The Non-US Equity strategy aims to outperform its benchmark, MSCI All Country 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 in Developed Markets outside the US, as well as Emerging Markets.
The Non-US Equity strategy targets strong excess returns through fundamental bottom-up stock selection, within an integrated top-down macro framework.
We believe that equity markets are inherently inefficient because they fail to adequately account for change. Such change can take place at a top-down macro level, be it structural, geopolitical or economic. It can also occur at a bottom-up, stock-specific level. Additionally, we believe that persistent behavioural biases can cause asset prices to diverge from underlying fair value. Finally, we believe that these structural inefficiencies have been exacerbated by the rise of ETFs and passive investments, creating repeatable opportunities for genuinely active investors.
Our investment approach aims to exploit these opportunities by integrating rigorous bottom-up fundamental analysis within a top-down framework. This framework identifies attractive themes and sectors that are experiencing material change. It focuses our bottom-up research efforts on the areas of the market that we expect to be most rewarding. Ultimately, we aim to detect where assets have materially diverged from fundamental fair value, and look to identify catalysts that will correct the mispricing within an investable timeframe. This philosophy is tried and tested through several market and economic cycles and has successfully added value for long-term investors.
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%. We believe that long-term outperformance is best generated by owning companies with sustainably high returns that can compound growth over time, acquired at attractive valuation levels. Thus, we would characterise our style as undervalued growth.
Top-down and bottom-up integration. Our process utilises a combination of top-down and bottom-up analysis. This linkage allows top-down factors to guide the team as to where to focus their resources to find attractively valued growth stocks.
Citywire Euro Stars Top Manager
Niall is Lead Portfolio Manager and Head of TT’s International and Global Emerging Markets Equity strategies. Before joining TT in 2010, Niall spent ten years with Aviva Investors, where he was most recently CIO of Equities, having been previously Head of Emerging Markets and Asia. Niall, who began investing in Emerging Markets in 1994, graduated from the University of Liverpool with an honours degree in Civil Engineering.
Read some of Niall Paul's articles and insights in our 'What We Think' section.
Andy is Co-Portfolio Manager of our Environmental Solutions Strategy and Portfolio Manager of our UK Equity Strategy. He is also Head of European Research. Andy joined TT in 2002 from Deutsche Asset Management where he was a Director and Head of the Global Retail and Leisure Team. Andy graduated from the University of Oxford with a BA and MEng.
Read some of Andy Raikes' articles and insights in our 'What We Think' section.
Joe is Assistant Portfolio Manager on our International ex-US Strategy and a Global Industrials Analyst. Before joining TT in 2020, Joe was an Equity Analyst at HSBC Asset Management and Capricorn Fund Managers. He graduated from the University of London with a BSc in Mathematics. Joe is also a CFA Charterholder.
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