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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
Japan 12.13%
Australia 11.73%
United Kingdom 10.24%
China 9.39%
Norway 6.53%
Taiwan 5.30%
India 5.25%
Switzerland 4.99%
France 4.95%
Ireland 4.59%
Spain 4.36%
Korea, Republic of 3.89%
Denmark 2.38%
Singapore 2.05%
Belgium 2.02%
Netherlands 1.94%
Thailand 1.64%
Philippines 1.02%
Indonesia 1.01%
Hong Kong 0.75%
Russian Federation 0.68%
Greece 0.67%
Vietnam 0.59%
Malaysia 0.58%
Chile 0.53%
Brazil 0.53%
Hungary 0.17%
Poland 0.07%
Sector Allocation
% of Portfolio
Information Technology 19.85%
Health Care 18.39%
Financials 16.47%
Consumer Staples 13.39%
Consumer Discretionary 7.69%
Industrials 7.46%
Communication Services 6.35%
Energy 5.19%
Real Estate 4.06%
Cash 0.71%
Utilities 0.27%
Materials 0.18%
All data as at: Jan 25, 2022

Contact Us

+44 (0) 203-535-8100
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