We are bottom-up fundamental stock pickers.

We scrutinise companies against four alpha-generating characteristics combining traditional financial characteristics (Value and Strategy) with behavioural finance (Earnings and Technicals).

Our proprietary 4Factor screen objectively ranks the market, removing any biases. This focuses our fundamental research platform on the most compelling investment ideas for inclusion in the portfolio.

We look for high quality, attractively valued companies with improving operating performance that are receiving increasing investor attention. Our aim: avoid the behavioural errors made by investors and take advantage of the inefficiencies they create.

Our proprietary approach to quality focuses on attractively valued companies with enduring competitive advantages, disciplined capital allocation and sustainable cash flows.

How we invest

We seek a purer expression of quality companies. We focus on fundamental research, to identify companies with rare and exceptional characteristics that can compound shareholder value over the long term.

Our research seeks to identify companies that possess some of the following key attributes.

• Hard-to-replicate enduring competitive advantages
• Dominant market positions in stable growing industries
• Low sensitivity to the economic and market cycle
• Healthy balance sheets and low capital intensity
• Sustainable cash generation and effective capital allocation

These exceptional qualities have enabled companies to deliver sustainably high returns on capital, and compound cash flows over the long term.

We’re looking for quality companies with enduring competitive advantages and high returns on capital; offering the best combination of quality, growth, and valuation

Active managers with the experience, specialist expertise and breadth of skills needed in this diverse investment universe.

Fixed income is a broad and diverse universe that has much to offer today’s investors.

Using a highly selective approach, we aim to bring the best opportunities in the bond world to our clients. Our focus has always been on investment opportunities that can provide the return that justifies the risk.

We were among the first managers to offer dedicated emerging market debt investment strategies and our specialist teams benefit from that extensive experience. In developed markets our credit team traverses the global universe and full rating spectrum to seek investment opportunities that can deliver on our clients’ needs.

One thing you can count on – whether you invest in our sovereign, corporate or multi-asset credit strategies – is focus. We focus on our best ideas with conviction as we trust our highly experienced team and carefully honed process

Seeking to understand why conventional wisdom might be wrong.

Spotting potential

Believing that investors’ most predictable behaviour is to overreact to negative news, the team buys shares in companies when sentiment towards them is very poor and valuations appear cheap. Average holding periods are long, and sell triggers typically arise when there has been a fundamental profit improvement and/or a re-evaluation of the long-term prospects of the company.

Our Value investing team seeks to understand why conventional wisdom might be wrong.

We buy the unloved. We try to spot potential.

Single asset-class skillsets with multi-asset mindsets.

We are real investors with a thirty-year track record of multi-asset investing.

Our aim is to build differentiated multi-asset solutions that cut through the complexities of markets.

Our fully integrated investment approach combines deep research insights with precise security selection.

We appraise ideas through a long-established, imaginative research approach that seeks to uncover insights in thought-provoking ways.

Our goal is to combine deep research, collaboration and new ideas to create multi-asset solutions that embrace change.

Diversification and returns from a different perspective

Improving diversification and finding additional sources of return are priorities for many investors.

Our alternative investments can help them do so.

They include strategies focused on:

Thematic equities

• Natural resources and related equities — including energy markets, precious and industrial metals, and agricultural commodities
• Environmental solutions, particularly companies enabling or set to benefit from the transition to a lower-carbon economy

Private markets

• Private debt – we are one of the largest managers of third-party assets in Africa. Our strategies aim to invest in the most compelling opportunities in African credit markets.
• Private equity – our Africa expertise and extensive networks allow us to operate in diverse and tough markets. Our goal is to be the preferred private equity partner for Africa’s burgeoning set of entrepreneurs.
• Real estate – we have a well-resourced investment offering in actively managed strategies that gain exposure to South Africa listed property and real estate investment trusts.

As active investors in natural resources, we engage with companies to drive positive change for investors and the planet.