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The Strategy employs an absolute value framework developed by the team over the past ten years. It models companies in the UK market in terms of the value of their tangible assets and the return they make on that tangible asset base (‘EVA’ analysis).
Within the long book, the team seeks to identify companies trading below their estimation of replacement cost (‘Undervalued Assets’) or whose profit streams are undervalued (‘Undervalued Returns’). The key safety checks on these companies are cash generation and positive earnings momentum analysis.
For the short book, the team looks for companies trading at a multiple of their tangible asset base that they believe is not justified by the returns they are making (‘Overvalued Assets’). They will also seek companies that are cheap, based on their returns, but with falling incremental profits, estimate downgrades and excessive cash consumption (‘Overvalued Value Traps’).
The team undertakes further fundamental analysis and bespoke modelling on companies that meet the above criteria to construct a high conviction portfolio of 50-70 stocks, expected to be split equally between long and short positions.
Approach | Alternative |
Asset Class | Equity |
Geographic Focus | UK |
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Tel +1 242-649-6600
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