- Yield History1.82%
- 3 Year sharpe0.66
- 3 Year alpha3.93
- Distribution Typeaccumulation
- BenchmarkFTSE World Eur Ex UK TR GBP
- Legal StructureOpen Ended Investment Company
- Fund Size (month end)Open Ended Investment Company
- IA SectorEurope Excluding UK
- Manager GroupGLG Partners
- DomicileUnited Kingdom
This fund has been managed by Rory Powe since 2014. Powe has a near 30-year history of running European equity funds, with his current fund already showing the benefit of his well-defined investment process. The companies in which he invests must meet several stringent criteria before they are included in his portfolio, which consists of around 30 holdings from a list of more than 2,000 possibilities. They can be of any size and from any country or industry in continental Europe. He owns big consumer companies such as Ferrari, L’Oreal and LVMH, as well as less well-known names.
In order to pass Powe’s selection process, companies must display several characteristics that are sustainable over the long term. First, they must enjoy a leadership position in their marketplace to ensure they have pricing power. Second, they must demonstrate an ability to grow and achieve rising profits and strong free cashflows. Third, they must exhibit financial strength generally. And finally, their share price must also show growth potential.
Powe divides the companies in his portfolio into two types – established leaders represent at least 50% of the fund, while emerging winners can account for up to a third. He expects more growth from those in the latter camp, but they also involve greater risk.