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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 14.84%
Australia 10.35%
United Kingdom 10.03%
China 9.40%
Norway 6.06%
India 5.62%
Switzerland 5.32%
Spain 4.75%
Taiwan 4.47%
Ireland 4.27%
France 4.02%
Netherlands 3.74%
Korea, Republic of 2.41%
Denmark 2.39%
Thailand 1.81%
Belgium 1.66%
Russian Federation 1.53%
Germany 1.41%
Brazil 1.04%
Hong Kong 0.81%
Philippines 0.77%
Greece 0.74%
Malaysia 0.55%
Vietnam 0.55%
Chile 0.46%
Indonesia 0.46%
United States 0.23%
Hungary 0.18%
Poland 0.15%
Sector Allocation
% of Portfolio
Information Technology 21.02%
Health Care 18.81%
Consumer Staples 14.35%
Financials 13.64%
Consumer Discretionary 9.96%
Industrials 7.57%
Energy 5.01%
Communication Services 4.43%
Real Estate 4.04%
Materials 0.55%
Cash 0.39%
Utilities 0.23%
All data as at: Oct 15, 2021

Contact Us

+44 (0) 203-535-8100
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