International Select
Overview
The JOHCM International Select strategy invests in both developed international (excluding the United States) and emerging equity markets and offers a distinctive investment style that combines growth and value disciplines.
Competitive Advantage
- A distinct investment approach that targets stocks, sectors and countries at the sweet spot in their life cycle.
- A ruthless sell discipline – the managers sell when a stock’s fundamentals or technicals deteriorate, or when there is contagion from deteriorating fundamentals or technicals in its sector or country.
- Two-thirds of their performance is expected to come from bottom-up stock selection, one-third from top-down asset allocation (sector, country, currency). They exploit multiple anomalies and inefficiencies from a range of sources and are not dependent on a single style or investment technique.
Investment Team
The strategy is managed by Senior Fund Managers Christopher Lees, CFA, and Nudgem Richyal, CFA, both of whom are based in our Singapore office. Chris and Nudgem are solely responsible for portfolio construction, but draw upon the collective wisdom of the other experienced investment professionals in JOHCM's regional investment teams and share their ideas.
Investment Philosophy & Process
At the heart of the International Select philosophy is the idea that stock markets are inefficient. The fund managers aim to exploit market anomalies via an investment process that combines both top-down and bottom-up research. They have a distinct “4-Dimensional” investment process (stocks, sectors, countries, time/change) that focuses on the behaviour of each share price to determine whether the most important driver of each prospective investment is stock specific, sector or country-based.
Portfolio Construction
Chris and Nudgem build portfolios of high conviction stocks in high conviction sectors and countries.The portfolio is benchmark agnostic but seldom exceeds the benchmark's sector or regional weights by +/-25%.
