Investment Philosophy

We invest in best-of-breed businesses for their quality, strategic competitive edge and value. We believe that a portfolio of businesses each containing these elements will provide us with a favourable return over time.

  • BOTTOM-UP INVESTOR
  • THINK LIKE A BUSINESS OWNER BUYING ANOTHER BUSINESS
  • CONSIDER RISK AS MUCH AS RETURN
  • INVEST FOR SUSTAINABLE ORGANIC GROWTH IN QUALITY BUSINESSES
  • BUY GLOBAL BUSINESSES, EXPOSED TO EMERGING MARKETS
  • OPERATE WITH HIGH CONVICTION
  • NO BENCHMARK ORIENTATION
  • OVERVALUED BUSINESS REPLACED WITH A MORE ATTRACTIVE OVERALL PROPOSITION

Fundamental pillars of quality: identifying global best-of-breed business

SUSTAINABLE ORGANIC GROWTH

  • Invest for organic growth
  • Frequent use of products
  • Resilience through recessions
  • Market share growth
  • Infinite potential
  • Wary of corporate actions

QUALITY MANAGEMENT

  • Standing of CEO, Chairman, CFO, Board
  • Record of consistent success
  • Business strategy
  • Business culture (energy, innovation, openness, honesty & integrity, ESG focus, etc.)
  • Success with execution
  • Shareholder orientation
  • Clear communication
  • Active voting

EFFICIENCY

  • Operating margin, development
  • Return on Invested Capital (and incremental ROIC)
  • Balance sheet strength
  • Reinvestment record and potential
  • Working capital management

FREE CASH FLOW GENERATION

  • Sustainable free cash flow generation (not cash-hungry business)
  • Cash conversion ratio (and trend)
  • Success of free cash flow allocation
  • Sustainable dividend growth
  • Success of buy-backs

INVESTMENT PROCESS: IDENTIFYING BUSINESSES WHICH MEET OUR QUALITY CRITERIA

"We are what we repeatedly do. Excellence then, is not an act, but a habit."
Will Durant

FILTERING

  • Quantitative fundamental quality metrics
  • Qualitative analyst research
  • Portfolio manager research
  • Third party research

PORTFOLIO MANAGER

  • Research co-ordination
  • Macro and market research
  • Technical analysis for tactical cash allocation
  • Implementation

PORTFOLIO CONSTRUCTION

  • Best ideas
  • Attractive valuation
  • Sensible diversification

ANALYST COVERAGE & RECOMMENDATION

  • Ongoing analysis
  • Valuation
  • Performance
  • News Flow
  • Results
  • Corporate events

SELL DISCIPLINE

  • Long term intention
  • Better overall alternatives
  • Market or business overvalued
  • Strategic case changes

The specialist equity management division was established in 2009, and the team has over 100 years of combined experience.

The team only invests in best-of-breed companies that can clearly demonstrate quality, strategic competitive edge and value.

The team looks for companies with the following characteristics:
To identify businesses that meet the quality threshold, the team use the above criteria to narrow down the broad investment universe of over 2000 candidates to a core universe of 150 candidates, which are then monitored closely.

  • Good growth potential and the ability to deliver sustainable top-line growth
  • Management of the highest quality
  • Leaders in their field
  • Strong balance sheets
  • High returns on capital employed
  • Strong internal cash flow
  • Ability to grow dividends annually under all economic circumstances
  • An impressive performance record
  • Shareholder friendly
  • A sustainable compounder

In addition to the above criteria, there are a series of key characteristics a company should possess in order to be considered for investment. Characteristics such as an positive margin trend, levels of debt and dividend cover are also central to the team’s analysis.

*All sources as at 31 December 2020

OUR EQUITY MANAGEMENT TEAM

"We believe that - if we have identified a quality business, and we do not pay more than a fair value, then these businesses should provide favourable returns over time. Central to this philosophy is a ‘buy-to-hold and compounding’ mind-set, to be invested in those businesses for the longer term.”
Gerrit Smit, Fund Manager

Gerrit Smit

Gerrit is Head of the Equity Management team, he has overall responsibility for the business unit, along with its Portfolio Management and Equity Research functions.

