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Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

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Investec European Equity Fund

The Fund aims to provide an attractive level of growth by investing in European companies or companies which carry out a large proportion of their business activities in Europe.

Fund highlights

 

Why choose the Investec European Equity Fund?

  • Aims to invest in high-quality European companies with attractive valuations.
  • High conviction risk-aware portfolio of up to 70 European stocks^.
  • Employs our rigorous and consistent 4FactorTM bottom-up investment process.
  • Provides an adaptable portfolio which is style, size and benchmark agnostic.
  • 83% active share and 39% invested in small to medium-size companies (as at 30 June 2019).
  • Long-term track record of high level outperformance.
  • Portfolio currency hedged share classes available, which hedge all non-US dollar currency exposure into US dollars.

 

Our excellent track record in managing European equities†



1 year  3 years p.a. 5 years p.a. 10 years p.a. Since inception p.a.**
Investec GSF European Equity A Acc -4.3% 8.9% 2.4% 9.1% 3.3%
MSCI Europe NR***
1.9% 9.1% 1.3% 6.4% 1.7%
Relative performance
-6.2% -0.3% 1.1% 2.7% 1.6%
Investec GSF European Eq A Acc USD Hdg***
1.0% 10.7% - - -
Quartile ranking
3 2 1 n/a n/a


Source: Morningstar, 30 June 2019. Performance is net of fees (NAV based, including ongoing charges, excluding initial charges), gross income reinvested, in USD. *The investment objective of the Fund was amended in November 2012 to include the UK. **Performance start date: 28 December 2006. Comparison index: at inception = MSCI Europe ex UK NR; current index = MSCI Europe NR. ***The A Acc USD Hedged share class launched on 14 July 2014. Quartile ranking within GIFS Europe Large-Cap Blend Equity sector.

 

Why Europe? Why now?

  • Europe is home to many established world leading companies:
    – Investing in Europe means investing in companies and not countries.
  • Company balance sheets have strengthened and are beginning to show signs of re-leveraging, creating opportunities to add value.
  • Equity valuations in Europe retain a small discount to their own historical levels based on through-cycle earnings.
  • We believe 2019 will be driven by resolutions of various market worries. Key will be agreements in trade between the US and China; the UK resolution of Brexit; and Europe showing the impact of fiscal expansion.
  • Our portfolio remains attractively exposed to each of our four factors. We continue to use our risk budget in cyclical stocks with structural underlying drivers (such as wind power), or where fundamentally profitably companies are accessible at attractive valuations (e.g. in resources and financials).
  • We believe that as market fundamentals reassert themselves, we are well-positioned to deliver outperformance in the long-term.

Why Investec Asset Management for European equities?

  • Experienced portfolio manager, Ken Hsia, has a demonstrable track record in investing in Europe and the UK. 
  • Managed within the 4Factor team which runs US$59.8 billion of assets and has developed a strong track record in global and regional equity funds.*
  • The team has an average of 16 years’ experience.

*The assets under management (‘AUM’) figure for the 4Factor team stated above is calculated on an investment basis i.e. the assets that are managed across the 4Factor range of strategies, which now includes the SA Equity & Multi-Asset strategies. Where investment strategies have underlying holdings in other Investec funds or investment strategies, the same pool of assets may appear under more than one investment strategy.

Specific risks: Geographic/Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company.

Ken Hsia

Portfolio Manager,
European Equity

Important information

All information source Investec Asset Management, as at 30.06.19, unless stated otherwise.

^Internal parameters subject to change without prior notice. The portfolio may change significantly over time.
^^The assets under management (‘AUM’) figure for the 4FactorTM team stated above is calculated on an investment basis i.e. the assets that are managed across the 4FactorTM range of strategies, which now includes the SA Equity & Multi-Asset strategies. Where investment strategies have underlying holdings in other Investec funds or investment strategies the same pool of assets may appear under more than one investment strategy.

Fund ratings may be provided by independent rating agencies based on a range of investment criteria, and do not constitute investment advice by Investec Asset Management. For a full description of the ratings please see www.investecassetmanagement.com/ratings.

Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.

If applicable MSCI data is sourced from MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Some of the funds displayed on this page may not be registered in your region and will therefore not be available for sale . Please visit www.investecassetmanagement.com/registrations to check registration by country.