Investment philosophy

Our unique Focus on Change philosophy is built around anticipating change. By anticipating market movements, we identify investment opportunities we believe can deliver positive long-term results for our clients.

What is Focus on Change?

Focus on Change is about understanding the most important factors that drive the market price of an investment and the dynamics behind these drivers. Our philosophy recognises that different factors drive markets at different times in the investment cycle. It’s not inherently growth or value biased or necessarily momentum driven. This allows us to create opportunities to outperform throughout the cycle.

Ensuring a consistent approach

We ensure discipline through the use of a common investment language, which provides a framework for deliberation and debate. It allows us to quickly communicate ideas and insights across our organisation. This is where our team-based approach comes into its own – by generating an information advantage, our deepest insights and strongest convictions can be easily exploited across all the portfolios we manage. Every investment decision we make must be justified by answering five key questions:

• What are the key drivers?
• What's changing?
• What expectations are priced in?
• Why will the market change its mind about these expectations?
• What is the trigger?

The more pieces of corroborating evidence we can amass, the greater the conviction we have on our investment positions.