| 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.
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| 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.
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| 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.
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| 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?
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| 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 • 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.
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| 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.
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| Global Equity Observer • 27-Sep-2022 | |
Access Active
Bruno Paulson,
Laura Bottega
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.
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| Global Equity Observer • 22-Aug-2022 | |
Proxy Voting – Nudging Progress
Vladimir Demine, Candida de Silva
Proxy voting is both a privilege and a responsibility. With increased attention paid to it by company boards and management, Vladimir Demine discusses the role proxy voting can play in enhancing long-term investment returns, and the challenges to effective voting that remain.
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| Global Equity Observer • 26-Jul-2022 | |
Markets Are Down, but Earnings Are Not…Yet
Bruno Paulson
After the worst start to a year in more than 50 years, the market’s earnings look distinctly vulnerable, given their current elevated level and the probable economic slowdown. In this uncertain macroenvironment, the International Equity Team discusses how to keep a portfolio robust.
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| Global Equity Observer • 28-Jun-2022 | |
Shrinkflation
Bruno Paulson,
Laura Bottega
If you’ve noticed your rolls of paper towels getting slimmer, and beverage cans getting smaller, you may be experiencing Shrinkflation. The International Equity team explores the role inflation plays, and why now is a good time to own compounders.
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| Global Equity Observer • 18-May-2022 | |
One Step Forward, Two Steps Back
Helena Miles
Massive strides have been made in the development and delivery of personalised medicine – but can it bolster the compounding potential of high quality companies? The International Equity Team’s Helena Miles investigates.
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| 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.
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| 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.
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| Global Equity Observer • 24-Nov-2021 | |
Supply Chain Squeeze
Nathan Wong
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.
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| 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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| Global Equity Observer • 23-Aug-2021 | |
Global Equity Observer: A Collection of Quality Insights – Volume 1
William Lock
This May, the International Equity team celebrated the publication of our 50th Global Equity Observer (GEO) – our monthly series of investment insights through the lens of our high quality investment approach. We are delighted to share with you this selection of articles from our GEO series.
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| Global Equity Observer • 22-Jun-2021 | |
Low Carbon Ambition
William Lock,
Laura Bottega
The companies within the International Equity team’s portfolios are encouraging their customers to live more sustainably. William Lock and Laura Bottega discuss.
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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.