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Creating value through change has been core to the JOHCM UK Dynamic investment process since inception in 2008. Change comes in many forms but almost always attempts to address strategic and operational challenges in order to drive sustained long-term value creation.
By focusing on business improvement initiatives we have spent many years understanding how companies can adapt and evolve their business models to deal with disruptive change. Dealing with change is in our DNA and therefore allows us to look through shorter-term uncertainties to focus on the longer-term opportunity that might be available. In doing so we inevitably have to dig deeper, cutting through the current noise to uncover fundamentally ignored or mispriced characteristics be they hidden assets, new growth opportunities or undervalued cash flows.
Not all value opportunities are equal. We like companies with infrastructure like characteristics, with brands or business models that have stood the test of time and which may be embedded in customer lives.
New management is often the catalyst for the deeper change we seek. We look for leadership with a long-term ownership mentality. We expect them to approach their roles with a strong sense of stewardship, acting with pace but also a focus on the longer-term good of the company.
As shareholders we are active stewards of our client’s capital, engaging closely with management. We look for simple and disciplined business strategies that capitalise on a company’s core strengths and natural advantages. Our focus is on cash generation, return on capital and inclusive decision making to ensure all stakeholder interests are accounted for.
Disclaimer
Professional investors only. This is a marketing communication. Please refer to the fund prospectus and to the KIID / KID before making any final investment decisions. The investment promoted concerns the acquisition of shares in a fund or the investment strategy and not the underlying assets. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The information in this article does not constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for any funds or strategies described in this article; nor shall this article, or any part of it, or the fact of its distribution form the basis of, or be relied on, in connection with any contract.
Source: JOHCM (unless otherwise stated.)
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