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NS Partners ACWI ex-US Focused 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 total return growth through investment in international markets
  • Return Objective: MSCI ACWI ex-US Net Index + 4%-6% per annum over a market cycle
  • Risk Objective: 3%-6% 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 20 – 40 securities
  • Portfolio Risk and Review
    • Formal monthly 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 March 31, 2017
Geographic Mix
% of Portfolio
China 16.20%
Japan 8.52%
Hong Kong 8.31%
Australia 6.18%
France 6.17%
Korea, Republic of 5.60%
Taiwan 5.44%
United Kingdom 4.57%
India 4.06%
Switzerland 3.95%
Spain 3.78%
Norway 3.60%
Belgium 2.82%
Brazil 2.62%
Netherlands 2.36%
Germany 2.33%
Austria 2.13%
Sweden 2.13%
Denmark 1.60%
Ireland 1.36%
Russian Federation 1.36%
Thailand 1.27%
Indonesia 0.78%
Greece 0.69%
Mexico 0.51%
Malaysia 0.51%
South Africa 0.39%
Vietnam 0.36%
United States 0.24%
Philippines 0.18%
Sector Allocation
% of Portfolio
Information Technology 21.39%
Financials 15.27%
Consumer Discretionary 13.70%
Industrials 12.88%
Materials 7.96%
Health Care 7.01%
Consumer Staples 6.74%
Communication Services 5.80%
Real Estate 4.94%
Energy 2.25%
Cash 2.06%
Utilities 0.00%
All data as at: Jan 27, 2021

Contact Us

+44 (0) 203-535-8100
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