Fundamental Global Equities

The most certain aspect of investing is uncertainty. Hence, Risk is the first pillar of our investment philosophy. Risk is multi-dimensional to us and incorporated already into the portfolio design.

Long-term value generation stem from cash flows and return on investments, not reported earnings or adjusted earnings.

We do not disregard price return, but since we do not know when the market will be up or down, we are patient and long-term investors. While we care about the generation of free cash flow, we also care about the use of that free cash flow and generally prefer dividends, share buy-backs and small bolt-on acquisitions to large-scale transformative M&A’s.

We prefer “Need to have” over “Nice to have”.

• The resilience of the former over the latter becomes obvious in times of economic uncertainty.
• “Need to have” products and services will probably thrive better as the battle against climate change might influence the total demand side of the economy.

We consider downside protection just as important as upside potential.

The Global Equities strategy benefits from a seasoned and stable management team. Michael Clemens, with over 30 years of industry experience, has been at the helm since the strategy’s launch. He is supported by Kresten Johnsen and Aleksander Edemann, who bring additional expertise and fresh perspectives to the team. This combination of experience and innovation ensures that our strategy remains robust and adaptable to market changes.