Investment objective

A classic, contrarian value strategy that focuses on bottom-up identification of investment ‘bargains’ - those stocks that are currently trading at an attractive discount to their intrinsic worth. Intrinsic worth is our assessment of the underlying value of a business based on a dispassionate, risk-assessed view of earnings, book value, and free cash flow among other considerations. Such shares are lowly valued in absolute terms and relative to their own 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. True bargains 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 North America. 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 EAFE Equities 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.


The Overstone UCITS Fund plc applies the UK Stewardship Code Statement of Oldfield Partners LLP as its shareholder engagement policy.

Portfolio managers

Andrew Goodwin

Portfolio Manager

Nigel Waller

Portfolio Manager