Endeavour World: capital growth with less of the volatility of equities

Investment Objective: To target capital growth with less of the volatility of global equities as measured by the MSCI All Country World index, over rolling five year periods.

Comparator Benchmark: the IA Flexible Sector peer group average

Investment Philosophy: We believe structural operational advantage is the driver of companies’ long-term growth potential and we strive to identify this across all industry sectors in world markets. We recognise growth equity investments can often come with too much volatility on their own, making it an uncomfortable ride for many investors and forcing them to give up on their long-term investment plans in the inevitable moments of acute market stress. We seek to reduce much of that volatility by combining growth investments with diversifying exposures to less and negatively correlated investments that may afford some downside protection and reduce volatility in times of market stress.

Investment Process: We value a number of features that companies possess when they have this structural operational advantage and which lie at the heart of our confidence in their long-term leadership and profitability: they tend to be the leaders in their product categories, and this means they have probably invested consistently in that leadership, are efficient cost managers and consequently able to set prices and defend those prices for superior margins and profitability in the form of operating leverage and free cashflow. Ultimately these performance metrics drive higher returns on capital employed amongst portfolio holdings than their industry peers and this in turn then drives further investment and sustains further leadership.

Fund investments are divided into three uniquely concentrated sleeves of highly differentiated equity investments: defensive equities with typically stable industry profiles; cyclical leadership equities more exposed to the business cycle; and secular longer-term growth equities. Exchange traded funds (max.10%) with underlying exposure to government bonds and precious metals combine with unhedged exposures to ‘safe haven’ foreign currencies such as the US dollar, Japanese Yen and Swiss Franc that typically afford downside protection in episodes of market stress and instability.

FUND MANAGER: Joe Bunting

FUND MANAGER: Joe Bunting

Founder Managing Partner & co-CIO

FUND MANAGER: Christoph Wiedebach

FUND MANAGER: Christoph Wiedebach

Co-Founder Partner, CIO & Head of Research

Sustainability naturally emerges from our investment philosophy and process

The Endeavour funds have historically captured high levels of ‘natural’ sustainability derived from the responsibility and accountability of company management for the broadest stakeholder interests they prioritise across their operations. Thinking about their customers as well as their employees, communities, suppliers and even the social purpose they fulfill by their very existence, these are just some of the things the Endeavour investment managers prize very highly when looking for the durability and dependability of their investments. 

Companies that work hard at their environmental impact and social diversity are not merely trying to make a positive contribution to the world they operate in: they are also indicative of management cultures and governance practices that reflect the highest operational standards for the broadest interests of customers, suppliers, employees and communities…..as well as furthering the long-term interests of shareholders.

ESG

Energy

Snacks and Sodas

Alcohol

ESG

Highly rated by analytics providers for ESG standards

Energy

Investing in cleaner fuels and next-generation renewable energy

Snacks and Sodas

Investing in the leading names changing their industry.

Alcohol

Investing in the alcohol industry but in moderation

Tobacco

Armaments

Inclusion

Stewardship

Tobacco

We do not invest in the tobacco industry

Armaments

We do not invest in defence and military hardware manufacturers

Inclusion

Embedded into the Endeavour investment process

Stewardship

One of the most naturally sustainable funds available

Endeavour

Sustainability

Factsheets

Reports

Ratings

Platforms

People

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