global-equity-observer page
Global Equity Observer  •  May 31, 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.

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global-equity-observer page
Global Equity Observer  •  May 08, 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 page
Global Equity Observer  •  Mar 23, 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 page
Global Equity Observer  •  Mar 01, 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 page
Global Equity Observer  •  Jan 26, 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 page
Global Equity Observer  •  Dec 23, 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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sustainable-investing engagement-report global-equity-observer page
Engagement Report  •  Dec 12, 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  •  Nov 29, 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 page
Global Equity Observer  •  Oct 31, 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 page
Global Equity Observer  •  Sep 27, 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 page
Global Equity Observer  •  Aug 22, 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 page
Global Equity Observer  •  Jul 26, 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 page
Global Equity Observer  •  Jun 28, 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 page
Global Equity Observer  •  May 18, 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 page
Global Equity Observer  •  Apr 25, 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 page
Global Equity Observer  •  Dec 30, 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 page
Global Equity Observer  •  Nov 24, 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 page
Global Equity Observer  •  Sep 14, 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 page
Global Equity Observer  •  Aug 23, 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 page
Global Equity Observer  •  Aug 13, 2021

Back to Basics 

William Lock, Alistair Corden-Lloyd
In a world of daily financial chatter, it’s easy to get distracted from what drives the core of long-term returns; the power of compounding. William Lock and Alistair Corden-Lloyd explain.

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global-equity-observer page
Global Equity Observer  •  Jun 22, 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.
 
 

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