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Money Moves Markets
 

NS Partners ACWI ex-US Equity

Highlights

  • Unique Investment Philosophy: Emphasizes inflection points in liquidity conditions and stocks with improving economic profitability
  • Differentiated Investment Process: Designed to steer fundamental stock selection to countries with a favourable market environment
  • Focused Risk Management: Employs a factor risk model designed to avoid unintended country, sector or company exposure

Objectives

  • Long-term growth through investments in equity securities listed on global stock exchanges
  • Return Objective: MSCI ACWI ex-US Index + 4-6% per annum over a market cycle
  • Risk Objective: 2-4% average tracking error per year over a market cycle

Investment Philosophy

  • Country selection matters – excess money moves both asset markets and economics
  • Economic profitability drives stock selection – securities generating high or improving relative to the market will outperform
  • Peer review discipline – revalidate, continually test convictions, ensure tight capital discipline

Investment Process

  • Macroeconomic and Liquidity Analysis
    • Changes in liquidity conditions influence security prices
  • Country Selection
    • Country weights based on conviction, relative return opportunity and risk
  • Stock Selection
    • Focus on securities expected to have improving economic profitability
  • Portfolio Construction
    • Macroeconomic liquidity analysis provides the framework for portfolio construction
    • Portfolio of 80 – 90 securities
  • Portfolio Risk and Review
    • Formal bi-weekly meetings to peer review portfolio
    • Employ a factor risk model to avoid unintended country, sector or company, sector or company exposure
Quick Facts
Inception Date January 31, 1999
All data as at: Jun 22, 2018
Geographic Mix
% of Portfolio
Korea, Republic of 27.00%
United Kingdom 11.72%
Japan 11.62%
France 10.04%
Switzerland 9.23%
Hong Kong 4.35%
Netherlands 3.82%
Australia 3.25%
Germany 2.74%
China 2.68%
Canada 2.61%
Ireland 2.57%
Belgium 2.51%
Norway 1.39%
India 0.83%
Taiwan 0.76%
Brazil 0.48%
Russian Federation 0.47%
Thailand 0.42%
Mexico 0.31%
South Africa 0.25%
Chile 0.21%
Peru 0.15%
Malaysia 0.12%
Poland 0.12%
Greece 0.10%
Vietnam 0.10%
Philippines 0.08%
Czech Republic 0.07%
Sector Allocation
% of Portfolio
Information Technology 36.42%
Financials 12.67%
Industrials 10.61%
Consumer Staples 10.43%
Materials 8.21%
Consumer Discretionary 7.42%
Health Care 6.87%
Energy 5.98%
Cash 1.01%
Real Estate 0.20%
Utilities 0.15%
Telecommunication Services 0.03%

Contact Us

+44 (0) 203-535-8100
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