Gerrit joined the Group in 2008 following over 25 years’ investment experience as Equity Analyst, Chief Investment Strategist and Chief Investment Officer for Sanlam’s International portfolios. He holds a Hons B.Com degree from the University of Stellenbosch and the University of South Africa and a PSM qualification from the Business School of the University of Stellenbosch.

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Tom Jeffcoate

Tom is a Director of Stonehage Fleming Investment Management and responsible for company research within the Equity Management team. Specialising in in-depth, bottom up research, he covers multiple companies across all sectors under the single global quality equity mandate.

Tom joined the Group in 2009 from ZAN Partners where he was a multi-asset Analyst and Trader. Prior to that he worked as an Equity Analyst at Sigma Capital having started his career with PricewaterhouseCoopers’ Performance Improvement Consulting business. Tom is a CFA charterholder and an associate of the Chartered Institute for Securities and Investment.

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Mark Sloan

Mark is a Director within the Stonehage Fleming Group specialising in in-depth, bottom up company research within the Direct Equity Management team.

Prior to joining Stonehage Fleming, Mark spent over 9 years at Investec Asset Management where he was a Global Equity Analyst and Sector Portfolio Manager. Previously, he worked at M&G Investments in both Pan-European and global equity analyst roles. Mark is a CFA Charterholder and graduated from Warwick University with a first class honours degree in economics.

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Nicky Muirhead

Nicky is responsible for company research within the Equity Management team. Specialising in in-depth, bottom up research, she covers multiple companies across all sectors under the single global quality equity mandate.

Nicky joined the Equity Management Team in 2019 from Bessemer Trust having previously worked at River & Mercantile Asset Management, Neptune and BlackRock/MLIM. She is a CFA charterholder and graduated from Oxford University with first class honours in Physics.

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Thomas Withington

Thomas is a Director within the Equity Management team, providing client-servicing support to Gerrit Smit, Head of the Equity Management team.

Thomas joined the Group in 2011, having previously worked as a Project Manager at Jabulani Rural Health Foundation. Prior to this, he worked as a Consultant at IQuad Group Limited in Cape Town, consulting on various government-initiated investment incentive programmes. Thomas holds a Bachelor of Business Science (Honours) degree from the University of Cape Town and is a CFA charterholder.

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Sean Harper

Sean is responsible for company research, supporting the Equity Management team.

Sean joined the group in 2018, having previously worked at Quilter Cheviot and Old Mutual Global Investors. Sean is a CFA charterholder, he holds the Investment Management Certificate (IMC), and he is an affiliate member of the Chartered Institute for Securities and Investment. He graduated with a first-class degree in BSc (Honours) Finance and Investment Banking.

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Stonehage Fleming At A Glance

Stonehage Fleming Equity Management

Started in 2009, the Equity Management division within Stonehage Fleming Investment Management now manages $3.8bn for individuals, families, charities and institutions through a UCITS fund and segregated portfolios.

Philosophy & Mandate

We invest in best-of-breed businesses for their quality, strategic competitive edge and value. We have a precise philosophy focusing on a single mandate. We think like a business owner with a long-term strategic orientation towards sustainable delivery. We are fundamental, research driven investors.

Team and Culture

Our mantra is quality in everything we do. The team is experienced and close-knit, with deep knowledge of our companies and has over 100 years combined of experience. An effective debate culture leads to better decision making with high conviction.

Investors

Our investors are private individuals, investment advisers, endowments and institutions. The Fund is registered in the United Kingdom (including Jersey, Channel Islands), Switzerland, Canada and South Africa. Our investors are located across the globe.

 

Our flagship investment capability is the Stonehage Fleming Global Best Ideas Equity strategy, which was launched in July 2009. The strategy has in excess of GBP2.7bn in assets under management. It is offered through a Dublin based UCITS fund (the Stonehage Fleming Global Best Ideas Equity Fund, launched in August 2013) or on a segregated basis in exceptional cases for portfolios in excess of GBP40m.

