The Gresham House Global Equity Fund is an actively managed, concentrated global equity fund that invests in large-cap quality companies at attractive valuations. We believe this is the path to achieving long-term superior risk-adjusted returns.
We define quality within equities as the ability to generate excellent returns on capital and turn these returns into cash. The ability to generate high levels of returns and translate these returns into cash allows companies to return cash to shareholders in the form of dividends and invest in the business.
This helps drive long-term dividend growth, and ultimately, share prices.
Valuation drives all our investment decisions. Subsequently, the Fund’s holdings have a dividend yield in excess of the market and a lower price-to-earnings ratio than that of the market.
Investors in the Gresham House Global Equity Fund can benefit from:
High conviction: This is a concentrated fund which typically invests in 30-40 companies. We believe this is the best way to strive for returns while managing the risk in the underlying equities.
A focus on the long term: We aim to make the right investment decision for the long term. However, we will be active if the valuation or quality characteristics of our positions change.
Active management: We are not constrained by the benchmark. We invest where we believe we find the right combination of quality and value. Subsequently, this Fund is substantially different from its comparative indices, as illustrated by its high active share.
A disciplined investment process complements our strong Investment philosophy. The following are the key elements of that process.
- Individual security selection is based on a bottom-up analysis focusing on the fundamentals of individual securities
- We focus on three quality drivers: cashflow generation, solid balance sheets and an ability to generate profitable growth
- Avoiding risk is at the core of our investment philosophy and is integrated into our investment process. We consider valuation, the quality of underlying investment and the risk associated with ESG factors
Gresham House Asset Management Ireland Limited Board
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