View more on these topics

Debut from Aubrey

Former First State manager Andrew Dalrymple’s new Edinburgh-based investment boutique has made its fund debut.

Dalrymple and three partners founded Aubrey Capital Management as a global growth specialist three months ago by. Its S&W Aubrey Global Conviction Fund will be managed by Dalrymple along similar lines to his previous fund, the First State’s global opportunities fund. He managed the First State fund since launch in 1999.

The Aubrey fund will aim for income and growth by investing in a concentrated portfolio of 40-50 global growth stocks. It will aim to provide positive returns in all market conditions by taking big positions in sectors or markets that the manager believes has strong franchise and pricing power. Individual companies will need to demonstrate a competitive advantage over other companies in the same market.

Dalrymple says the fund will take a bottom-up approach to stockpicking in relation to developed markets. Examples of stocks from this part of the portfolio include European retailers H&M and Zara. Asian and emerging market stocks, including emerging Europe, will be selected by using a top-down approach. Factors such as economic growth, interest rates and political stability will help the manager drill down to markets such as Malaysia, which is spending more on infrastructure. A bottom-up approach will then be applied to identify individual stocks that will benefit from the macro-economic trends.

The fund is likely to have an overweight position in Asia and emerging markets because Dalrymple and his team believe these markets have the best growth potential. Within developed markets, the portfolio is likely to have a bias towards small and medium-sized companies. This is because companies of this size are likely to be less researched and will have more scope to grow than bigger companies.

This relatively concentrated portfolio could produce attractive returns over the long term and it is likely to appeal to investors who are looking for a product with more freedom than a global fund benchmarked to an index. Dalrymple’s track record at First State could attract some investors to fund but should be prepared for short-term volatility while the companies are growing. There is also the potential risk that some companies may not meet the manager’s estimate of their full potential.


Good luck to one of MM and the Diary’s favourite Lansonettes…

Good luck to one of MM and the Diary’s favourite Lansonettes, who will run the London Marathon in April and the Beacon half-marathon on February 18. Stoke-on-Trent’s finest export, Georgina “Millsie” Mills, will be donning her trainers and Lycra to raise money for Shelter. If anyone would like to help with the worth cause, donations […]

The Money Portal offers buyout deal for retiring advisers

The Money Portal is setting up a practice buyout scheme for its retiring advisers next month.Advisers’ practices will be valued using a formula based on annual income levels, the source of the income, risk rating and a multiplier which will be based on whether the adviser takes a lump sum or annual payment.The practice buyout […]

Big profit rise for Helm Godfrey

Profits have leapt by 54 per cent for national IFA Helm Godfrey from 403,000 in 2005 to 620,000 last year. Turnover was up by 45 per cent from 4m to 5.8m.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm