The portfolio holds 20–40 companies with a consistent track record of high and sustainable returns. A systematic approach to fundamental research aims to ensure repeatable results and allow the investment team to effectively build the conviction to invest for the long-term.
Portfolio exposures are a direct result of stock selection – as an unconstrained strategy we have no limits on country or sector allocations. In building a diversified portfolio, we instead look at the portfolio’s overall exposure to industry lifecycles, company classifications and research themes. This provides a more intuitive picture of any areas of concentration and vice versa, lack of exposure. For example, we will assess the portfolio’s sources of geographic revenue, under/over exposure to developed and emerging market growth and our own thematic factors.