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UK equity strategies and funds

Our UK equity desk, adopt a variety of strategies when managing portfolios for our institutional clients. Each strategy has a different return objective and risk profile, but all benefit from the disciplined research process the team undertake to identify the best investment opportunities over the long term.

Strategy Benchmark Target Fund Manager Objective
UK Flexible 3 month LIBOR Benchmark + 4% p.a. James Clunie Our UK Flexible strategy aims to provide investors with positive capital returns over the long term regardless of market conditions through a focused portfolio of UK equities (typically 25-35 stocks), which represent the most attractive opportunities identified by our research process.

In addition, we use derivatives to enhance returns and limit downside risk by varying the exposure of the Fund to the impact of market rises and falls. This is done within a strict risk framework, using a detailed and robust risk management process to manage derivative exposure. Using this strategy, investors can achieve competitive long term returns comparable to those available from UK equities but with lower volatility than traditional index benchmarked UK equity funds.
Alpha FTSE All Share Index Benchmark + 2.0% p.a. David Keir Our UK Alpha strategy utilises a focused portfolio that invests in only our best research ideas – 40-60 stocks in which we have the highest level of conviction. We use the FTSE All Share Index as a benchmark, with an outperformance target of 2.0% per annum.
Select FTSE All Share Index Benchmark + 3%-4% p.a. Peter Cockburn Like our Alpha strategy, our UK Select strategy is a concentrated portfolio of between 35-45 stocks that our investment process has identified as offering the opportunity for outperformance. This strategy also uses the FTSE All Share index as its benchmark but has an outperformance target of +3%-4%p.a.

Our UK Select strategy therefore offers a greater focus on our best ideas stock selection than the UK Alpha strategy but with a consequent increase in risk relative to the index, with a likely tracking error in the 6%-10% range.
Unconstrained Outperformance of median stock in FTSE100 Peter Cockburn Our UK Unconstrained strategy utilises a concentrated, high conviction portfolio that allows our fund managers freedom to attain the highest possible returns without the constraint of a benchmark index.

Traditional UK equity investment usually involves measuring performance against the FTSE All Share Index. This can lead to fund managers investing in stocks they do not necessarily favour to reduce risk of underperformance against the index. Instead, we measure performance against the median performing stock in the FTSE 100 index. This is calculated annually, is simple to calculate and highly transparent. It also elimates the possibility of a small cap bias that exists in traditional equity funds.

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