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Witan employs an active multi-manager approach, allocating funds for investment by selected managers with different styles and specialisations.

Artemis Investment Management LLP

Mandate: UK
Style: Recovery/special situations
Benchmark: FTSE All-Share
Inception date: 06/05/2008
Witan Assets:
7.5%

Derek Stuart, manager of Artemis’s UK Special Situations strategy, aims to achieve superior long-term growth by looking for unrecognised growth potential in companies, often those that are unloved or out of favour. The strategy, which often favours smaller and medium-sized companies, identifies hidden value within ‘problem investments’ which are often companies in need of new management or refinancing or are suffering from investor indifference. The focus on those companies which can help themselves rather than relying on a change in the business climate aims to avoid ‘value traps’ and other risks associated with a ‘special situations’ strategy. The Artemis team places great emphasis on personal knowledge of management teams and meets with them regularly. This helps them understand what can be achieved and how aligned management are with shareholders. The portfolio typically has fewer than 50 holdings.

*Information is as at 31.12.18.

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Please remember past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

Lindsell Train Limited

Lindsell Train

Mandate: UK
Style: Long-term growth from undervalued brands
Benchmark: FTSE All-Share
Inception date: 01/09/2010
Witan Assets:
8.7%

Nick Train, in partnership with Michael Lindsell, is guided by four investment beliefs: investors undervalue durable, cash-generative business franchises; concentration can reduce risk; transaction costs are a ‘tax’ on returns; and dividends matter even more than you think. These tenets have led to the creation of a high-conviction portfolio of circa 15 stocks which they describe as “rare and beautiful assets”. It is focused on three key themes: Consumer Brands, Media & Digital Technology and Financial Services and typically enjoys a portfolio turnover rate of less than 10% per annum. Lindsell Train Limited is a small company, with fewer than 20 staff looking after over £15bn of client assets. This small size allows the two founders and their team the freedom to concentrate on investment issues. The ownership structure allows the partners to focus on long-term performance rather than short-term market ‘noise’. This clear sense of purpose and single-minded pursuit of investment excellence is a key distinguishing feature of Lindsell Train’s approach.

*Information is as at 31.12.18.

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Please remember past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

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Heronbridge Investment Management LLP

Heronbridge

Mandate: UK 
Style: Intrinsic value growth
Benchmark: FTSE All-Share
Inception date: 17/06/2013
Witan Assets:
6.1%

Heronbridge is, by design, a small investment boutique based in South West England investing exclusively in UK equities. Its two lead managers, Benoit Bouchaud and Bevis Comer, describe their process as high-conviction, unconstrained, contrarian stock picking, with a value bias: “Good companies at fair prices, and fair companies at good prices”. Their portfolio is constructed with reference to their investment merits, not a stock’s size in a particular market index. The concept of ‘Owner Earnings Yield’ allows the managers to think as owners of businesses and focus on growing the portfolio’s underlying earnings power, book value and dividends, in the expectation that stock prices will, over time, reflect that growth. This disciplined and repeatable process aims to produce returns which outperform the FTSE All-Share and inflation over the long term.

*Information is as at 31.12.18.

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Lansdowne Partners (UK) LLP

Lansdowne

Mandate: Global
Style: Concentrated, benchmark-independent investment in developed markets
Benchmark: FTSE All-World
Inception date: 14/12/2012
Witan Assets:
15.0%

Founded in 1998, Lansdowne Partners has evolved to become one of the UK’s pre-eminent investment management boutiques. Whilst Lansdowne is perhaps better known among investors as a hedge fund manager, its Long Only Developed Markets Strategy, managed by Peter Davies and Jonathon Regis, has garnered over £5bn in assets since launch in 2012. The two lead managers benefit from the support provided by a team of experienced and insightful analysts who tend to focus on key sectors of interest to the team. The high-conviction portfolio, consisting of circa 20 stocks, is the result of detailed company-specific research, allied with an appreciation of global thematic developments. The team is willing to make significant adjustments to the portfolio to reflect its view of the changing investment landscape.

*Information is as at 31.12.18.

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Pzena Investment Management LLC

Pzena

Mandate: Global
Style: Systematic value
Benchmark: FTSE All-World
Inception date: 02/12/2013
Witan Assets:
13.7%

Pzena characterises its investment style as an “unwavering commitment to deep value investing”. Its clear and consistent investment approach aims to identify good-quality companies at low valuations, focusing exclusively on companies that are underperforming their demonstrated historical earnings power. This strategy relies on the belief that most investors avoid businesses that are experiencing problems or are otherwise out of favour, for example, due to a misunderstood or insufficiently analysed threat of technological  disruption. Value investing entails exposure to companies before the stock price reflects signs of business improvement, sometimes requiring significant amounts of patience. Those who last the course, such as Richard Pzena and his team, have been rewarded by superior long-term returns despite the recent headwinds faced by the value style. The Global Value portfolio contains circa 65 stocks in 14 countries across the developed and emerging markets.

