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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: Aug 02, 2021
Geographic Mix
% of Portfolio
United Kingdom 22.25%
Switzerland 19.27%
France 16.96%
Ireland 7.14%
Spain 6.63%
Netherlands 5.95%
Germany 5.94%
Italy 5.00%
Belgium 2.78%
Norway 2.61%
Denmark 2.22%
Greece 1.64%
Austria 1.61%
Sector Allocation
% of Portfolio
Industrials 17.77%
Consumer Staples 17.26%
Health Care 15.62%
Financials 13.96%
Consumer Discretionary 11.25%
Information Technology 9.75%
Materials 7.22%
Utilities 4.17%
Communication Services 2.90%
Cash 0.11%
Energy 0.00%
Real Estate 0.00%

Contact Us

+44 (0) 203-535-8100
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