This was our first introduction to the strategy. The team behind this have worked together for over 16 years and this is an unconstrained, and high conviction fund focused on the UK. It has 25 holdings, with a high active share class and 55% of the holdings are in the top ten. The top companies tend to have less downside risk. Although this has no bias to the size of companies it invests in it does have a tilt to mid-cap where they can the best opportunities.
The UK strategy was launched in 2017 although the actual fund goes back to 1999. They have no bias to value or growth. They are looking for quality businesses but at the right price. They do not believe that a quality business deserves a premium price, nor do they believe cheap provides value. They describe this as seeking quality franchises where the current price understates its quality….read more