25-35 stock high conviction and "UK best ideas" approach
We follow a high conviction, unconstrained approach to build a distinctive and focused portfolio of between 25-35 UK companies.
Mid-cap tilt
The strategy’s mid-cap bias is the result of an unconstrained bottom-up approach.
Highly flexible style
Flexibility to invest across the market-cap spectrum. We don’t distinguish between traditional value and growth definitions - we consider any quality company that has growth potential.
Robust focus on sustainability
Enjoys one of the highest Morningstar Sustainability ratings in its sector. We combine hard exclusions with bottom up ESG integration into the investment process. We want to ensure the companies we own for the long term are fair to all stakeholders. This is augmented with proprietary tools to highlight climate change risk in portfolios, and active ownership.
Our high conviction, highly focused sustainable UK strategy
Find out how our unique approach delivers long term growth
Where now for UK Equities after COVID ?
Find out why we believe certain companies are still positioned for growth
A question of Climate Change risk
Why climate change factors are increasingly important when selecting stocks
Balancing sustainable quality and value
Jeremy Hewlett provides insight into navigating the UK equity market to find sustainable quality and value.
Navigating climate change
Climate change factors pose real long-term risks to companies, industries and countries in which they operate. Discover how we think differently here.
Mirabaud UK Equity High Alpha Fund
Our Approach
Value is the gap between quality and price
Where there is a disconnect between the quality of an asset and its price – our definition of a ‘value’. We are seeking quality franchises where the current price understates its quality.
Balancing conviction and diversification
At least 50% of the portfolio is concentrated into the 10 highest conviction positions with the least downside risk. The balance consists of smaller position sizes to provide sufficient scope for diversification.
Being disciplined in what we own
We invest in companies that we can understand and value. In certain companies, such as in sectors like banks or biotech, we take a cautious approach in how we value them.
We focus on our three pillars of quality
Scale : We focus on companies that have the ability to scale. They share important key attributes: Asset light, large addressable markets, digitally enabled and they enjoy recurring revenues.
Optionality : We look for companies where intrinsic value is not recognised by the market through characteristics such as unidentified revenue opportunities, cross-sell potential and assets or cash on the balance sheet.
Low risk : The price we pay is our key measure of risk. We are focused on owning cash generative companies with strong balance sheets, solid management and ESG integrity, where price has not been fully recognised by the market.
We don’t distinguish between traditional ‘value’ and ‘growth’ definitions - we consider any quality company that has growth potential
Deep understanding of the UK
The UK investment team bring 60 years of combined experience and expertise in UK Equities into the bottom-up stock picking approach, alongside a dedicated responsible investment team to drive the integration of ESG screening and active ownership into the process.
David and Jeremy have worked together for over 16 years at Mirabaud Asset Management. They each bring significant levels of expertise and experience in UK equities, and a very clear understanding of what they are looking for, which aids their stock picking approach.
Jeremy Hewlett
Manager of the UK High Alpha Strategy
Over 36 years’ experience in UK Equity investing
Consistent application of the UK High Alpha Strategy since 2013
Master’s Degree in Theology and Philosophy from Cambridge University
David Kneale
Head of UK Equities
Over 19 years’ experience in UK Equity investing
Master’s Degree in Geography from Oxford University
Contacts
United Kingdom
Benjamin Carter
Head of UK Wholesale
MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 20 3897 4411/M +44 7506715897
United Kingdom
Elliot Fowles
UK Wholesale Sales
MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 (0)7799 410071
United Kingdom
Deji Ijaiya-Harvey
UK Wholesale Sales
MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 20 3167 7028