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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: Oct 15, 2021
Geographic Mix
% of Portfolio
United Kingdom 21.72%
Switzerland 19.17%
France 14.84%
Netherlands 8.19%
Ireland 6.93%
Norway 6.24%
Germany 6.18%
Spain 4.78%
Italy 3.90%
Belgium 3.18%
Denmark 2.50%
Greece 1.68%
Russian Federation 0.68%
Sector Allocation
% of Portfolio
Industrials 17.34%
Consumer Staples 16.45%
Health Care 16.28%
Financials 14.76%
Information Technology 10.63%
Consumer Discretionary 10.32%
Materials 5.33%
Communication Services 4.39%
Energy 4.27%
Cash 0.23%
Utilities 0.00%
Real Estate 0.00%

Contact Us

+44 (0) 203-535-8100
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