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NS Partners Global 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 growth through concentrated investments in equity securities listed on foreign stock exchanges
  • Return Objective: MSCI World Index (C$) + 2.5% over a market cycle
  • Risk Objective: 2-4% tracking error relative to the MSCI World Index

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 with 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 75-90 securities
  • Portfolio Risk and Review
    • Formal bi-weekly meetings to peer review portfolio
    • Employ a factor risk model to avoid unintended country, sector or company exposure
Quick Facts
Inception Date March 31, 2000
AUM $1,537.08 million
All data as at: Feb 18, 2019
Geographic Mix
% of Portfolio
United States 63.13%
Japan 6.60%
United Kingdom 4.56%
France 4.10%
Hong Kong 3.05%
Switzerland 2.84%
Australia 2.47%
Germany 2.36%
China 1.59%
Netherlands 1.58%
Sweden 1.46%
Spain 0.80%
Ireland 0.78%
New Zealand 0.62%
Denmark 0.56%
Belgium 0.47%
Taiwan 0.41%
Korea, Republic of 0.40%
Finland 0.33%
Brazil 0.33%
India 0.32%
Russian Federation 0.20%
South Africa 0.18%
Mexico 0.14%
Thailand 0.12%
Indonesia 0.11%
Chile 0.10%
Poland 0.08%
Malaysia 0.07%
Vietnam 0.07%
Czech Republic 0.07%
Philippines 0.06%
Greece 0.04%
Sector Allocation
% of Portfolio
Information Technology 16.80%
Health Care 15.93%
Financials 12.80%
Consumer Discretionary 12.59%
Consumer Staples 11.63%
Industrials 10.62%
Communication Services 8.43%
Energy 4.11%
Real Estate 2.88%
Materials 1.99%
Utilities 1.90%
Cash 0.31%

Contact Us

+44 (0) 203-535-8100
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