*Information is as at 31.12.18.

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Veritas Asset Management LLP

Veritas

Mandate: Global
Style: Fundamental value, real return objective
Benchmark: FTSE All-World
Inception date: 11/11/2010
Witan Assets:
14.6%

Andy Headley, Head of Global Strategies at Veritas, uses a number of research methods to help identify industries and companies that are well positioned to benefit from medium-term growth, regardless of where they are located. The aim is to generate excellent real returns and minimise the risk of permanent capital loss. Potential investments are analysed from an absolute basis rather than relative to any benchmark or index. This equity portfolio follows a Global Focus strategy, investing with a disciplined approach to valuation in ‘quality’ mid to large capitalisation companies. It typically contains fewer than 30 stocks, chosen with a highly selective and rigorous approach, and is focused on a handful of investment themes. 

*Information is as at 31.12.18.

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Crux Asset Management Limited

Crux

Mandate: Europe ex-UK
Style: Sound businesses with quality management at attractive valuations
Benchmark: FTSE Europe (ex-UK)
Inception date: 26/10/2017
Witan Assets:
4.6%

CRUX is a UK-based fund management company established in 2014 by Richard Pease, who has been a fund manager investing in European equities for 30 years. Richard and his long-term colleague James Milne specialise in European equities and run a portfolio for Witan, which is a concentrated version of their highly successful European Special Situations fund. The investment philosophy is one of active, bottom-up stock picking centred on the search for companies with four characteristics: high-quality businesses, with proven  management, which are sensibly capitalised and trading at a discount to CRUX’s assessment of intrinsic value. Whilst the 40–50-stock portfolio contains some large and small-cap businesses, CRUX tends to concentrate on opportunities in the medium-sized range.

*Information is as at 31.12.18.

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Please remember past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

S.W Mitchell Capital LLP

S.W Mitchell

Mandate: Europe ex-UK
Style: High-conviction portfolio of companies which offer unrecognised value
Benchmark: FTSE Europe (ex-UK)
Inception date: 26/10/2017
Witan Assets:
4.2%

Founded in 2005, S.W. Mitchell Capital is a specialist European equities investment boutique based in London. Stuart Mitchell sees himself as a value investor but not in the classic sense, as his definition includes investing in misunderstood and hence undervalued quality growth franchises. The process relies heavily on insights provided by management engagement and the depth of research undertaken by Stuart and his ‘intellectually curious’ and enthusiastic team. The portfolio is completely unconstrained and benchmark agnostic, being built from the bottom up with high conviction. The 25-stock portfolio is the result of a culture which promotes freedom of thought, detailed research and insulation from the market distractions which can be present in some larger investment firms. 

*Information is as at 31.12.18.

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Please remember past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

Matthews International Capital Management, LLC

Matthews Asia

Mandate: Asia Pacific
Style: Quality companies with dividend growth
Benchmark: MSCI Asia Pacific Free
Inception date: 20/02/2013
Witan Assets:
11.8%

Matthews is the largest Asia-only investment specialist in the USA. Its 46-person investment team, based in San Francisco, travels extensively across Asia to unearth investment opportunities in markets as diverse as Japan, China, Vietnam and India. Matthews’ long-term investment philosophy is based on the view that only active management can identify companies whose potential is yet to be fully recognised and that bottomup, stock-specific research is required to build a portfolio of companies with strong business models and quality  management at reasonable valuations. The Asia Dividend strategy relies on the principle that the payment of dividends can be an important signal regarding a company’s capital allocation, business quality and corporate governance. This disciplined investment process focuses on a company’s ability and willingness to pay and, more importantly, grow dividends over time.  

*Information is as at 31.12.18.

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GQG Partners LLC

GQG Partners

Mandate: Emerging markets 
Style: High-quality companies with attractively priced growth prospects
Benchmark: MSCI Emerging Markets
Inception date: 16/02/2017
Witan Assets:
4.8%


GQG Partners’ Emerging Markets Equity strategy seeks to invest in high-quality companies with attractively priced future growth prospects. Portfolio manager Rajiv Jain focuses primarily on high-quality, large-cap companies in emerging market economies and employs a fundamental investment process to evaluate each business. The resulting portfolio, which is constructed without reference to benchmark country weights, seeks to limit downside risk while providing attractive returns to long-term investors over a full market cycle. The current portfolio of 67 stocks is diversified across 13 markets and four continents. GQG’s portfolio aims to participate in the growth that emerging economies promise to deliver over the long term, while avoiding some of the risks that are often associated with individual countries and stocks within their investment universe. 

*Information is as at 31.12.18.

 

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