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The objective is to achieve long-term capital appreciation through investment in the shares of companies in the UK considered to be, by the manager, to offer above average opportunities for capital gain.
The manager has helped design a ruthless screen called SIGMa, Systematic Idea Generation Matrix, that covers the FTSE 350. The four variables used are: 1) Dynamics, determined through earnings per share forecast revisions. 2) Valuation, which covers cash-flow based price targets. 3) Strategy, covering value creation trend. 4) Technicals, which is share price action. All the variables have an equal weighting. The team do not consider the system to be a “black box” but rather a starting point. From here stocks that require qualitative assessment are identified and then analysed for possible inclusion within the portfolio.
The portfolio has a focus on share price performance drivers. The manager favours neither growth nor value stocks preferring those which are mis-valued. This will typically involve looking for growth stocks with earnings surprise potential and value stocks where there is a catalyst for a prompt re-rating.