Get the right experience for you. Please select your location and investor type.

Worldwide All Cap
An unconstrained investment strategy that invests in companies across the world which are positioned to contribute to, and benefit from, sustainable development.
Our Worldwide All Cap strategy was launched in November 2012. It is an unconstrained investment strategy, by which we mean it is not restricted to certain countries, and is able to invest in between 40-60 companies all over the world. As with all of our strategies, we are interested in finding only the very best businesses; those with high quality management teams, franchises, and financials, that are well positioned to contribute to, and benefit from, sustainable development.
Strategy highlights: a focus on quality and sustainability
- Companies must contribute to sustainable development. Portfolio Explorer >
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
- Our approach is long-term, bottom-up, high conviction and benchmark agnostic
- We focus on capital preservation as well as capital growth – we define risk as the permanent loss of client capital
Latest insights
Quarterly updates
Strategy update: Q4 2024
Worldwide All Cap strategy update: 1 October - 31 December 2024
“We are allocating our own money, we act like owners.”1 It’s always pleasing to meet with a company that thinks similarly to us. We are stewards of our clients’ capital, and one key tenet of our Hippocratic Oath is “We will not forget in our search for returns that the primary risk faced by our clients is losing their capital”. The oath underpins our investment philosophy, which is based on identifying quality stewards of strong franchises with good long-term growth prospects.
During the quarter we bought six new companies and the quote above is from a meeting with the company management of the first of them. Brown & Brown (United States: Financials) was founded in 1939 and is still stewarded by the Brown family. Over the past 85 years, the competent, ambitious and long-term management team has enabled it to grow beyond its Florida base to become the sixth largest insurance broker2 in the United States. The company has also been expanding to Asia and Europe and given the fragmented nature of the insurance brokerage industry, there is plenty more room to grow in the decades ahead.
Mining equipment manufacturer, Epiroc (Sweden: Industrials), started life over 150 years ago as part of another Swedish company, Atlas Copco, and was spun out as a separate company in 2018. Their equipment makes it easier and safer to mine the metals that are essential for the functioning of modern society, including the energy transition. They have a solid and long-tenured management team, led by CEO Helena Hedblom, who have delivered growth historically and have positioned the company well for the future.
Nexans (France: Industrials) makes cables for a variety of uses including buildings and energy grids. The need for electrification creates a strong growth driver as more cables are needed to connect diverse energy sources as well as upgrading existing grids. We have watched Nexans for some time and took the opportunity of an attractive valuation to enter a position.