Ptarmigan Global Equity Fund
The fund holds a concentrated portfolio of between 25 and 30 of our highest conviction global equity investments. We own both 'growth' and 'value' stocks, as well as 'cyclical' and 'defensive' stocks to create an "all weather" portfolio which aims to deliver long-term capital growth for our investors.
Investment Philosophy
Focus on Cash Flow
We believe a company's long-term share price is correlated with the cash profit per share it can generate to reinvest in the business or return to shareholders
Think Differently
We believe a good investment requires us to understand how other investors value a business, to look for mismatches between share prices and business prospects
Have Conviction
We rarely find more than ~25 investment opportunities at any time. Rather than make investments we don't believe in, we maintain a concentrated portfolio
Investment Process
01
Selecting Investments
We discover opportunities through observation and inference, evaluating them against a stringent checklist, and look for market discrepancies. This requires technical expertise and experience.
02
Portfolio Construction
We classify all of our investments into one of four "styles" which we believe will benefit relative to other equities in a specific economic environment. We hold five to eight investments in each style at any time to ensure an "all weather" portfolio.
Additional Information
The fund is a sub-fund of Hereford Funds SICAV, a Luxembourg-domiciled UCITS V fund, and is custodied by Bank Pictet & Cie (Europe) A.G. Any investment in the Ptarmigan Global Equity Fund should only be made on the basis of the prospectus or other constitutional and subscription documents. You should review these documents carefully and seek independent financial advice before making any investment decision.
Sustainable Investing
We incorporate environmental, social and governance (ESG) risks into our analysis of both a business’s future free cash flow per share potential, but also in terms of the valuation, treating them as financial risks in the same way that we treat other risks (e.g. solvency risk or competition risk). We do not incorporate ethical judgements unless they are likely to create a financial risk and we do not exclude any business purely on ethical grounds. This is because we believe ethical preferences are subjective and different investors in the fund could hold multiple conflicting ethical views. Please note the Ptarmigan Global Equity Fund does not have a sustainable investment objective as defined under Regulation (EU) 2019/2088.