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European All Cap

European All Cap

The strategy was launched in June 2021 and invests in 30-45 companies that we consider to be the very best sustainability companies in Europe (including the UK). 

Our European All Cap strategy invests in companies that we consider to be the very best sustainability companies in Europe. These businesses have strong and competitive franchises, exceptional people and distinctive cultures, and resilient financials. Individually and collectively they are solving difficult problems, meeting critical needs, and helping bring about a more sustainable future.

By focusing on the highest quality and best sustainability companies in Europe, we believe we can offer an exciting portfolio that stands out from the crowd.

Why invest in European companies?

World-leading sustainability companies

  • Europe has a large listed universe, including world-leading health care, clean energy, manufacturing and IT companies
  • Many of these companies have large and growing end-markets, including in many emerging economies, and a strong presence globally and locally

Exceptional people and cultures

  • Many companies are run by outstanding management teams and are often controlled by long-term stewards – foundations, families and entrepreneurs
  • Europe has a high concentration of companies with strong cultures, great franchises, and healthy balance sheets and financial characteristics

Sustainability tailwinds

  • Social norms, policies and regulations are often favourable for companies advancing sustainable technologies and solutions
  • European companies are known and respected for setting high standards

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

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Quarterly updates

Strategy update: Q4 2024

European All Cap strategy update: 1 October - 31 December 2024

2024 will be remembered as another year of geopolitical turbulence and pronounced market fluctuations. European economies and stock markets continued to be impacted by the war in Ukraine, a slowdown in China, rising political polarisation, and sluggish economic growth in almost every major European economy apart from Spain and Poland, despite softer inflation.

The strategy’s performance over the year was bifurcated. Strong contributions from many industrial and technology holdings, such as Nexans (France: Industrials), Addtech (Sweden: Industrials) and Wolters Kluwer (Netherlands: Industrials), were undermined by a number of healthcare holdings, including Tecan (Switzerland: Health Care), Sartorius (Germany: Health Care) and Carl Zeiss Meditec (Germany: Health Care).

Many healthcare companies continued to struggle with post covid de-stocking, declining demand from China, and a lack of investment due to stretched public purses. Moving into 2025, we are seeing signs of an end to de-stocking cycles among both healthcare and other industrial companies.

Over the year, we took the opportunity to trim some holdings whose valuations became excessive, including Indutrade (Sweden: Industrials), Nemetschek (Germany: Information Technology) and Ringkjøbing Landbobank (Denmark: Financials). In turn, we built-up positions in companies we believe are attractively valued. This included Spectris (United Kingdom: Information Technology), a maker of precision testing and measurement equipment, Ashtead Group (United Kingdom: Industrials), which rents construction and industrial equipment, and Dino Polska (Poland: Consumer Staples), a discount grocer.

We also continued to build positions in two exceptional software companies: Wolters Kluwer (Netherlands: Industrials) and Vitec Software (Sweden: Information Technology) which offer strong growth potential and consistent, recurring cash flows.

In the last quarter of the year, we sold three companies: SFS Group (Switzerland: Industrials), a maker of mechanical fastening systems, Unilever (United Kingdom: Consumer Staples), a consumer goods company nearing the end of a substantial transformation programme, and Naturenergie (Switzerland: Utilities) a Swiss-German provider of hydro-electric and renewable energy. These were replaced by two companies we believe have better growth prospects, namely Epiroc (Sweden: Industrials), a leading global provider of mining equipment and tools which is investing behind electrification and battery technology, and Haleon (United Kingdom: Consumer Staples), a global leader in consumer health, focused on oral care, vitamins, and over-the-counter medicines.

We enter 2025 convinced of the long-term potential of the high-quality companies we hold on behalf of clients. Although macroeconomic sentiment towards most European countries is pessimistic, we remind clients that we do not invest in countries or even regions; we invest in companies. As always, we remain focused on the long term, and on investing in companies run by exceptional stewards, that can navigate and adapt to complex environments, and thus thrive long into the future.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

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You can build a bespoke report for all our strategies on the full Quarterly update report.

Stewart Investors Quarterly Client Update Q1 2025

1 January - 31 March 2025

Quarter update

Risk factors

This material is a financial promotion for the Stewart Investors strategies – Asia Pacific and Japan All Cap, Asia Pacific Leaders, Asia Pacific All Cap, European All Cap, European (ex UK) All Cap, Global Emerging Markets All Cap, Global Emerging Markets Leaders, Indian Subcontinent All Cap, Worldwide All Cap and Worldwide Leaders – and is intended for professional clients only in the UK, Switzerland and EEA and professional clients elsewhere where lawful.

Within the EU/EEA and Switzerland, the European (ex UK) strategy is only available to investors via a segregated mandate account.

Investing involves certain risks including:

  • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
  • Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
  • Indian Subcontinent risk: although India has seen rapid economic and structural development, investing there may still involve increased risks of political and governmental intervention, potentially limitations on the allocation of the strategy’s capital, and legal, regulatory, economic and other risks including greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
  • Specific region risk: investing in a specific region  may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.
  • Currency risk: the strategies invest in assets which are denominated in other currencies; changes in exchange rates will affect the value of the strategies and could create losses. Currency control decisions made by governments could affect the value of the strategies’ investments and could cause the strategies to defer or suspend redemptions of shares.
  • Concentration risk: the European Sustainability and Worldwide Leaders Sustainability strategies referred to in this material invest in a relatively small number of companies which may be riskier than a strategy that invests in a large number of companies.
  • Smaller companies risk: investments in smaller companies may be riskier and more difficult to buy and sell than investments in larger companies.

