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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 12.87%
China 12.58%
Australia 9.92%
United Kingdom 7.95%
Switzerland 5.48%
Spain 4.93%
Taiwan 4.69%
Ireland 4.65%
India 4.44%
France 4.34%
Hong Kong 4.04%
Norway 3.86%
Korea, Republic of 3.00%
Netherlands 2.74%
Denmark 2.18%
Belgium 2.17%
Germany 1.94%
Thailand 1.87%
Brazil 1.33%
Russian Federation 1.27%
Greece 0.85%
Philippines 0.59%
Vietnam 0.54%
Malaysia 0.51%
Indonesia 0.36%
United States 0.21%
South Africa 0.20%
Chile 0.18%
Hungary 0.17%
Poland 0.16%
Sector Allocation
% of Portfolio
Information Technology 20.08%
Consumer Staples 16.16%
Health Care 15.12%
Financials 14.96%
Consumer Discretionary 12.73%
Industrials 6.99%
Communication Services 5.18%
Real Estate 4.33%
Energy 2.49%
Cash 0.86%
Materials 0.84%
Utilities 0.26%
All data as at: Aug 02, 2021

Contact Us

+44 (0) 203-535-8100
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