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‘We won’t compromise on our core principles, no matter what the short-term environment looks like’“Always adhering to the three circles investment process has led to the fund being unable to find worthy opportunities in sectors such as Consumer Staples, REITs and Utilities, as their share prices did not meet the portfolio’s strict value or business fundamentals criteria. This has sometimes led to the fund significantly deviating from the MSCI World Index that serves as its reference index, sometimes to its disadvantage when momentum was the only show in town.”
‘In the aftermath of the Brexit vote we continue to screen for the same characteristics’“In the aftermath of the Brexit vote we continue to screen for the same characteristics, in some cases identifying added valuation support but increasingly questionable business momentum,” Jones says. “The UK holdings in the portfolio on average generate over two-thirds of their revenues from outside of the UK, which should translate to a more stable future, no matter what is the end result of the UK’s eventual departure from the EU.”
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