2019 Top 400 ranking: 349
An independent asset manager specialising in value investment both for equities and bonds. The firm has a long-term, risk-averse approach.
“The evidence does appear to show that having a value bias or value style exposure in your portfolio will positively contribute to long term returns.”
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When investors structure and diversify their equity portfolios, a key reference is the value/growth style framework that has dominated the fund industry for decades. Once target allocations are set, investors then select the funds offering the most appropriate risk and reward characteristics. When investors evaluate individual funds, it is only natural that one consideration is historical performance against a benchmark or a peer group, where funds are compared to others with a similar style.
When investors structure and diversify their equity portfolios, a key reference is the value/growth style framework that has dominated the fund industry for decades. Once target allocations are set, investors then select the funds offering the most appropriate risk and reward characteristics.
Emerging markets are often lumped together under the acronym ‘GEM’, or global emerging markets. In reality, this is not a homogenous mass of similar companies trading at similar valuations.
Value investing has had a tough decade of underperformance. This seems to have led many investors to ignore the extensive research showing how value investing outperforms the market over longer time horizons, and today many are under-allocated to value stocks. However, history suggests that periods of value underperformance always end – and often they end abruptly - as we saw last year. The question is whether the factor rotation seen in the second half of 2016 was a one off event, or the beginning of a more sustainable comeback.
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