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.