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NS Partners European Equity


  • 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


  • Long-term growth through investments in equity securities listed on European stock exchanges
  • Return Objective: MSCI Europe Net Index + 2%-4% per annum over a market cycle
  • Risk Objective: 2%-4% average tracking error per year over a market cycle

Investment Philosophy

  • Country selection matters – excess money moves both asset markets and economies
  • Economic profitability drives stock selection – securities generating high or improving economic profitability 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 40 – 60 securities
  • Portfolio Risk and Review
    • Formal monthly meetings to peer review portfolio
    • Employ a factor risk model to avoid unintended country, sector or company exposure
Quick Facts
Inception Date August 31, 1992
All data as at: May 29, 2020
Geographic Mix
% of Portfolio
France 20.36%
Switzerland 19.56%
United Kingdom 15.70%
Germany 9.54%
Netherlands 8.59%
Ireland 6.18%
Spain 4.98%
Sweden 3.20%
Italy 2.41%
Denmark 2.34%
Norway 2.14%
Belgium 1.86%
Austria 1.38%
Poland 1.05%
Greece 0.71%
Sector Allocation
% of Portfolio
Industrials 20.32%
Health Care 14.98%
Consumer Staples 14.74%
Information Technology 11.35%
Financials 10.10%
Consumer Discretionary 8.75%
Materials 7.65%
Communication Services 5.30%
Utilities 4.11%
Real Estate 2.23%
Cash 0.48%
Energy 0.00%

Contact Us

+44 (0) 203-535-8100
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