International (ex US)

The International (ex US) Equity strategy aims to outperform its benchmark, MSCI EAFE Index, by 3-4% per annum over the long term. 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 within the Europe, Australasia and Far East (“EAFE”) universe 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 60 and 80 stocks with an active share of typically 75-85%.

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

  • Unconstrained. Many managers feel compelled to hold unattractive stocks just because they are large constituents of their benchmark. TT’s philosophy and heritage is entirely in active management, meaning we are focussed on deploying capital where we have the highest conviction. 
  • 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.
  • Active currency  management. TT has decades of experience managing FX and a consistent, positive record doing so. While currency is a decidedly secondary alpha bucket, its primary function is that it empowers our analysts, who know we can take out FX risk effectively, to analyse stocks more purely in local terms, as they should. 

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