US Equities feature a bottom-up investment process, investing in high-quality attractively valued stocks with strong prospects of sustainable earnings.

Our US equities capabilities include large cap core, large cap growth and small cap core strategies.  All are managed using a bottom-up investment process.

Actively managed by our Boston-based US Equity team; they aim to outperform their benchmarks through complementary layers of quantitative and qualitative fundamental analysis.

US equities strategies are provided via separate accounts for institutional investors anywhere in the world, as well as in a UCITS-compliant mutual fund vehicle.

EUR 3.4 bn

(USD 4.0 bn)

assets under management

5

experienced portfolio managers

3

US Equity strategies

21 years

average investment experience

Investment Philosophy

There are more opportunities to add value at the stock, rather than the sector level in the US, so we focus on bottom-up stock selection across our portfolios.

We also believe that a combination of systematic quantitative and fundamental research is necessary to maximise the chance of outperforming the broad US market.

Our process starts with a proprietary systematic quantitative screen of the investment universe to identify stocks with characteristics that are desirable to fundamental investors. We focus on high-quality companies that are reasonably priced and have positive market momentum.

We carry out rigorous fundamental analysis of each potential opportunity with an eye towards assessing the best companies in each sector. We determine the sustainable earnings prospects of each potential holding, assess the management team and value each stock relative to its competitors and to its own history.  We also aim to identify potential catalysts that could unlock a stock’s potential to rise in value.

The final portfolio’s structure is designed to maximise the risk-return trade-off: the weight of each holding is based on our degree of conviction in that stock, while the majority of our risk budget is allocated at the stock level – we only take small active sector positions relative to the benchmark.

  • Large Cap Growth US Equities

    Our large cap growth US equities strategy provides concentrated access to US companies with above-average long-term growth prospects. It is actively managed and benchmarked against the Russell 1000 Growth index.

    At a glance:

    • 13-year track record
    • Portfolio invests in around 60 stocks
    • Aims to outperform its benchmark over a full market cycle
    • Targets a tracking error against the benchmark of 300 to 600 basis points
    • Concentrated, high conviction large cap growth US equity portfolio
    • Combination of systematic evaluation and qualitative analysis to identify opportunities
    • Focus on stocks with expanding margins and sustainable earnings and sales growth
    • Strict risk management ensures risk budget is fully aligned with team’s focus on stock selection
  • Large Cap Core US Equities

    Our large cap core US equity strategy provides well-diversified exposure to US large and mid-cap companies. It is actively managed and benchmarked against the MSCI USA index.

    At a glance:

    • 14-year track record
    • Portfolio invests in around 80-90 stocks
    • Aims to outperform its benchmark over a full market cycle
    • Targets a tracking error against the benchmark of 200 to 500 basis points
    • Well-diversified large cap core US equity portfolio
    • Combination of systematic evaluation and qualitative analysis to identify opportunities
    • Focus on attractively-valued stocks with sustainable earnings
    • Strict risk management ensures risk budget is fully aligned with team’s focus on stock selection
  • Small Cap Core US Equities

    Our small cap core US equities strategy provides well-diversified access to US companies with a market capitalisation typically below USD 3 billion.  It is actively managed and benchmarked against the Russell 2000 index.

    At a glance:

    • 14-year track record
    • Portfolio invests in around 120 stocks
    • Aims to outperform its benchmark over a full market cycle
    • Targets a tracking error against the benchmark of 300 to 500 basis points
    • Consistent outperformance of the benchmark since inception
    • Well diversified small cap core US equity portfolio
    • Combination of systematic evaluation and qualitative analysis to identify opportunities
    • Focus on stocks with expanding margins and sustainable earnings and sales growth
    • Strict risk management ensures risk budget is fully aligned with team’s focus on stock selection