Permanence
Permanence

Permanence

 
 
 
Summary

The investment team makes long-term investments in unique companies whose market value can increase significantly over time for underlying fundamental reasons. Morgan Stanley Permanence focuses primarily on established companies in the United States that benefit from efficient scale. Due to the durability of this long-term competitive advantage, the investment team believes these companies are relatively insulated from disruptive change.

 
 
Investment Approach
Philosophy

Counterpoint Global believes that it may achieve value-added  investment results more consistently through bottom-up analysis  and qualitative judgment rather than through top-down  forecasting. Additionally, the team holds that optimal stock  selection is primarily a function of making long-term investments  in companies with: inherent sustainable competitive advantages  (such as a patent portfolio, a network or community effect, etc.);  brand-name recognition; the ability to redeploy capital at high  rates of return; and strong free-cash-flow yield three to five years  in the future. These characteristics, in the team’s view, provide the  potential for consistent long-term growth and competitive returns.

The team believes that the development of insights is valuable to  the investment process, and guiding principles combined with  intellectual and process flexibility are critical to strong decision-  making in pursuit of attractive investments.

 
Differentiators
ALIGNED WITH CLIENTS

Counterpoint Global’s long-term incentive compensation  program requires investors to allocate a significant portion  of deferred compensation into the portfolios they manage.

CROSS-DISCIPLINARY THINKING AND RESEARCH INTO EMERGING THEMES

Their generalist approach and disruptive change research are unique in an industry that leans toward specialization. They promote cross-disciplinary thinking where investors follow areas with distinctly different business models.

CULTURE

Counterpoint Global has a distinctive culture that encourages innovation, evolution and continued learning.

EXPERIENCED AND STABLE TEAM

The team has been managing money since 1998. They have a long-term investment horizon that promotes perspective and insight.

 
 
 
Investment Process
1
Idea generation

The team generates investment ideas through an ongoing set of activities conducted individually and collaboratively, including: (i) involvement in contact networks across industries and in the investment management business; (ii) its reading network; (iii) its focus on return on investment capital and current-period free cash flow yield; (iv) team discussions; (v) the identification of patterns; (vi) conventional-valuation and coverage biases, among others; and (vii) continual research on current company holdings.

2
Bottom-up analysis and valuation

Their quality criteria include business visibility, a diverse customer base, the sustainability of growth and low capital intensity. Valuation focuses on three- to five-year free cash flow yield and endgame, a five-year market capitalization calculation.

3
Disruptive change research

To complement its in-depth, bottom-up research, the team’s disruptive change researcher investigates big ideas and emerging themes that may have far-reaching consequences, such as artificial intelligence and blockchain.

4
Portfolio construction and implementation

The team’s portfolios are actively managed and built to maximize expected value. Company weightings are primarily determined by the quality of the idea and the team’s conviction. Dennis Lynch leads decision making along with the investor responsible for a company and perhaps one other investor. The team reviews factor analysis on a monthly basis in order to ensure the portfolio’s expected return is more idiosyncratic than systematic.

Counterpoint-Reading-Network
 
 
Resources
Strategy Literature
 
 
 
 

ご案内の運用戦略の中には、日本でご紹介していないものも含まれています。また、受託資産額が運用上限に達したため受託を一時的に停止している運用戦略が含まれている場合があります。詳細につきましては、お問い合わせ下さい。

リスクについて

受託資産の運用は、受託資産に組入れられた株式その他の有価証券等の価格変動リスクや株式その他の有価証券等の発行体の信用リスク等による影響を受けます。受託資産の運用による損益はすべてお客様に帰属し、元本が保証されているものではなく、元本損失又は受託資産に関して行われる取引に際し預託すべき委託証拠金その他の保証金の額を上回ることとなるおそれがあります。個別の受託資産ごとに投資対象資産の種類や投資制限、取引市場、投資対象国等が異なることから、リスクの内容や性質が異なりますので、投資一任契約を締結する際には、契約締結前交付書面をよくご覧ください。

受託資産の運用に係る費用について

投資顧問契約及び投資一任契約に係る投資顧問報酬として、契約資産額に対して年率2.20%(税込)を上限とする料率を乗じた金額が契約期間に応じてかかります。投資一任契約に基づいて投資信託を組み入れる場合は、投資する投資信託に係る費用等が投資顧問報酬に加えてかかる場合があります。また、一部の戦略では投資顧問報酬に加えて成功報酬がかかる場合があります。その他の費用として、組み入れ有価証券の売買手数料、先物・オプション取引に要する費用、有価証券の保管費用等を間接的にご負担頂いただく場合があります。これらの手数料等は契約内容、契約資産の額、運用状況等により異なる為、事前に料率、上限額等を示すことができません。

当ページの情報は、モルガン・スタンレー・インベストメント・マネジメント株式会社(以下、当社)が、投資一任契約においてご提供する運用プロダクトについての情報提供を目的として作成したものです。本資料は当社が信頼できると判断した情報を元に、十分な注意を払い作成しておりますが、当社はその正確性や完全性をお約束するものではありません。