UK

The UK Equity strategy aims to outperform its benchmark, FTSE All-Share Index, by 3-4% per annum over a three-year rolling period. It targets high returns and long term capital growth by investing in a portfolio of primarily equity and equity-related securities traded in in the UK.

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UK Equity Strategy

The UK Equity strategy targets strong excess returns by primarily focussing on bottom-up stock selection, but with an awareness of the prevailing macroeconomic conditions. 

Andrew Raikes has been managing the UK equity product at TT since its inception in 2004. He believes that long term outperformance comes from investing in companies with sustainably high returns that can compound growth over time, subject to valuation. In addition to this core, he also looks to exploit other market mispricing opportunities including undervalued balance sheet optionality, restructuring, corporate change, asset value and special situations.

Portfolio construction is the synthesis of idea generation, conviction and risk management. The strategy will typically hold between 30 and 55 stocks, with an active share of typically 60-70%.

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.
  • Catalyst.  Even if our fundamental research identifies an attractive and mispriced stock we will not buy it unless we can identify a catalyst that will make a share price perform. Our view is that cheap stocks can remain cheap indefinitely – identifying the catalyst gives us a competitive edge. 

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