 

View Historic Prices
Stonehage Fleming Global Best Ideas Equity Fund
Class Currency NAV Price NAV Price
(prev)
Price Change
+/-
Valuation Date ISIN
a $ 270.4546 273.7127 -3.2581 03 Dec 21 IE00BCLYMB94
b $ 281.7339 285.1240 -3.3901 03 Dec 21 IE00BCLYMC02
c £ 318.2661 319.9822 -1.7161 03 Dec 21 IE00BCLYMD19
d £ 323.3210 325.0599 -1.7389 03 Dec 21 IE00BCLYMF33
e $ 239.0553 241.9302 -2.8749 03 Dec 21 IE00BDB5NR23
f £ 249.4585 250.7984 -1.3399 03 Dec 21 IE00BDB5NS30
g $ 228.5574 231.3029 -2.7455 03 Dec 21 IE00BDB5NT47
h £ 246.9063 248.2291 -1.3228 03 Dec 21 IE00BDB5NV68
i 204.0689 205.8402 -1.7713 03 Dec 21 IE00BDB5NW75

Equity Updates

 

GLOBAL EQUITIES QUARTERLY LETTER Q3 2021

World equity markets experienced a lacklustre third quarter, with September being the weakest month of the year, true to historical trends. The MSCI World Index (including Emerging Markets and dividends) decreased -1.1% (US$ terms, +1.4% UK£ terms) over the quarter, bringing the return for the nine months to a still attractive +10.6% (US$ terms, +12.7% UK£ terms).

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GLOBAL EQUITIES QUARTERLY LETTER Q2 2021

World equity markets delivered solid performance on the continued economic recovery. The MSCI World Index (including Emerging Markets and dividends) increased +7.4% (US$ terms, +7.4% UK£ terms) over the quarter, bringing the return for the first half of the year to +12.3% (US$ terms, +11.1% UK£ terms).

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GLOBAL EQUITIES QUARTERLY LETTER Q1 2021

World equity markets continue their recovery on an improving economic outlook. The MSCI World Index (including Emerging Markets and dividends) increased +4.6% (US$ terms, +3.4% UK£ terms) over the quarter.

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GLOBAL EQUITIES QUARTERLY LETTER Q3 2020

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GLOBAL EQUITIES QUARTERLY LETTER Q2 2020

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GLOBAL EQUITIES QUARTERLY LETTER Q1 2020

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GLOBAL EQUITIES - 2020 ANNUAL LETTER

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GLOBAL EQUITIES QUARTERLY LETTER Q3 2019

World equity markets trod water over the third quarter. The MSCI World Index (including Emerging Markets and dividends) held onto the first half performance of +16.2% (US$ terms) over the nine months.

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GLOBAL EQUITIES QUARTERLY LETTER Q2 2019

World equity markets continued their positive trajectory during the second quarter. The MSCI World Index (including Emerging Markets and dividends) appreciated by a further +3.6% on top of the high base of +12.2% during the first quarter. This brought the first half performance to +16.2% (all data in US$ terms).

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GLOBAL EQUITIES QUARTERLY LETTER Q1 2019

The new year started off with a strong first quarter. The MSCI World Index (including Emerging Markets and dividends) appreciated by +12.2% (in US$ terms). This is the best first quarter return for over twenty years.

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1 November 2021

"Wonder is the beginning of wisdom.” - Socrates

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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13 September 2021

"The art of being wise is knowing what to overlook.” - William James

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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16 August 2021

"To see things in the seed, that is genius .” - Lao Tzu

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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12 July 2021

"I've failed over and over again in my life. And that is why I succeed .” - Michael Jordan

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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14 June 2021

“I have just three things to teach you - simplicity, patience, compassion. These three are your greatest treasures .” - Lay Tzu

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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17 May 2021

“It is not the answer that enlightens, but the question.” - Eugene Ionesco

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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12 April 2021

“I don’t have opinions about things I know nothing about.” - Prins Philip

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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15 March 2021

"Out of difficulties grow miracles." - Jean de la Bruyère

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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15 February 2021

"Great things are done by a series of small things brought together." - Vincent van Gogh

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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25 January 2021

"It’s what you learn after you know it all that counts" - Earl Weaver

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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8 January 2021

2020 is engraved in the annals of history as the year of COVID-19. Those investors who held tight through the year were rewarded. Those investors who were positioned in quality businesses with a sustainable growth orientation were rewarded even more so during the eventful GVC year.

