Investment objective

The Global Equity Income strategy’s objective is to grow both income and capital over time. We are aiming to produce a portfolio dividend yield that is at least 1.3x that of the MSCI World Index. The strategy is limited to investing in equities and equity-like instruments. Additional to the investment restrictions under the UCITS regulations, we are mindful of excessive exposure to one country or sector. As with all Oldfield Partners strategies, Global Equity Income delivers a highly active but diversified portfolio, driven by a bottom-up investment philosophy.

In addition to managing a portfolio which is both good value and has high and growing income, there are distinctive aspects to our approach. We run a concentrated portfolio (typically 20-30 stocks), meaning this is a portfolio of high conviction ideas, each of which is well understood by the portfolio managers. An investor should want our best ideas; not our next best. We are contrarian in our thinking, looking to buy unloved and out of favour companies. Areas of poor sentiment are where we find ‘bargains’ priced at material discounts to our view of intrinsic worth. Finally, and critically, we invest with a long-term mind-set. Our average holding period is 4-5 years.

Portfolio manager

Samuel Ziff  Headshot 2022

Samuel Ziff

Portfolio Manager