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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 12.78%
Australia 11.18%
United Kingdom 7.57%
Japan 7.01%
Hong Kong 7.01%
France 6.57%
Taiwan 5.16%
Spain 4.46%
Norway 4.34%
India 3.83%
Korea, Republic of 3.73%
Belgium 2.89%
Ireland 2.87%
Netherlands 2.61%
Sweden 2.32%
Brazil 2.23%
Germany 2.20%
Switzerland 2.19%
Italy 1.63%
Denmark 1.56%
Thailand 1.54%
Russian Federation 1.16%
Indonesia 0.72%
Greece 0.71%
Malaysia 0.49%
Vietnam 0.33%
South Africa 0.27%
Philippines 0.24%
Chile 0.24%
United States 0.17%
Sector Allocation
% of Portfolio
Information Technology 20.11%
Financials 18.68%
Consumer Discretionary 14.10%
Industrials 14.04%
Consumer Staples 7.53%
Health Care 7.41%
Real Estate 5.76%
Communication Services 4.58%
Materials 3.91%
Energy 3.09%
Cash 0.49%
Utilities 0.30%
All data as at: Apr 19, 2021

Contact Us

+44 (0) 203-535-8100
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