Ardevora Global Equity Fund C GBP Acc

Global Growth

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
Name
Ardevora Global Equity Fund C GBP Acc
Manager
Ardevora Asset Management LLP
Type
Open Ended Investment Company
ISIN
IE00B4XSRG30
Sector
Global
Launched
18/07/2011
OCF
1.09 %
Risk Rating
2
3 Year Sharpe
1.13
3 Year Alpha
-0.47
Yield
0 %
Benchmark
MSCI ACWI NR GBP
The Ardevora Global Equity Fund’s investment objective is to achieve positive absolute returns and long-term capital appreciation. The fund will primarily invest in and gain exposure to equity or equity-related securities (such as ordinary and preference shares, global depository receipts and American depository receipts) listed or traded on Regulated Markets. The Investment Manager will seek to structure the portfolio so that it has a long/short ratio of 150/50.
Holding %
Twitter Inc Com Usd Cfd 1.04 %
Mcdonalds Corp Cfd 0.97 %
Grand Canyon Education Inc 0.95 %
Chipotle Mexican Grill Inc Class A 0.94 %
Burlington Stores Inc 0.93 %
Xilinx Inc 0.92 %
Nordstrom Inc 0.89 %
Oaktree Capital Group LLC 0.88 %
Zoetis Inc Com Usd0. Cfd 0.88 %
Yum Brands Inc (Cfd) 0.87 %
Region %
United States 64.94 %
Asia - Emerging 7.45 %
Eurozone 6.92 %
Japan 6.21 %
Sector %
Technology 24.02 %
Industrials 16.66 %
Consumer Cyclical 14.68 %
Healthcare 14.67 %
Consumer Defensive 10.62 %
Energy 7.27 %
Basic materials 6.33 %
Name
Ardevora Asset Management LLP
Address
EC4V 6AB, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Ben Fitchew
Joined 02/18/2011

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
Joined 02/18/2011

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
Joined 02/18/2011

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.

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