The fund was established in 2015 and is co-managed by Carlos Moreno and Thomas Brown. Carlos came from JO Hambro where he managed the All Europe Dynamic Growth Fund, and Thomas came from Mitsubishi UFJ Asset Management where he co-managed the European value and Momentum Fund. They had previously worked together at Thames River as fund managers on the European desk.
The fund is a multi-cap fund, but the natural focus is on mid-cap where they find the greatest opportunities. They started by explaining that fundamentally they are bottom up stock pickers. If they look at the macro picture, then it is very messy. Valuations against US equities have got cheaper since 2016 so that doesn’t tell them a great deal. There is conflicting data on whether investors are under or overweight Europe and investor sentiment is mixed….read more