Stocks have to be in the “top quartile” for value (that is, bottom quartile for price) before the manager will research them.

The outcome is a portfolio which averages about 30 stocks.

The firm’s global fund has a return of 2.4 per cent since its December 2005 inception, compared with the MSCI index return of minus 4.8 per cent. The fund’s three-year outperformance of the index is 9.4 per cent and one year (to December last) is 12.2 per cent.

 

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