The objective of the Fund is to achieve positive real returns with lower volatility than the All-Share Index. The Fund will seek to achieve returns that exceed one month SONIA(SONIA 1M IR), after fees, though there is no guarantee that it will do so. The portfolio will consist principally of listed equity securities issued by companies established or operating in the UK and derivative instruments which may give either long or short exposure to listed equity securities. John Warren assumed management of the Fund on 12 December 2019.
Latest Meeting Note
Meeting 21 Jun 2022
Seb Jory and John Warren assumed management of the fund on 12th December 2019 and since then have delivered impressive returns across contrasting market environments. The strategy is a low net, bottom-up stock-picking fund complemented b... Read more
Seb Jory and John Warren assumed management of the fund on 12th December 2019 and since then have delivered impressive returns across contrasting market environments. The strategy is a low net, bottom-up stock-picking fund complemented by a data-driven business cycle approach. The investment universe is UK stocks principally in the FTSE 350 with a market cap greater than £500mn and up to c. £10bn. The universe is initially narrowed with an array of quantitative tools, the most important being the ‘UK Thermostat’, a suite of alternative data models applied to give an indication of the UK macro landscape. Following this, the team use a proprietary accounting screen and other factor screens to further focus attention, before undertaking a large number of company meetings (c.350 a year). These meetings, along with rigorous fundamental analysis helps the team assess the relative attractiveness of a company’s valuation. The fund aims to generate an annual return of 8-10%, with volatility between 5-7%, and will typically have 35 shorts and 35 longs, a gross exposure between +110% to +150% and a beta adjusted net between -10% - +10%.