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Our investment services

Investment Services

We manage investments on a discretionary basis for UK and international private investors, trusts and charities with a minimum of £3m or currency equivalent.  Typically, we invest directly in individual global securities. 

Each client has an investment manager responsible for their portfolio.  We do not employ relationship managers because we think it is important that clients speak directly to the person who is making the investment decisions.  The investment managers are supported by a portfolio assistant.  They are a key point of contact for any administrative matters and are in constant communication with the custodian.

Our investment approach

We have a long-term, real return investment focus which aligns our investment process and stock selection with our clients’ objectives and goals.  Which are to preserve the purchasing power of their wealth over the long term. The result of this philosophy is that in individual years we do, and will, have significant differences against indices and “passive” managers.  However, our investment record demonstrates that we have delivered consistent, risk-adjusted, long-term real returns for our clients.

We invest globally on a best ideas, unindexed basis. We believe that as investors we should seek global opportunities for real returns rather than focusing on any specific country or region given businesses increasingly operate in global context.  The location of a stock market listing is less relevant today given that borders are blurring.

We aim to find companies where structural shifts are creating demand for their products or services. While economic cycles are almost impossible to predict, structural growth can be both long-term in nature and relatively insulated from the economic cycle. Indeed companies that benefit from structural shifts should be able to consistently grow their earnings and cash flow per share over a multi-year period, irrespective of the economic environment. Provided you buy that company’s equity at a sensible valuation, you are likely to have a successful long-term investment that delivers a real return.  Should we not be able to find equities which we believe will provide real returns, or worse are overvalued and might expose the client to meaningful loss in the medium to long term, we would be prepared to remain heavily in cash and/or investment grade bonds.

Client services and reporting

Our service and reporting to our clients takes two forms, written and personal.  We recommend meeting clients at least once a year to discuss the portfolio; however we are delighted to meet more frequently if required.

Performance statistics, valuations with bank statements and transaction details, prepared by the custodian, are generally sent out quarterly.  Our Market Musings published each quarter sets out our current investment views and strategy.