International (ex US)

The International (ex US) Equity strategy aims to outperform its benchmark, MSCI World ex US Index, by at least 3% per annum over a rolling 3 year period. It targets high returns and long term capital growth by investing in a portfolio of equity and equity-related securities traded principally in developed markets outside the US, but will also opportunistically invest in Emerging Markets.


International (ex US) Equity Strategy

The International (ex US) Equity strategy targets strong excess returns through fundamental bottom-up stock selection, within an integrated top-down macro framework.

TT believes that market inefficiencies exist at both the country and stock level. We believe that by carrying out in-depth bottom-up fundamental analysis on stocks, together with detailed top-down economic and sector comparisons, we can identify and exploit these inefficiencies wherever they arise.  However, our main source of alpha generation has been and should remain bottom-up fundamental stock selection. We generally prefer and tend to own reasonably priced growth stocks, and our portfolios overall generally have a modest growth at reasonable price (“GARP”) tilt. 

Portfolio construction is the synthesis of idea generation, conviction and risk management. The strategy will typically hold between 40 and 50 stocks with an active share typically above 85%.

The following aspects of our investment process provide an edge and set the TT proposition apart from the competition: 

  • Top-down/bottom-up integration.  Whilst stock selection is expected to dominate returns, we believe that having a clear understanding of top-down trends helps us to identify beneficiaries of these trends earlier than our competitors. It helps to provide a framework for where the team conduct their bottom-up research.
  • Focused research with disciplined portfolio construction. We do not aim to cover the entire universe and do not hold underweight or neutral positions in stocks.  We believe this an inefficient use of analysts’ time.  Instead, we focus our team’s resources on themes, sectors and stocks that we believe can materially add value relative to the benchmark.
  • Sell discipline.  This is a critical part of the process, as knowing when to sell is as important to the success of the strategy as knowing what and when to buy.
  • Strong risk management. Unlike many traditional long-only managers, TT’s hedge fund heritage ensures that our risk management capabilities are outstanding and they play an important role in the investment process. Our independent Risk team produces detailed daily risk reports that are utilised by the team to continually assess risk in the portfolio. 

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