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European equities offer unrivalled opportunities in terms of breadth of sector and market exposure. Europe is perhaps the most outward-looking of all the major investment regions.
Whilst there is ample opportunity to invest in strong domestic franchises, European equities also include a considerable number of global brands, technology leaders and firms with cutting-edge industrial expertise. Today, the picture in Europe has changed: political instability has faded and the growth rate is more synchronised and less fragmented.
The team uses top-down analysis based on their thematic ideas with a bottom-up investment process which leads to a high-conviction, concentrated portfolio of 50–70 stocks.
After researching the market and sectors, they come up with thematic, macroeconomic and sector views. Then, most of the process is bottom-up through quantitative screening, company meetings and broker research inputs.
The fund managers will take into account the political and economic environment, but only invest if they find companies that match their investment criteria from a balance sheet perspective.
The team applies strict risk management, analysing and controlling risk at stock, sector and overall portfolio level.