Investment Objective
The fund employs a fundamental, bottom-up strategy in pan-European equities, focused on western Europe with a mid/large cap bias. It typically holds 25-35 long and 20-30 short positions, with gross exposure of 140-160% and net exposure of c.40-60% through cycle.
The philosophy centres on capital allocation, returns on capital employed, and normalised earnings, underpinned by business analysis and valuation discipline, with a documented thesis for every holding.
Both books hold single-stock equities targeting positive absolute returns. Longs span distrusted high-return businesses and capital-cycle opportunities; shorts focus on accounting-driven theses identified through proprietary screens, with index puts occasionally used for protection.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.8 | 0.7 | 0.0 | 0.2 | 0.1 | 1.0 | 0.1 | 0.2 | 0.5 | 0.5 | 0.7 | 0.0 | 0.1 | |
| 2024 | 0.9 | 0.1 | 0.3 | 0.8 | 0.4 | 0.7 | 0.1 | 0.8 | 0.6 | 0.4 | 0.4 | 0.4 | 0.7 |
