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Investment expertise

Swiss & Global Equities

Swiss & Global Equities

UBP’s Swiss & Global Equity strategies are managed within the same investment team based in Geneva and following the same investment approach. As Swiss companies tend to be operational on a global scale, it is important to have a worldwide vision and expertise of the global market’s competitive structure when managing Swiss equity.



The Swiss and US equity markets offer the highest levels of Cash Flow Returns on Investment (CFROI)* for equity markets. CFROI is the financial measure which best enables an investor to gauge the value creation ability of a company. The Swiss and Global Equity investment team seeks undervalued companies along the company’s CFROI life cycle, building conviction through bottom-up analysis of companies and their environment.

Opportunities

  • The team expects market volatility to continue in 2019 ensuing from expectations of global growth deceleration and earnings downgrades.
  • They also expect positive growth globally for 2019 with around 6% EPS growth and a 3% dividend yield which could lead to a market performance close to 9%.
  • Active investment in Swiss and global equities through bottom-up stock selection offers investors the potential to participate in value creation generated by companies involved in global growth opportunities.
  • Even in times of slowing global growth, individual companies can be attractive investment opportunities both in relative and absolute terms, as they can often demonstrate improved operational performances and thus offer limited risk of earnings downgrades.
  • The Swiss equity market continues to deliver higher risk-adjusted returns relative to the MSCI AC World over the past 20 years.
  • The team maintains a constructive view for the Swiss equity market in 2019: Swiss companies are leaders in niche industries and/or provide mission-critical products and technologies, which continues to offer protection from growth slowdown concerns, including in Europe.

Investment philosophy & process

  • A company's CFROIs are consistent indicators of its ability to create value for investors, and best reflect its management’s decision-making process.
  • Corporations tend to follow a similar profitability life cycle, reflected by their levels of CFROI, which allows for comparison of companies across sectors and countries.
  • By choosing to follow the investment approach put in place by the Swiss and Global Equity team at UBP, an investor will be gaining access to the companies the team has identified as offering high and stable CFROI with well diversified geographical and sector exposures.
  • The strong multi-year track record the team has built around bottom-up stock selection demonstrates the resilience of the investment process in the medium term in different market conditions.
  • Active stock selection explains the majority of excess returns…
  • …but it is important to manage the degree of active risk. Active management of portfolio tracking error is part of the team’s approach to portfolio construction and risk.

Product range

  • Swiss Equity
  • Swiss Small & Mid Cap Equity
  • (CH) Swiss Small & Mid Cap Equity
  • Global Equity
  • 30 Global Leaders Equity
  • Global Tech Leaders Equity

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*Concept of the CFROI life cycle

During a typical company’s life, its business generates varying levels of cash flow return on investment (CFROI) reflecting its stage of development: growth, maturity or decline. While superior CFROIs tend to fade down to the Cost of Capital (CoC) as value creation attracts competition, inferior returns may “fade up” to the CoC as a result of restructuring or competitors exiting the market. The team seeks to identify companies with consistent, superior CFROIs that steadily create value over the long term which is not yet discounted by the market. The team also looks for turnaround stories that are undervalued and for companies experiencing a phase of accelerating growth that may not yet be fully appreciated in terms of the magnitude and duration of the widening positive spread between CFROI and CoC.

Co-Head Swiss & Global Equity Portfolio Management

Eleanor Taylor Jolidon

Eleanor’s experience in the finance field started back in 1993. Since 2004 she has focused on analysing and managing Swiss & global equity. She holds an MA from Trinity College, Cambridge and a DHEE from the College of Europe, Natolin.

Co-Head Swiss & Global Equity Portfolio Management

Martin Moeller

Martin Moeller joined UBP in 2006 after working for 14 years at Deutsche Bank in equity research and portfolio management. Martin holds an MA in Banking and Finance from the Frankfurt School of Finance & Management and is a CFA charterholder. Martin is the author of Strategic Concepts of Universal Banks, published in 2000.

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Institutional clients

With a team of more than 200 people, UBP Asset Management has built an on-the-ground presence in the world’s major markets through organic growth and selected partnerships.

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