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14 December 2020


"Nothing is more noble, nothing more venerable, than loyalty." - Marcus Tullius Cicero

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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23 November 2020


"It is the mark of an educated mind to be able to entertain a thought without accepting it." - Aristotle

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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2 November 2020


Storms make the oak grow deeper roots.” - George Herbert

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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19 October 2020


Life is what happens to you while you’re busy making other plans.” - John Lennon

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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5 October 2020

"Do the best until you know better. Then when you know better, do better." - Maya Angelou

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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21 September 2020

"It is always the simple that produce the marvelous." - Amelia Huddleston Barr

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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7 September 2020

"Doing the best at this moment puts you in the best place for the next moment." Oprah Winfrey

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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17 August 2020

"The difference between ordinary and extraordinary is that little extra." - Jimmy Johnson

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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27 July 2020

“You are lost the instant you know what the result will be.” - Juan Gris

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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13 JULY 2020

“The best qualification of a prophet is to have a good memory.” - George Savile

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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22 JUNE 2020

“The noblest pleasure is the joy of understanding.” - Leonardo da Vinci.

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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8 JUNE 2020

“The whole is more than the sum of its parts.” – Aristotle

Read Fund Manager Gerrit Smit’s latest Global Equity Perspective

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25 MAY 2020

US institutional investor confidence is currently at historic low levels, two standard deviations away from the average.

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11 MAY 2020

“One cannot develop an effective philosophy without having been exposed to life’s lessons.” - Howard Marks

Read Fund Manger Gerrit Smit’s latest Global Equity Perspective.

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20 APRIL 2020

“Well bought is half sold.” - Howard Marks

Read Fund Manger Gerrit Smit’s latest Global Equity Perspective.

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6 APRIL 2020

“You can’t predict. You can prepare.” - Howard Marks
Read Fund Manger Gerrit Smit’s latest Global Equity Perspective.

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16 MARCH 2020

“Patience is bitter, but its fruit is sweet.” - Aristotle
Read Fund Manger Gerrit Smit’s latest Global Equity Perspective.

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3 March 2020

Contrary to earlier hopes, coronavirus is spreading through the world with infections now on all continents.

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10 February 2020

“Wonder is the beginning of wisdom.” Socrates

Read Fund Manger Gerrit Smit’s latest Global Equity Perspectives

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11 FEBRUARY 2019

“The aim of the wise is not to secure pleasure, but to avoid pain” Aristotle

Even though industrial production makes up less than a fifth of the US economy, its higher volatility causes disproportional sensitivity in capital markets.

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28 JANUARY 2019

“The more I live, the more I regret how little I know” Claude Monet

We monitor several indices reflecting general capital market conditions. Each one considers the sponsor’s perceptions of the capital market environment, including stresses in the financial system.

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14 JANUARY 2019

“He who can no longer pause to wonder and stand rapt in awe, is as good as dead.” Albert Einstein

Investors start a new calendar year with a theme of global moderation in the economic outlook following the very volatile markets at the close of last year. The big question is whether the market discounts the outlook deteriorating more aggressively than earlier perceptions.

US confidence indices are starting to roll over from elevated levels. It is still too early to confirm a negative trend, but odds seem high to be the case. This has historically started years before a recession, and we can on this basis therefore not yet forecast an imminent recession.

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17 DECEMBER 2018

“He who in contented is rich.” Laozi

With the volatile US stock market, it is prudent to continue closely monitoring its economic fundamental outlook as this year closes.

The current economic indicator in the above chart remains stable. The most recent reading of the trusted leading economic index of ten economic indicators has dropped from the previous peak level but is still at an elevated level. The spread between the two series (see the bottom section of the chart) is also at an elevated level. This spread traditionally went negative more than two years before the respective recessions.

