Ardevora Global Equity Fund C GBP Acc
Rated Fund 2015-19. Takes an unconventional approach to investment
This fund was highly commended in Money Observer’s 2016 fund awards. It has a different approach from many of its peers. For its managers, Ben Fitchew, Jeremy Lang and William Pattisson, choosing the best shares is all about minimising risk rather than looking for maximum rewards. Their aim is to invest in safe growth companies globally.
Furthermore, they combine conventional investment in shares with derivatives. The fund typically holds 150-200 stocks in its ‘long’ book and 70-100 stocks in its ‘short’ book.
The long/short ratio is 150/50, which means they can invest, say, £100 conventionally, sell £50 of shares they believe will go down in value and use the proceeds to buy another £50 of stocks.
When deciding which stocks to buy and which to sell, the managers look to take advantage of situations where they believe other investors in the market have got things wrong. For them, the market consists of three sets of people: investors, financial analysts and company managers. They watch the behaviour of these people carefully for signs of bias.
Investors, they think, are prone to over-reaction, so they look for stocks with unusually high levels of anxiety attached to them. They believe analysts, on the other hand, are likely to underreact, so they study past forecasting patterns. Company managers they regard as tending to take excessive risk, so they exclude stocks where management behaviour looks excessively risky.
Positions are equally weighted by region in order to reduce individual stock risk.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|Autohome Inc ADR||1.25 %|
|Galaxy Entert Hkd Cfd||1.02 %|
|Lenovo Group Ltd Cfd||1.02 %|
|Ambev SA ADR||0.98 %|
|Techtronic Industries Co Ltd||0.98 %|
|Anhui Conch C 'h'cny1 Cfd||0.96 %|
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|Cree Inc||0.95 %|
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|Alibaba Grop Spon Ads Cfd||0.95 %|
|United States||63.46 %|
|Consumer Cyclical||13.29 %|
|Consumer Defensive||11.05 %|
|Financial Services||8.18 %|
Ben joined Ardevora in May 2010. Ben has over 15 years’ experience, beginning his career in 2002 at Liontrust Asset Management, where he was ultimately responsible for the management of a number of long-only and long/short portfolios. Ben has a First Class degree in Mathematics, a Master of Science in Mathematics and the Foundations of Computer Science from Oxford University and is a CFA charter holder.
Jeremy Lang co-founded Ardevora in January 2010, alongside William Pattisson. Jeremy has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with William at James Capel Fund Managers. He left James Capel in 1991 to take up full-time long-distance sailing. In 1995 Jeremy joined Liontrust Asset Management, and in 1999, he partnered with William to manage UK equity portfolios and all investment management operations. Jeremy left Liontrust in April 2009 and founded Ardevora in January 2010. He has a First Class degree in Economics and Econometrics from the University of York and a Masters in Economics of Finance and Investment from the University of Exeter.
William Pattisson co-founded Ardevora in January 2010, alongside Jeremy Lang. William has over 30 years’ experience, beginning his career in 1986 managing North American and UK Equities with Jeremy at James Capel Fund Managers. In 1994, William moved to Fleming Investment Management where he became Head of the UK Equity Specialist team, before being appointed asthe Head of UK Equities. In 1999, he joined Liontrust Asset Management where he partnered with Jeremy to manage UK equity portfolios and all investment management operations. William left Liontrust in April 2009 and founded Ardevora in January 2010. He has a degree in Chemistry from Oxford University.
Data provided by Morningstar.
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