Multiple ways of winning for the win
Global Equities (Broad Cap)
Winner
Antipodes Global Fund – Long Only
Finalists
Pan-Tribal Global Equity Fund
Generation Wholesale Global Share Fund
Finding resilient businesses with a high margin of safety and multiple ways of winning, while constructing risk-aware portfolios with a capital preservation outcome is how the Antipodes global equities team works.
This approach, along with their philosophy that equity investment returns were a function of a business’ economic performance, the durability of the performance, and the starting valuation, has led them to win the Global Equities (Broad Cap) award.
Antipodes deputy portfolio manager, Andrew Baud, said his team aspired to grow client wealth over the long-term by generating absolute returns in excess of the benchmark, and at below market levels of risk.
“We seek to take advantage of the market’s tendency for irrational extrapolation, identify investments that offer a high margin of safety and build portfolios with a capital preservation focus,” he said.
Finalist, Pan-Tribal Asset Management attributed their Pan-Tribal Global Equity Fund’s success to their all cap, go anywhere approach, where they invested in mega, large, mid, and small caps.
Chief executive, Colin Woods, said many funds could not do this due to funds under management or capacity constraints.
“The fund is relatively constrained as it has 50 holdings and it’s really a best ideas portfolio. It doesn’t have a style bias but a go anywhere approach. It can go up and down the cap spectrum, and it can buy companies which the market might traditionally consider as growth companies, or value companies,” he said.
Woods noted that the three-year-old fund was launched with his and the underlying manager, Davis Advisors’ money and that they were allocating their funds into what they believed in.
“That resonates with people and we’re not just there to promote the latest hot product. It’s all about alignment of interest, co-investment, and stewardship of capital in a flexible way,” he said.
Speaking about Colonial First State’s (CFS’) Generation Wholesale Global Share Fund, head of investment sales, George Walker said the fund had an active management approach and had fully integrated a sustainable investment process.
“Ten years ago when we started, this was all unique, now more companies are taking a holistic approach to environmental and sustainable factors,” Walker said. “By sustainable I mean things like including economic, environmental, social, and governance criteria, which ultimately drives the company’s long-term performance.”
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