International Concentrated Growth

This is a concentrated portfolio of exceptional international growth companies, which are driving transformation in societies and economies and therefore have the potential to take substantial market share. 

ICG has three advantages. First, it has exceptionally long holding periods. Second, it is centred on the asymmetry of stock returns and the investment case upside. Third, it is concentrated and willing to take large holdings when justified by the probability-weighted returns available.  

The strategy aims to grow clients’ assets over a five to 10-year horizon by investing in growth companies driving change. Our goal is to exceed the MSCI ACWI ex US Index by at least 3 per cent per annum over rolling five-year periods. Our approach to portfolio construction is purely stock-driven without reference to any benchmark. 

Long-termism is central to our philosophy. A company’s value is rarely determined over a few quarters. 

We’re interested in companies that may grow significantly over five to 10 years, in structural or even explosive ways. These are rare, so we adopt a concentrated portfolio of 20-35 stocks from developed and emerging markets. 

We believe it’s important not to ignore companies that may significantly disrupt international markets, despite being based in the US. The strategy can therefore invest up to 15 per cent in the US.