Portfolio Manager, Head Of Global Active Equities
I ran the £1bn Global Active equities portfolio. Position size ranged from 1.25-3.0% and I have a contrarian value tilt, and tend to look at stocks that are cheap, and often out of favour. On average, I am looking for stocks that will provide a 30% total return on a 2-year view. My approach is fundamental and research-intensive. Apart from looking for value, my portfolios have additional overlays of strong balance sheets, considerable liquidity, and management teams that I am prepared to back. There is also a big focus on the reduction of risk. I established the Fund’s global active equities capability on arrival, arranging for all the trading and brokerage accounts to be opened, negotiating commission rates, setting up a global network of sell side research, and designing the fund’s structure. I managed the Fund with the assistance of a small team, and some administrative support, whom I recruited. My team also monitored the external global and emerging funds held by the Fund, and contributed ideas with regard to overall Fund asset allocationThe research process involved extensive reading, exhaustive cross-checking, conference calls & travel to see companies and attend conferences, and there was a wide-ranging company database. There was regular company contact, and some broker contact. Portfolio turnover was low, and I had a slow moving, price sensitive style, and almost always used limit orders.
