Ennismore European Smaller Companies Fund

Ennismore was founded in 1998 by Geoff Oldfield and Gerhard Schoeningh. The team have run the same. consistent Equity Long/Short strategy (European Smaller Companies) over the entire duration of the firm, with the Global equity fund launched in 2016. The funds are run in a multi-manager structure with each PM left to run their own sleeve of capital. Each PM invest independently whist sharing a common philosophy – margin of safety investing. The process is fundamental and bottom-up in nature, with a focus on quality businesses that are trading at a significant discount to intrinsic value (average holding period of c. 3 years for longs), with these businesses typically analysed through the Porter’s Five Forces framework. On the short side they are looking for companies that are fundamentally uncompetitive and as such present significant downside. The allocation across PMs are kept relatively stable through time (reviewed on a yearly basis). The final portfolio is well diversified and is run with a moderate net exposure (c. 45% on average).