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Money Moves Markets

NS Partners International Equity Focused


  • 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 concentrated investments in equity securities listed on foreign stock exchanges
  • Return Objective: MSCI EAFE 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 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 typically holds up to 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 October 31, 2004
All data as at: Feb 18, 2020
Sector Allocation
% of Portfolio
Health Care 16.80%
Financials 13.66%
Industrials 13.56%
Consumer Staples 12.72%
Communication Services 9.07%
Consumer Discretionary 8.97%
Materials 8.80%
Information Technology 8.64%
Real Estate 4.33%
Energy 2.31%
Cash 1.14%
Utilities 0.00%

Contact Us

+44 (0) 203-535-8100
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