Global equities

We believe that business fundamentals are the long-term drivers of stock prices. However, we recognise that different fundamentals matter at different points of a company’s life, and that these are often unappreciated or misunderstood by the market.

Our approach therefore aims to identify and exploit these inefficiencies, identifying stocks that we believe have superior shareholder wealth creation potential, at attractive prices.

We use custom tools, technology and data to identify neglected opportunities and manage the complexity of global equity markets. We use this data within a proprietary framework to help drive our analysis, with our Corporate Life Cycle concept sitting at the heart of this.

We consider that corporate returns on productive capital and growth tend to progress along a Life Cycle and every company can be located economically in one of five Life Cycle categories, from early stage accelerators and growth compounders to more mature returners and turnarounds.

The five categories of the Life Cycle are illustrated above, with each one dictating the path of analysis in our investment process.

Importantly, while wealth creation can occur across the entire Corporate Life Cycle, the drivers of success are very different depending on what stage of the Life Cycle the company is in.