global-equity-observer page
Global Equity Observer  •  28-Aug-2023

Good Things Come to Those Who Wait: An Argument for Long-term Thinking 

William Lock, Annabel Stanford
While society may be driven by immediate rewards, the International Equity team would argue that patience in investing leads to enduring results and positive long-term investment outcomes.

global-equity-observer page
Global Equity Observer  •  31-Jul-2023

Compounding Through the Hype 

Bruno Paulson, Emma Broderick
As artificial intelligence enters its next chapter, the early winners of the “AI gold rush” have been the semiconductor and cloud computing providers. But the surge in generative AI also included two surprises: the speed of consumer adoption and the lack of barriers to entry. While the full impact of AI remains unclear, the International Equity Team continues to invest through its high-quality lens, focusing on further opportunities in cost reduction and value creation, and with an eye on risks.

global-equity-observer page
Global Equity Observer  •  29-Jun-2023

To Buy or Not to Buy 

Marcus Watson and Richard Perrott
In the world of M&A, not all acquirers are equal. The International Equity Team is cautious of M&A, typically a high-risk choice for a company’s capital allocation. But there are companies out there—some of which they own—with a track record of relatively low-risk acquisitions that add meaningfully to shareholder returns. Good acquirers are a rare breed, but there are common characteristics to their strategies that suggest it is a repeatable process.

global-equity-observer page
Global Equity Observer  •  31-May-2023

Building Resilience with Quality Capital Allocation 

Alistair Corden-Lloyd
The resilience to navigate the sorts of global challenges we’ve seen over the last few years requires quality capital allocations. We’ve seen remarkable resilience in our holdings because the companies we look for exhibit deep, wide and well-managed economic moats that protect and grow market share, sustain or improve profitability, and potentially deliver attractive long-term returns. But maintaining those moats requires sustained investment in the unique attributes of the company’s offerings.

global-equity-observer page
Global Equity Observer  •  08-May-2023

Reckoning Deferred 

Bruno Paulson
The equity market looks complacent. In the face of continuing wage inflation, pessimistic bond market signals, tightening lending standards, low small business confidence, falling GDP forecasts and weakening consumer expectations—in short, a possible, even probable, U.S. recession—it continues trading on high multiples. This is a concern if you believe the economic reckoning was merely deferred rather than avoided.

global-equity-observer page
Global Equity Observer  •  23-Mar-2023

Diagnostics: The Workhorse of Improving Health Outcomes 

Helena Miles
What constitutes a valuable health care intervention? The International Equity Team believes that wider use of diagnostic testing and early screening can significantly improve patient outcomes and help optimize health care expenditure. For investors, diagnostics companies offer high returns on operating capital employed, underpinned by barriers to entry, recurring revenues and nondiscretionary end-market demand.

global-equity-observer page
Global Equity Observer  •  01-Mar-2023

Welcome to the Multi-Stage Life 

Emma Broderick, Jinny Hyun
Which companies are well placed to capitalize on the long-term behavioral and lifestyle changes that a multi-stage life might bring about? The International Equity Team discusses.

global-equity-observer page
Global Equity Observer  •  26-Jan-2023

The Multiple's Gone. Are Earnings Next? 

Bruno Paulson
Despite an anticipated recession, forward earnings estimates remain remarkably healthy. But, asks Bruno Paulson, is earnings pain on the way?

global-equity-observer page
Global Equity Observer  •  23-Dec-2022

When Money Isn't Free 

Anton Kryachok
As higher interest rates make it harder to engineer growth through debt, we think the relative value of businesses that can grow organically should only go up. Learn how our companies are better placed to use their balance sheet resilience to enhance their competitive positions, increase the sustainability of return on operating capital employed (ROOCE) and drive steady, predictable growth.

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Engagement Report  •  12-Dec-2022

Engage Autumn 2022 

International Equity Team
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

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global-equity-observer page
Global Equity Observer  •  29-Nov-2022

The Power of Premium Pricing over Private Label 

Nic Sochovsky, Alistair Corden-Lloyd
In the current climate of rising prices and a global squeeze on the cost of living, do big brands face the risk of consumers “trading down”? The International Equity Team discusses why price perception matters, and the power of cues to influence decision making.

global-equity-observer page
Global Equity Observer  •  31-Oct-2022

Superpowers to the Rescue? 

Bruno Paulson
If the current good times for corporates turn into tough times, the International Equity team believes the twin superpowers of pricing power and recurring revenues will be essential. Bruno Paulson explains.

global-equity-observer page
Global Equity Observer  •  27-Sep-2022

Access Active 

Laura Bottega, Bruno Paulson
As earnings resilience and pricing power become ever-more significant in a world of rising rates, inflation, regulation and the energy crisis, the International Equity Team explains why they believe their active approach is more important than ever.

global-equity-observer page
Global Equity Observer  •  25-Apr-2022

Diversity – Asking Difficult Questions 

Bruno Paulson, Marte Borhaug, Alistair Corden-Llyod
Across the globe, stakeholders – including the International Equity Team – are pushing companies for greater transparency and accountability on Diversity, Equity & Inclusion. The team discusses.

global-equity-observer page
Global Equity Observer  •  30-Dec-2021

To the Moon? Quality Investing and Blockchain 

Alex Gabriele
Blockchain technology not only underpins cryptocurrencies but has the potential to alter existing industry dynamics and encourage cooperation among natural competitors, resulting in greater efficiencies and higher quality. Alex Gabriele of the International Equity team explains.

global-equity-observer page
Global Equity Observer  •  24-Nov-2021

Supply Chain Squeeze 

International Equity Team
Something unusual is underfoot: company profit warnings caused by a lack of supply, rather than an unexpected drop in demand. In this environment pricing power is vital to profit margin, as the International Equity team explains.

global-equity-observer page
Global Equity Observer  •  14-Sep-2021

Advance Warming 

Laura Bottega
The summer of fire and floods has highlighted the compounding effect of global warming, presenting companies with an array of risks and opportunities. Laura Bottega explains how these ESG factors help shape our portfolios.

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The International Equity team follows a disciplined investment process based on fundamental analysis and bottom-up stock selection. They believe that the best route to attractive long-term returns is through compounding and providing reduced downside participation.

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