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19 NOVEMBER 2018

“It’s not that I am so smart, I just stay with problems longer.” Albert Einstein

It is our impression that we would need a relatively high probability of an imminent US recession to fear the formation of a bear market in equities and therefore a structural peak in share prices.

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29 OCTOBER 2018

“If you can’t explain it simply, you don’t understand it well enough.” Albert Einstein

The weak stock market performance over the past few weeks has brought it close to an official correction level of -10%.

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1 OCTOBER 2018

“What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience.” Adam Smith

We continue to believe that the most important fundamental issue for the health of global financial markets is the outlook for the US economy.

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10 SEPTEMBER 2018

GLOBAL MARKETS: The most important issue for the global capital markets remains the health of the US economy.

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27 AUGUST 2018

“Tomorrow belongs to those who can hear it coming.” David Bowie

Somewhat surprisingly the end of July reading for the leading economic indicator ticked up again. Whilst the PMI index dropped a notch, it is still at elevated levels. The combination of these two readings provides continued confidence in the US economy.

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13 AUGUST 2018

“Difficulties strengthen the mind, as labour does the body.” Seneca

US ECONOMY: We keep monitoring US economic indicators to form an opinion of the level of risk for an upcoming recession, and therefore for a potential peak in share prices: US – Conference Board Leading Economic Index & Goldman Sachs Current Economic Activity Indictor vs S&P 500

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23 JULY 2018

“He who is brave is free.” Seneca

Most leading US economic indicators are currently at historically elevated levels, with some seemingly in a process of peaking and rolling over. Headlines of ‘this is as good as it gets’ may well be expected.

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18 JUNE 2018

Investors are reflecting on a combination of potent recent geopolitical events. The G7 summit ended in acrimony, the Singapore summit seems to hold promise of more peace in Asia and immediately afterwards more threats of a trade war between the US and China materialised.

These are confusing circumstances for decision making, but fortunately investors are better guided by economic fundamental indicators. To read more please click to download

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28TH MAY 2018

“Luck is what happens when preparation meets opportunity.” Seneca the Younger

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14 MAY 2018

“There are more things that frighten us than injure us, and we suffer more in imagination than in reality.” Seneca the Younger

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23 APRIL 2018

It is useful to constantly follow economic indicators to assess whether the fundamental economic outlook stays constructive.

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27th January 2020

“I cannot teach anybody anything, I can only make them think.” - Socrates

Read Fund Manger Gerrit Smit’s latest Global Equity Perspectives

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13th January 2020

“To a mind that is still the whole universe surrenders.” - Lao Tzu

Read Fund Manger Gerrit Smit’s latest Global Equity Perspectives

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9 December 2019

“To attain knowledge, add things every day. To attain wisdom, remove things every day.” - Laozi

Read Fund Manger Gerrit Smit’s latest Global Equity Perspectives

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25th November

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11th November

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28 October 2019

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23 SEPTEMBER 2019

“Integrity is the essence of everything successful.” - R Buckminster Fuller

The Institute of Supply Management PMI Indices provide valuable information on US economic activity. Read More.

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2 September 2019

“Do the difficult things while they are easy and do the great things while they are small.” Laozi

The most important strategic issue for world capital markets remains the strength of the US economy. The following information can shed some light on this subject.

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18 August 2019

“The noblest pleasure is the joy of understanding.” Leonardo da Vinci

The US yield curve has made it to our front-page for the first time. Angst around trade tariffs and negative news on the German economy triggered the first inversion of the 2Y/10Y curve in the current economic cycle for a few short moments last Wednesday but featured in many headlines.

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29 July 2019

“The truth is more important than the facts.” Frank Lloyd Wright

Rolling annual GDP growth remains at the long-term average despite the second quarter moderation. Contrary to the run-up to previous recessions, the quarterly growth numbers are currently less volatile. This is rather constructive towards capital market stability.

