Rice is a 'business cycle' investor who tries to identify the likely direction of markets on a top down basis first before identifying stocks that fit this framework. The aim is to beat the benchmark across all market environment and therefore Rice is fairly agnostic and flexible with regards to his investment style. This process is dependent on Rice's ability to pre-empt significant changes in market sentiment. Over the course of his career he has been largely successful at this.
This is a core European fund run by an experienced manager of European equities.
The investment approach combines stock picking within a top-down framework. Whilst Rice will buy and hold investments that he considers to be particularly attractive stock picking is normally subordinate to his view of the overall market environment. Rice will try and move the portfolio around tactically to match his outlook. Rice focuses on companies with reasonable growth prospects that are trading at what he considers to be attractive valuations. His emphasis on valuation is greater than many of his peers and as a result Rice has more of a 'value' bias. The fund also seeks to exploit valuation anomalies. Chris Rice and team built up a strong reputation and performance record whilst managing a similarly mandated fund for HSBC. The process remains unchanged. Rice is also responsible for running the Pan European equity team at Cazenove.