Launched in May 1990 the Fund aims to achieve long-term growth of capital primarily through investment in Europe excluding the UK. The manager will invest where there are good prospects for above average earnings growth and also in those European companies which can best take advantage of global economic opportunities.

The fund

  • Targets growing companies trading on attractive valuations.

  • Utilises a high-conviction investment approach – c.30-40 holdings.

  • Can zero weight unfavoured sectors.

Meet the Sanlam Growth Equities team

Chris Ford
Chris Ford
Fund Manager
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Tim Day
Tim Day
Fund Manager
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Giles Worthington
Giles Worthington
Fund Manager
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Why invest in the fund

  • High active share with a growth style bias
  • Freedom to back best ideas – no ‘house view’. If we don’t like a specific sector or individual country within Europe excluding the UK we don’t have to own it
  • Exposure to secular growth through a diversified blend of high-conviction holdings with attractive thematic attributes
  • Highly pragmatic investment approach – emphasis is on cheap thematic beneficiaries, regional European champions and genuine world leaders that just happen to be domiciled in Europe
  • Managed by an institutional-quality team with proven experience in thematic investment.

We believe growing companies exposed to longer-term secular growth drivers and which trade at a discount to intrinsic value will outperform.

Our approach works as stocks exhibiting underappreciated or undervalued growth tend to re-rate (in terms of their valuation) over time. Valuation re-ratings do not depend on a strong equity market; a re-rating represents a stock achieving a comparable valuation vs its competitors or peers, given the rates of growth on offer.

Our thematic approach means that we are focusing on businesses which are in a growth or expansion phase, which will boost earnings, or those which benefit from strong competitive positions or moats within their own industry. We also understand that the impact and persistence of investment themes is likely to vary over time, which we reflect in our portfolio positioning.

Our thematic approach means that we are focusing on businesses which are in a growth or expansion

Giles Worthington, Fund Manager

Fund Commentary

August 2021

 

Coming soon
Explore the details
The fund provides exposure to underappreciated growth in Europe ex UK within a thematic framework.

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Fund Risks

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. A table with five years’ performance is available in the fund factsheets.

The Fund has holdings which are denominated in currencies other than sterling and may be affected by movements in exchange rates. Consequently the value of an investment may rise or fall in line with the exchange rates.

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The value of investments and any income from them can fall and you may get back less than you invested.