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The market value of, and the income derived from, the shares of any Sanlam FOUR fund (the "Funds") may fluctuate in accordance with: the values of the investments held by the Funds and other market conditions. Investors may not get back the full value of their investment. There can be no guarantee that the investment objectives of the Funds will be met. The Funds may from time-to-time be more concentrated than those of other investment funds and thus potentially carries a higher level of risk than a more diversified portfolio. There will be times when the Funds' investment performance will be quite unlike that of any stock market index, which may or may not be to the advantage of the Funds.
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Colin joined Sanlam FOUR in October 2010 as a senior global equity fund manager. Prior to joining FOUR, he was Managing Director and Head of Global Value Equities at Morgan Stanley Investment Management. In this role, Colin was responsible for the management of $2 billion of global equities. Prior to this position, Colin had been Managing Director and Portfolio Manager at UBS, where his team managed $36 billion of global equities. Colin was the lead manager on $10 billion. During his 16 years’ experience at UBS, he was also Portfolio Manager for US equities and Fund Manager for UK Equity and Balanced Funds where he assisted with the management of £1.1 billion of assets. Colin holds an MPhil in Economics from the University of Cambridge and is an Associate of the Institute of Investment Management and Research.
Stephen joined FOUR in October 2010 as a senior global equity fund manager. Prior to joining FOUR, he was a Portfolio Manager at Morgan Stanley Investment Management, where his team was responsible for the management of $2 billion of global equities. Prior to this position, Stephen was Senior Banks Analyst and Global Sector Coordinator Financials at UBS Global Asset Management. Stephen holds an MSc in International Banking and Financial Studies from the University of Southampton. He is a CFA® charterholder and an Associate of Institute of Investment Management and Research.
Lorenzo Dicorrado joined Sanlam FOUR in October 2011 as an Assistant Global Equity Fund Manager and was promoted to Fund Manager in December 2015. Prior to joining Sanlam FOUR, he was employed at SEI investments, where he worked as an Investment Analyst, specialising in UK and European equities. Lorenzo holds an MSc in Investment Management from Cass Business School and is a CFA® charterholder.
Our investment philosophy and process is focused on buying strong companies (with enduring competitive advantages) and robust cash flows when they are out of favour, and trading at a significant discount to their intrinsic value. Areas of the market with negative near term sentiment and companies with low valuations form our natural fishing ground for new investment ideas. Our investment research focuses on the medium term strengths and cash generation of these companies underlying business models, rather than trying to outguess near term results. Our time horizon in both assessing companies and intended holding period is measured in years rather than months or quarters. We operate a strict valuation discipline to avoid overpaying to buy these assets.
Sanlam FOUR operates an infrastructure that guides what is ultimately a bottom up stock selection engine. The investment process is focussed on the holdings in our portfolios, ensuring that every company held is delivering as per the team's investment thesis. Sanlam FOUR is of course also continuously searching for new ideas for the portfolios. The chart below captures the main building blocks of the process:
Sanlam FOUR's investment team spends the majority of its time monitoring existing positions to ensure that it is fully informed and constantly alert to changes that might prompt a rethink of the investment thesis.
Risk management is an integral part of our approach. The compliance and investment functions receive daily positioning reports which give rise to alerts should guidelines be breached. In addition, the investment teams regularly review portfolios and quantitative risk analysis from Bloomberg PORT & Style Research. Finally, the risk committee issues a risk monitoring report once a month and discusses any relevant findings with the senior team members.
The Fund’s objectives are to deliver attractive real returns (CPI+6%) over a business cycle, with a volatility lower than the wider global equity market and greater resilience during tough market conditions.
These goals are achieved by investing in a concentrated portfolio that is focused solely on high quality businesses that are non-capital intensive, cash generative, non-cyclical and with powerful compounding properties. Only 25-30% of the wider equity market will meet these criteria’s. These are approached with a highly disciplined approach to valuation, purchasing stocks which will allow us to achieve our objectives, whilst minimising the risk of a permanent loss of capital.
The Fund aims to deliver superior investment returns to the wider equity market over time.
These goals are achieved by investing in a disciplined manner to buy strong companies (which generate above cash returns on capital over an economic cycle), at times when they are out of favour in the market and significantly undervalued.
The following forms must be completed and faxed to Sanlam Universal Funds Plc, +353 1 241 7131:
Full instructions on how to complete the forms are included, however, please contact Sanlam Universal Funds +353 1 241 7130 for further assistance.
Please ensure you read the full prospectus prior to investing.
Sanlam Universal Funds plc Prospectus Download
Sanlam FOUR Global Equity Supplement Download
Sanlam FOUR Stable Global Supplement Download
Colin McQueen, Senior Fund Manager, Global Equities, talks about his background, career influences and his motivations – in and out of the office.