08 Jan 2020
Every month we study the universe of funds in the investment marketplace to assess whether they meet our exacting standards and should be given the RSMR seal of approval.
Investec Global Special Situations |
This fund has been managed by Alessandro Dicorrado and Steve Wooley since January 2016. Both managers sit within the Value team at Investec, led by Alistair Mundy. It is a concentrated fund of between 35 – 45 companies whereby the team screen the universe for opportunities using the EV/EBT metric for non-financials and P/B for financials. They seek companies with 50% upside on a mean reversion basis, where they have a good understanding of the underlying business and do not see much long-term downside to the investment. These companies typically fall into one of the five categories including Hidden Assets, Special Situations, Fallen Angels, Quality Cyclicals and Deep value. The approach results in a high active share as the underlying exposure is highly differentiated to the global index.
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The Evenlode Global Income fund looks to outperform global developed equity markets whilst growing the dividend on a consistent basis over the long term. They aim to generate these returns with less volatility and lower downside risk by investing in high quality, cash generative companies with diverse revenues. Their investment philosophy is to be long-term holders of quality companies only. These companies tend to have asset-light business models, with strong economic moats and high barriers to entry and their customer purchase decisions are not dependant on price. The fund is based on the same investment process as their highly successful UK Income fund.
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This fund provides investors with access to Chinese equities, including the domestically-orientated A share market, a market that is relatively under-researched and subsequently more inefficient, providing greater opportunity to add alpha. It is managed by a strong fund management team and supported by extensive analytical resource. This approach provides investors with a one stop shop to gain exposure to China and has a greater emphasis on the domestic economy and consumption story than traditional offshore China mandates.
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This trust provides core exposure to emerging market equities through a bottom-up, long-term stock-picking approach and looks to invest in companies trading at a reasonable discount to their assessment of fair value. Templeton has significant fund management and analytical resources within emerging markets enabling them to cover a wide range of companies and the whole team shares a common investment philosophy/style.