Capital at risk
Flexible growth
Growth comes in different forms: firms focusing on disruption, predictable steady compounders and capital allocators. Our flexible growth portfolios offer exposure to all three.
What are flexible growth’s characteristics?
The market tends to value growth categories differently. Disruptors capture opportunity and market share. Their revenues grow rapidly, but their outcomes can be broad. Steady compounders have strong defensible franchises and competitive advantages. This leads to above-average earnings growth over long periods. Capital allocators rely heavily on management’s skill in deploying capital into cyclical opportunities. Combining all three helps reduce volatility while letting us pursue our best ideas.
How do we invest in flexible equity growth?
For each type of growth, we focus on different measures. Sales growth and margin progression for rapid growers. Franchise strength and profitability for steady compounders. And management quality and consistency with long-term business execution for capital allocators.
Flexible equity growth portfolios typically hold 60 to 100 stocks. Turnover is low, typically less than 20 per cent per annum.
Flexible-growth strategies
ACWI ex US All Cap
An international portfolio seeking long-term compounding, combining developed and emerging markets – with 30+ years of experience.
China
A diversified portfolio of 40-80 of the best growth companies in China, regardless of listing location, size or weight in an index.
Developed EAFE All Cap
An international portfolio focused on long-term compound growth, exclusively investing in developed markets – with 30+ years of experience.
EAFE Plus All Cap
With exposure to emerging markets, this international portfolio with 30+ years’ experience seeks long-term growth.
Emerging Markets All Cap
Our longest-standing Global Emerging Markets portfolio, targeting the world’s best Emerging Market companies with a diversified approach.
Emerging Markets ex China
Seeking to provide exposure to the best Emerging Market opportunities outside of China, an increasingly common consideration for investors.
Global Alpha
Ambitious growth investing in exceptional companies, prioritising long-term sustainability and competitive advantages for lasting success.
International Alpha
Invest in compounders, rapid growth, cycle winners, and capital allocators for what we hope will prove a robust, opportunity-driven portfolio.
US Alpha
We focus on growing businesses across diverse opportunities that we hope will drive exceptional returns over time.
