Portfolio Fund Detail

Willis Owen Research Commentary

At the helm are comanagers Alex Illingworth, Rosanna Burcheri, and Simon Edelsten. All managers research and contribute to the portfolio construction but Edelsten is the ultimate decision-maker. The managers seek quality companies that are trading at attractive valuations and are poised to benefit from identified long-term secular growth trends. They typically prefer companies that exhibit high and sustainable barriers to entry, sustainable cash flows, a clear capital structure, good management, and limited exposure to external factors. They follow a disciplined valuation approach and are willing to hold up to 20% cash if they do not find any attractive investments. The portfolio does not follow the benchmark but the managers are careful to avoid any unintended risks.

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