Lansdowne Developed Markets Long Only Fund
The Developed Markets Long Only Fund launched in October 2012 under the management of Peter Davies and Stuart Roden. The Fund, now managed by Peter Davies and Jonathon Regis, invests primarily in large and mid-cap equities in developed markets (with the ability to have up to 10% in emerging markets). The exposure will range from 80% to 100% although will normally be c.100% invested. The Fund will be relatively concentrated, typically holding c.25-50 positions with a maximum position size of 15% (at cost), while the maximum investment in any sector will typically be less than 35%. The market cap investment threshold for inclusion in the Fund is $500m.
A Cayman Islands Partnership structure is available for eligible UK and European tax-exempt investors and Lansdowne DMLO Davies Street LP is available for certain US benefit plan investors. We also offer an Irish domiciled ICAV, Lansdowne Developed Markets Long Only Fund.
Lansdowne European Long Only Fund
The European Long Only Fund was launched in January 2005. Daniel Avigad has had co-Portfolio Manager responsibilities from March 2013 and sole Portfolio Manager responsibilities since January 2014.
The Fund aims to invest primarily in the equity and equity-related securities of European companies which are identified as being undervalued and where it is believed that there is potential for both significant creation of value in the company and/or significant potential for revaluation of the equity. Equity exposure to European companies will normally be a minimum of 65% of net equity investments, but is typically expected to range between 80-100%.
The Fund’s net exposure will normally be c.100% invested. The Fund cannot leverage or borrow, nor will it invest in any options, derivatives or CDS instruments.
Lansdowne Global Emerging Markets Fund
The Lansdowne Global Emerging Markets Fund was launched in March 2023 and is managed by Michael Godfrey.
The investment approach is based on our observation that in emerging markets capital flows away from low growth and poor returns towards high growth and superior returns. We believe these capital cycles can cause an inverse relationship between competition and corporate profitability, which can meaningfully influence long-term shareholder returns. Each investment case in the portfolio is built on an understanding of how the business will respond to changing levels of capital and competition. We favour companies that can deter competition through sustainable competitive advantage or low return companies benefitting from declining levels of competitive intensity. Valuation is a key input into all our portfolio investments for two reasons: valuation is a source of return itself; and valuation is a helpful indicator as to where capital is flowing or could potentially flow.
The Fund typically holds 40-70 positions in companies established in, or which have significant business exposure to, global emerging markets. The exposure is expected to be a minimum of 80% of equity investments, although the Fund will usually be >95% invested. The Fund is not managed to benchmark.
Lansdowne Greater China Fund
The Greater China Fund was launched in January 2017 and is managed by Yang Wu. In July 2020 the Fund transitioned to a Long Only product.
The Fund invests primarily in Greater China stocks, including A, B, H shares and ADRs, driven by a bottom-up approach with a focus on the multi-decade transition in China’s economy, market and corporates. The Greater China Region includes Mainland China, Hong Kong, Macau and Taiwan.
The exposure will typically range from 90% to 100% although will normally be c.100% invested. The Fund will be relatively concentrated, typically holding c.15-20 positions with a maximum position size of 15% (at cost). The Fund’s exposure to companies established in or which have significant business exposure to the Greater China Region is expected to be a minimum of 80 per cent of equity investments.
