International All Cap Select Equities Strategy
A focussed international all cap select strategy with a classic, contrarian approach to building long term value. (Formerly the Global ex US Equity Strategy)
The strategy will attempt to achieve, over the long term, a total return in excess of that of the MSCI EAFE Index through investment in a focussed portfolio of companies from across the market capitalisation spectrum with attractive valuations in absolute terms and relative to their history. These stocks will almost always attract a sceptical view from the majority of investors and commentators ensuring there are low expectations for the stock. These are not simply statistically cheap companies – they must be rigorously researched and risk-assessed to ensure they provide us with a margin of safety.
The strategy delivers a highly active but diversified portfolio, driven by a bottom-up investment philosophy, focussed on markets other than the US. Asset allocation is purely a result of stock selection, eschewing macro calls or themes, resulting in a portfolio that is clearly distinct from the index. As with all Oldfield Partners strategies, the International All Cap Select Equity strategy combines fundamental analysis of intrinsic worth with patience to wait until the price of those investments reflects that value, delivering compelling long-term performance.
Richard joined OP in November 2006. He was previously employed by Man Securities as a research analyst covering the banking and specialty finance sector. He has also worked as a consultant for Deloitte in London and San Francisco. He graduated from St. Andrews University and is a CFA Charterholder. He co-manages the international all cap select portfolios, and contributes to the overall investment
Christoph joined OP in August 2015. He previously worked as an analyst at Marlborough Partners, providing financing advice to private equity firms. Before that, he worked in the valuation team at Duff & Phelps. He graduated from Aston Business School and Free University of Berlin, and is a CFA Charterholder. He co-manages the international all cap select portfolios, and contributes to the overall investment selection.