IAM Landseer European Smaller Companies Long / Short Equity UCITS

The Landseer European Smaller Companies Equity Long/Short Fund employs a fundamental, bottom-up research approach across European small-cap equities and is managed by Jamie Carter (ex SWMC). The investment process is centred on three pillars: management, cash flow, and catalysts. The PM emphasises the importance of meeting with management, with the overall European equities team undertaking approximately 800 meetings annually, to understand their vision, strategy, and operational drivers. This intensive due diligence also includes visits to customers, suppliers, and competitors to ensure a comprehensive understanding of each business. The cash flow analysis focuses on free cash flow yields, return on invested capital, and cash conversion rates, with the team looking to identify companies with strong, sustainable cash flows that can be reinvested at high returns. Additionally, the team looks for catalysts—both hard, like earnings reports and management changes, and soft, such as shifts in investor sentiment—that could unlock value in their investments. The fund takes a dynamic and risk-managed approach to portfolio construction, with positions sized according to factors like volatility, liquidity, market cap, beta, and volume, with the portfolio diversified but concentrated in high-conviction ideas. Risk management ensure alignment of key risk contributions with the highest conviction ideas, as well as incorporating scenario analysis and monitoring of macro, sector, and factor exposures.