Global Opportunity
Global Opportunity

Global Opportunity

 
 
 
Strategy Facts
Capability: Active Fundamental Equity
Team Inception: December 2007
Benchmark : MSCI All Country World Index
Summary

Morgan Stanley Global Opportunity seeks long-term capital appreciation by investing globally in high-quality, established and emerging companies that the investment team believes are undervalued at the time of purchase. To help achieve its objective, the investment team seeks companies with sustainable competitive advantages and long-term growth that creates value, rather than focusing on short-term events, with stock selection informed by rigorous fundamental analysis.

>95%
Typical Active Share
30-45
Typical Number of Holdings
20%-50%
Typical annual turnover
 
 
Investment Approach
Philosophy

Our investment philosophy is simple: Warren Buffett investment principles applied to growing companies. We believe that by applying a price discipline to investments in high-quality companies, strictly defined as those with what we consider competitive advantages and long-term growth that creates value, we can best capture opportunities and manage risk for clients.

 
Differentiators
CULTURE

The investment team’s culture is shaped by four core values that are cultivated and reinforced in many ways: intellectual curiosity and flexibility, perspective, self-awareness and partnership.
READING NETWORK

As part of Counterpoint Global, the Global Opportunity Team has access to a reading network that includes more than 150 investor and non-investor participants at Morgan Stanley. This allows the team to leverage the distributed knowledge of the firm and encourages cross-disciplinary thinking. Each week the team circulates articles, essays and thought pieces from a wide range of sources outside mainstream Wall Street in order to help enhance its knowledge and make informed investment decisions.
DISTINGUISHING CHARACTERISTICS

- Our incentives foster long-term alignment with clients.

- Our disruptive change research helps find big ideas for portfolios.

- Our core values of intellectual curiosity and flexibility, perspective, self-awareness and partnership promote a sustainable and repeatable investment process.

- Our investment philosophy is simple: Warren Buffett investment principles applied to growing companies.
 
 
 
Investment Process

We follow a five-step investment process incorporating idea generation, quality assessment, valuation, risk management and portfolio construction:
1
IDEA GENERATION
 

Idea generation comes from screening, contact networks, value chain analysis, disruptive change research and our extensive reading. 
2
QUALITY ASSESSMENT
 

When we formulate our investment thesis on the quality of a company, we ask three key questions to determine the sustainability of competitive advantage and how it can be monetized through growth:

- Is the company a disruptor or is it insulated from disruptive change?
- Does the company demonstrate financial strength with high returns on invested  capital, high margins, strong cash conversion, low capital intensity and low leverage?
- Are there environmental or social externalities not borne by the company, or governance and accounting risks that may alter the investment thesis?
3
VALUATION
 

Valuation focuses on the ratio of price to value derived from the key value drivers pricing, units, margin and multiple that determine the present value of free cash flow generation over a five-year time horizon.
4
RISK MANAGEMENT
 

We define risk in absolute terms: risk is losing money. We believe that idiosyncratic risk can be reduced by addressing what matters at the company level. We limit valuation risk by not paying a price that exceeds value. We limit sustainability risk by analyzing the threat of disruption, financial strength and ESG externalities. We limit fundamental risk of deteriorating competitive advantage and growth opportunities. Portfolio risks are mitigated by reducing correlated factor exposures with the support of monthly reports from portfolio attribution and risk teams.
5
PORTFOLIO CONSTRUCTION
 

We buy when the quality is high and the price is below value. We weight the portfolio based on low price to value, high certainty of value drivers and low correlation between ideas.

The result of our bottom-up investment process is a benchmark agnostic, highly differentiated portfolio concentrated in our highest conviction ideas.
 
 
 
 
Investor  
Kristian Heugh
Kristian Heugh
Managing Director
19 years industry experience
 
 
 
 

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