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29 APRIL 2019

“Things are never clear until it’s too late.” Peter Lynch

Average consensus expectations of +2.1% GDP growth were handsomely exceeded at +3.2%. This brought the annual growth to +3.2%, the highest level since 2015. Growth in international trade and building inventory accelerated, making up half of the overall growth. Consumption growth slowed to a still respectable +1.9%. Overall nominal GDP is now a fifth larger than its peak before the Great Recession (with compounded growth of +1.8% p.a.).

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1 July 219

“Too often we enjoy the comfort of opinion without the discomfort of thought.” John F. Kennedy

The leading index’s growth continues at the previous month’s constructive level of +2.5% (on its long-term average). Against this, the growth in the current activity index in the chart continues its moderating trend. Importantly, the spread between the two series (the bottom section in the above chart) continues in positive territory. This spread has historically provided a very early warning against recession risks, but currently seems far from doing so. US – Spread Between Nominal GDP and Treasury Yield

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17 June 2019

​“You will be much more in control, if you realise how much you are not in control.” Benjamin Graham

The Activity Index is still growing at a healthy +1.7%, but we can clearly expect GDP growth to moderate going forward. The major question is obviously how vulnerable the economy may be. On this note, the main US leading economic indicators continue to moderate but remain constructive.

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27 MAY 2019

“Life can only be understood backwards; but it must be lived forwards.” Søren Kierkegaard

We follow various US sentiment indices to better understand the outlook for economic activity. These indices do not reflect real economic data, but are useful to consider ‘the economic mood of the nation’.

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13 MAY 2019

“Whether you think you can, or you think you can’t, you are right.” Henry Ford

With the strong US economy consumption still makes up 69.4% of their GDP. Along with the comfort of continuing relatively constructive leading economic indicators, we also focus on the stability of consumer confidence.

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15 APRIL 2019

“The essence of portfolio management is the management of risks, not the management of returns.” Benjamin Graham

Whilst the growth in the leading economic index has moderated to +3.0%, it is still indicating a constructive environment. Along with this, the current economic activity index’s most recent reading picked up to +2.4%. Further, the spread between the two series (the bottom section in the chart) remains in positive territory and therefore provides comfort to equity investors.

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1 APRIL 2019

“Only the mediocre are always at their best” Jean Giraudoux

Equity markets have been spooked a few times in the recent past by fears for potentially sharper rising inflation levels in the US. These fears are mainly based on high employment and rising wages.

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18 MARCH 2019

“The stock market is designed to transfer money from the active to the patient” Warren Buffett

The combination of the Conference Board’s index of ten leading economic indicators and industrial production serve as a solid barometer of the health of the US economy.

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4 MARCH 2019

“It’s not the mountain that we conquer but ourselves” Sir Edmund Percival Hillary

We often start our note with a chart of a leading economic indicator to understand the risk of an imminent recession in the US.

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How to Invest

For more information on how to invest in the Stonehage Fleming Global Best Ideas Equity Fund, click on the link below.

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The following web pages contain information on Stonehage Fleming Global Best Ideas equity Fund. This fund is a collective investment schemes (CIS) managed by entities of Stonehage Fleming Investment Management Limited. This fund has not been approved by the Swiss Financial Market Supervisory Authority (FINMA) for distribution in or from Switzerland to Non-Qualified (retail) investors. The information contained in the following pages is only directed to "Qualified Investors" domiciled in Switzerland, in accordance with Article 10 of the Federal Act on Collective Investment Schemes of 23 June 2006 ("CISA").

By clicking on the button "I agree" you certify that: 1) you are domiciled in Switzerland 2) you are a ‘Qualified Investor’ in accordance with ‘CISA’. A ‘Qualified Investor’ is defined as:

  • Regulated financial intermediaries such as banks, insurance companies, fund management companies and asset managers of collective investment schemes
  • Public entities and retirement benefits institutions with professional treasury operations
  • Companies with professional treasury operations
  • Independent (unregulated) asset managers who act under discretionary management mandates for HNW individuals who have each opted to be considered as Qualified Investors
  • This information is not directed at any US person or any person in the US and the information does not constitute an offer or solicitation to buy or sell, or an invitation to buy or sell shares of any Stonehage Fleming fund to any US person or to any person in the US

We have appointed ‘ARM Swiss Representatives SA’ as our Swiss representative for these funds. The paying agent in Switzerland is Banque Heritage S.A. The Prospectus and the Articles, KIIDs and additional documentation including the annual and semi-annual report can be obtained free of charge from the representative in Switzerland. Full contact details are contained within the fund documentation.

