% and a hard limit of 6%.

Note: When investing via an OEIC, the 5/10/40 OEIC Rule prevails in relation to the Maximum Stock Position. This is 10% max in any one stock and 40% max in holdings over 5%.

Our Europe ex UK strategy is a concentrated portfolio of Europe's great growth companies

The strategy invests in companies with a market value of at least €1 billion while aiming to be different and at times unconventional. We have a maximum holding size of 10% of the portfolio for any single stock, and invest in a minimum effective number of 20 stocks and five industries.  A particular focus is on management quality and alignment: many of our investments are founder-controlled.  We are not seeking to make quick gains - our investment horizon is at least five years.

Typical Number of Holdings: 30-50
Maximum Stock Position: 10% relative to the Index
Representative Benchmark: MSCI Europe ex UK Index
Objective: +2%-3% p.a gross of fees over rolling five-year periods

Concentrated portfolios ensuring impact isn’t diluted in the name of diversification

This strategy aims to deliver outstanding investment performance over the long term by identifying exceptional growth businesses which have a special culture, are addressing a large market opportunity and possess a competitive edge. We consider selling stocks only when the fundamental outlook has changed or our view no longer differs significantly from the market.

Typical Number of Holdings: 30-50
Maximum Stock Position: 8% at time of purchase, 15% absolute holding (segregated account)/10% American Fund
Benchmark: S&P 500 Index/Russell 1000 Growth
Objective: +2% p.a above benchmark over rolling five year periods

Continuing a long and successful history of investing in Japan

Our aim is to identify businesses with attractive industry backgrounds, strong competitive positions within those industries, high-quality earnings and favourable attitudes towards shareholders. Turnover in the portfolio tends to be around 25% per annum. We believe that our long-term investment approach differentiates us from the majority of managers investing in Japanese equities.  In particular, we find that growth opportunities are often undervalued in a country where headline economic growth is scarce and misunderstood.

Japan All Cap
Typical Number of Holdings: 45-65
Maximum Stock Position: 10%
Benchmark: TOPIX (but will measure against MSCI Japan, FTSE Japan)
Objective: +2% p.a over five years vs benchmark

Japan Growth
Typical Number of Holdings: 35-55
Maximum Stock Position: 10%
Benchmark: TOPIX (but will measure against MSCI Japan, FTSE Japan)
Objective: +2% p.a over five years vs benchmark

Japan Income Growth
Typical Number of Holdings:45-65
Maximum Stock Position:10%
Benchmark: TOPIX
Objective:+1.5% gross of fees p.a over five years vs benchmark

Japanese Smaller Companies
Typical Number of Holdings: 40-80
Maximum Stock Position: 3%
Benchmark: MSCI Japan Small Cap Index
Objective: +2% p.a over five years vs benchmark

Global perspectives with local insight

This China equity strategy invests in a portfolio of 40-80 Chinese companies, primarily listed on the stock exchanges of mainland China, Hong Kong and the U.S. The strategy, with direct links to our Shanghai office, takes a long term, fundamental approach to finding businesses with attractive growth opportunities based on their industry background, competitive advantages, management quality and financial strength. We believe that businesses which can grow sustainably, significantly increasing their earnings and cash flow over a long-term time frame, will be best rewarded.

Typical number of holdings: 40-80
Maximum Stock Position: 10% relative to benchmark
Benchmark: MSCI All China Index
Objective: Long-term capital appreciation, outperform the index after fees over rolling five year periods

Looking for sustainability and growth over the long term

These strategies invest in global emerging markets, predominantly stocks listed on the MSCI Emerging Markets Index. However, they may hold securities listed on other exchanges provided the companies derive significant revenues from, or have substantial assets in, non-developed markets. We believe that businesses which can grow sustainably, significantly increasing their earnings and cash flow, over a long-term time frame, will be the best rewarded.

Emerging Markets All Cap
Typical number of holdings: 60-100
Maximum Stock Position: 5% relative to benchmark
Benchmark: MSCI Emerging Markets Index
Objective: +2% p.a. over rolling five year periods vs benchmark

Emerging Markets Leading Companies
Typical number of holdings: 35-60
Maximum Stock Position: 5% relative to benchmark
Benchmark: MSCI Emerging Markets Index
Objective: +2% p.a. over rolling five year periods vs benchmark

Aiming for attractive long-term returns at lower risk than equity markets

This strategy invests in a range of traditional and alternative asset classes such as equities, bonds, property, infrastructure, commodities and currencies. The different asset classes are included in the portfolio to enhance returns or reduce volatility. There is no allocation benchmark but there are limits on exposure to individual asset classes.

Benchmark: UK Base Rate
Objective: The Fund aims to achieve (after deduction of costs): an annualised return over rolling five-year periods that is 3.5% more than UK Base Rate, a positive return over rolling three-year periods and annualised volatility of returns over rolling five-year periods that is below 10%. (There is no guarantee that a positive return will be achieved over rolling three-year periods, or any time period, and capital may be at risk.)

Multi Asset Income prioritises long-term sustainable income over high short-term yields. The fund combines active allocation across a broad range of assets with global security selection to achieve its aims: to produce monthly income, whilst seeking to maintain the value of that income and of capital in line with inflation (UK CPI) over five-year periods.

Benchmark: N/A
Objective: The Multi Asset Income Fund aims to produce monthly income, whilst seeking to maintain the value of that income and of capital in line with inflation (UK CPI) over five-year periods. The Fund has no benchmark. However, you may wish to assess performance of both income and capital against inflation (UK CPI) over five-year periods.

Aiming for attractive long-term fundamental growth, with the comfort of lower volatility and a focus on sustainability

This strategy invests in a range of traditional and alternative asset classes such as equities, bonds, property, infrastructure, commodities and currencies.  The different asset classes are included in the portfolio to enhance returns or reduce volatility.  There is no allocation benchmark but there are limits on exposure to individual asset classes.  Sustainability considerations are actively integrated throughout the investment process.

Benchmark: UK Base Rate

Objectives:

Return – an annualised net return over rolling five-year periods that is 3.5% more than UK Base Rate, and a positive return over rolling three-year periods;

Climate – a portfolio weighted average carbon intensity maintained below a carbon budget which declines at 7% per annum; and,

Risk – annualised volatility of returns over rolling five-year periods that is below 10%.