“Nothing endures
       but change”

Heraclitus, Greek Philosopher
c. 540BC-480BC
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    Investment Philosophy

    We believe that:
  • Stocks are usually fairly valued by the market, but mis-valuations can occur in situations of rapid change
  • We should focus our fundamental bottom-up research on stocks involved in rapid fundamental change, or facing a rapidly-changing business environment.
  • Change is constant and therefore a sustainable source of alpha.

    • Investment Process Overview


    Trinity Street Asset Management Investment Process


    Idea Generation and Research


  • Ideas are generated from situations where we believe rapid change is taking place in companies, whether driven by internal or external factors.
  • In-depth bottom-up research is focused on companies where, prima facie, the impact of change may not be properly recognised by the market.
  • Company visits are a key part of the research process: the portfolio managers meet with over 600 companies per annum.
  • Standard global research template applied to all companies analysed.

    • Stock Evaluation


  • We are looking for companies where cash flow outlook is materially different from consensus expectations over a two to three year view
  • Stocks have a minimum 50% absolute return target on a two-year view
  • All stock ideas subjected to rigourous, in-depth peer review before selection
  • Fund manager remuneration is mathematically linked to performance of each individual stock selection proposed by them.

    • Portfolio Construction and Risk Control


  • “Benchmark agnostic” approach - holdings not influenced by benchmark weightings
  • Approximately 35 stocks held
  • 35-50% turnover per annum
  • Usually 3-5% per stock. Maximum 10%
  • Maximum 30% per country or sector, except US
  • Maximum 30% combined in small caps/emerging market stocks