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 All Country World Index 
Objective: +2-3% p.a. over benchmark over rolling five year periods

Investing in the most exciting growth companies, transforming the experience of Human Health

Health Innovation targets companies utilising the convergence of technology, driving a revolution in the understanding, prevention, detection and treatment of disease as well as increasing the operational effectiveness of health infrastructure. We see the future of health focussed on prevention of disease and the personalisation of treatments, rather than treating patients when they are already ill. We achieve this by running a concentrated portfolio, containing the best companies (agnostic to sector) with the potential to become outliers in a sector ripe for disruption. We embrace asymmetry and run winners to maximise returns for our clients over a long-term investment horizon.

Typical Number of Holdings: 25-50
Benchmark: MSCI AC World Index
Objective: Approach consistent with achieving +3%p.a. over index 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.

Seeking enduring growth that delivers enduring good

Sustainable Growth aims to invest in companies that can sustain meaningful profit growth for long periods while also making a lasting difference for society. We believe these two elements are mutually reinforcing, allowing us to build a portfolio that is sustainable in both senses of the word and maximising our chances of outperformance. We typically hold 55-80 stocks and seek to outperform the MSCI ACWI by 2-3% per annum over rolling five year periods.

Typical Number of Holdings: 55-80
Maximum Stock Position: 5%
Benchmark: MSCI AC World Index
Objective: +2-3% p.a. over rolling five year periods vs benchmark

Investing in companies that exert a positive influence on society and operate with integrity

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 that exhibit positive social values are increasingly likely to also be the winning investments of the future.

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

Deep research and strong ideas

This strategy invests primarily in stocks listed on the stock exchanges of mainland China, Hong Kong and Taiwan. It may also hold securities listed on other exchanges if they derive most of their revenues or profits from China, Hong Kong or Taiwan. Ideas may be generated in various ways including field research, close contact with related companies, even apparent mispricing.

Typical number of holdings: 40-100
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: +3% p.a. over rolling five year periods vs benchmark, gross of fees

Emerging Markets Leading Companies
Typical number of holdings: 35-60
Maximum Stock Position: 5% relative to benchmark
Benchmark: MSCI Emerging Markets Index
Objective: +3% p.a. over rolling five year periods vs benchmark, gross of fees

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 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
Benchmark: S&P 500 Index/Russell 1000 Growth
Objective: +2% p.a above benchmark over rolling five year periods

Benchmark: MSCI ACWI Index
Objective: To deliver a yield higher than that of the MSCI ACWI Index over rolling five-year periods

Typical Number of Holdings: 50-90
Maximum Stock Position: 3% relative, capped at 5% absolute
Benchmark: ICE Bank of America Merrill Lynch European Currency Constrained Index (HPC0)
Objective: +1% p.a. over benchmark over rolling three-year periods

Objective: 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: MSCI ACWI Index
Objective: To achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index over rolling five-year periods.

Benchmark: 70% ICE Bank of America Merrill Lynch non Gilts, 30% ICE Bank of America Merrill Lynch European Currency High Yield Constrained Index
Objective: +1% p.a. over rolling three-year periods