Our common investment language

As a global investment group, unity in how we document and communicate our investment ideas and research is essential. We ensure our insights are rigorously tested and shared across continents. We use five key questions to frame our investment ideas – providing a common investment language that is used across all asset classes.

  • What are the key drivers?
    We must be able to identify and understand the most important factors that drive the market price of an investment. The emergence of new drivers is of critical interest.
  • What is changing?
    We focus on the dynamics of these key drivers (e.g. competitive environment, demand shifts, management changes, earnings).
  • What expectations are priced in?
    We analyse what expectations for the future the market is currently pricing in to the investment.
  • Why will the market change its mind about these expectations?
    We need to be confident that the changes we are predicting (which are not expected by the market) will be sufficient to cause the market to re-price the investment.
  • What is the trigger?
    We need to know that the triggers for a re-pricing exist and are within our investment timeframe.