 

This site is not available in your jurisdiction. If you require further information about Stonehage Fleming Investment Management please contact us at enquiries@stonehagefleming.com.

 
Group Website

I confirm I am accessing the website from the country indicated.

 

The following web pages contain information on Stonehage Fleming Global Best Ideas equity Fund. This fund is a collective investment schemes (CIS) managed by entities of Stonehage Fleming Investment Management Limited. This fund has not been approved by the Swiss Financial Market Supervisory Authority (FINMA) for distribution in or from Switzerland to Non-Qualified (retail) investors. The information contained in the following pages is only directed to "Qualified Investors" domiciled in Switzerland, in accordance with Article 10 of the Federal Act on Collective Investment Schemes of 23 June 2006 ("CISA").

By clicking on the button "I agree" you certify that: 1) you are domiciled in Switzerland 2) you are a ‘Qualified Investor’ in accordance with ‘CISA’. A ‘Qualified Investor’ is defined as:

  • Regulated financial intermediaries such as banks, insurance companies, fund management companies and asset managers of collective investment schemes
  • Public entities and retirement benefits institutions with professional treasury operations
  • Companies with professional treasury operations
  • Independent (unregulated) asset managers who act under discretionary management mandates for HNW individuals who have each opted to be considered as Qualified Investors
  • This information is not directed at any US person or any person in the US and the information does not constitute an offer or solicitation to buy or sell, or an invitation to buy or sell shares of any Stonehage Fleming fund to any US person or to any person in the US

We have appointed ‘ARM Swiss Representatives SA’ as our Swiss representative for these funds. The paying agent in Switzerland is Banque Heritage S.A. The Prospectus and the Articles, KIIDs and additional documentation including the annual and semi-annual report can be obtained free of charge from the representative in Switzerland. Full contact details are contained within the fund documentation.

 

This information is directed only to Canadian residents that are "accredited investors" as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions and "permitted clients" as defined under section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. This information is not, and under no circumstance to be construed as, an offering memorandum, an advertisement or a public offering of any securities described herein in any province or territory of Canada (each, a "Canadian Jurisdiction"). Under no circumstances is this information to be construed as an offer to sell securities or the provision of advice in relation to any securities. Any offer or sale of any securities described in this information will be made pursuant to the definitive private placement documents for the securities. In addition, any offer or sale of, or advice on, any securities described in this information will be made only by a dealer or adviser registered or relying on an exemption from registration in the applicable Canadian Jurisdiction. No Canadian securities regulatory authority has reviewed or in any way passed upon the information contained in this website or the merits of any securities described in it, and any representation to the contrary is an offence.

By clicking on the button "I agree" you certify that you are an accredited investor as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions and "permitted clients" as defined under section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

 

This information on this website is only intended for a) Qualified Clients, within the meaning of that term in the Israeli Investment Advice, Investment Marketing and Portfolio Management Law 1995, OR b) Qualified Investors within the meaning of First Addendum to the Israeli Securities Law 1968. It is not intended for any other type of investor. If you are unsure about whether you meet the criteria as a Qualified Client or Qualified Investor, please seek legal advice prior to reviewing this information.

By clicking on the button "I agree" you certify that you are a) a Qualified Client, within the meaning of that term in the Israeli Investment Advice, Investment Marketing and Portfolio Management Law 1995, OR b) Qualified Investors within the meaning of First Addendum to the Israeli Securities Law 1968.

 

This site is not available in your jurisdiction. If you require further information about Stonehage Fleming Investment Management please contact us at enquiries@stonehagefleming.com.

 
Group Website

The information given and services referred to are not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of this information is prohibited. This information does not constitute an offer or solicitation to buy or sell, or an invitation to buy or sell shares of any Stonehage Fleming fund to any US person or to any person in the US.