Where featured, specific securities or companies are intended as an illustration of investment strategy only, and should not be construed as investment advice or a recommendation to buy or sell any security.

If you are in any doubt as to the suitability of our strategies for your investment needs, please seek investment advice.

Investment philosophy

  • We are stewards: Our role is to allocate society’s capital to productive uses, in accordance with our Hippocratic Oath
  • We are long term: Our time horizon is measured in years, not weeks, and we value companies accordingly
  • We invest only in companies contributing to a more sustainable future: We engage constructively as owners to help companies on their sustainability journeys
  • We invest only in high-quality companies: We seek out companies with exceptional cultures, strong franchises and resilient financials
  • We believe capital preservation is important for capital growth: We define risk as the possibility of the permanent loss of client capital

Investment objective

To generate attractive long-term, risk-adjusted returns by investing in the shares of high-quality companies that are particularly well positioned to contribute to, and benefit from sustainable development.

Important information

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should conduct your own due diligence and consider your individual investment needs, objectives and financial situation and read the relevant offering documents for details including the risk factors disclosure. Any person who acts upon, or changes their investment position in reliance on, the information contained in these materials does so entirely at their own risk.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication but the information contained in the material may be subject to change thereafter without notice.

No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material.

To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at First Sentier Investors.

Past performance is not indicative of future performance. All investment involves risks and the value of investments and the income from them may go down as well as up and you may not get back your original investment. Actual outcomes or results may differ materially from those discussed. Readers must not place undue reliance on forward-looking statements as there is no certainty that conditions current at the time of publication will continue. 

References to specific securities (if any) are included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. Any securities referenced may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.

References to comparative benchmarks or indices (if any) are for illustrative and comparison purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the funds managed by First Sentier Investors.

Selling restrictions

Not all First Sentier Investors products are available in all jurisdictions.

This material is neither directed at nor intended to be accessed by persons resident in, or citizens of any country, 

or types or categories of individual where to allow such access would be unlawful or where it would require any registration, filing, application for any licence or approval or other steps to be taken by First Sentier Investors in order to  comply with local laws or regulatory requirements in such country.

About First Sentier Investors

References to ‘we’, ‘us’ or ‘our’ are references to First Sentier Investors, a global asset management business which 

is ultimately owned by Mitsubishi UFJ Financial Group (MUFG). Certain of our investment teams operate under the trading names FSSA Investment Managers, Stewart Investors and Realindex Investments, all of which are part of the First Sentier Investors Group.

This material may not be copied or reproduced in whole or in part, and in any form or by any means circulated without the prior written consent of First Sentier Investors.

We communicate and conduct business through different legal entities in different locations. This material is communicated in:

  • United Kingdom by First Sentier Investors (UK) Funds Limited, authorised and regulated by the Financial Conduct Authority (reg. no. 2294743; reg office Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB).
  • European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson’s Quay, Dublin 2, Ireland; reg company no. 629188).
  • Other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (reg. no. 122512; reg office 23 St. Andrew Square, Edinburgh, EH2 1BB; regcompany no. SC079063).

To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.

© First Sentier Investors Group

Full Quarterly client update >>

Strategy update: Q3 2024

European All Cap strategy update: 1 July - 30 September 2024

The performance of the portfolio looks to have stabilised following a relatively weak start to 2024. As market turbulence around the uncertainty of interest rates and geopolitics appears to settle, we remain excited by our holdings, many of which we believe are very attractively valued for their long-term growth potential.

Three new companies were added to the portfolio during the quarter. The first, ASML (Netherlands: Information Technology), is the global leader in lithography machines used to produce chips for semiconductors. Its culture is exceptional for its focus on engineering, with almost 40% of employees working in research and development with a budget of EUR4 billion in 2023.1

We also bought another Dutch-listed, but global-facing company, Wolters Kluwer (Netherlands: Industrials), which provides professional information, software and services to a diverse range of end markets. Most of Wolter Kluwer’s sales are recurring, with inflation-linked pricing. This enables stable cash flows and a consistent investment into new products, such as their CCH® Tagetik solution, which helps companies measure and report on their environmental performance.

The final company added to the portfolio was Knorr Bremse (Germany: Industrials), a leading provider of brakes for rail and commercial vehicles. A new CEO, Marc Llistosella, has brought a renewed focus on culture, operational efficiencies and additional growth opportunities around automation and digitalisation.

During the quarter, Bechtle (Germany: Information Technology) and Teqnion (Sweden: Industrials) were sold due to waning conviction in the sustainability and scalability of the franchise.

Two of the Swedish serial acquirers held in the strategy, Addtech (Sweden: Industrials) and Indutrade (Sweden: Industrials), both experienced strong earnings growth in the quarter. These businesses acquire niche product companies and allow them to run autonomously, using their cash flows to acquire more companies. Addtech and Indutrade both benefit from structural growth within renewable energy, automation and electrification, in which their components are used.

We visited both Addtech and Indutrade on a research trip to Stockholm during the quarter, as well as ten other companies. This included other portfolio holdings, such as access solutions provider Assa Abloy (Sweden: Industrials), the 153-year-old bank Handelsbanken (Sweden: Financials), the world’s leading manufacturer of air compressors Atlas Copco (Sweden: Industrials), and specialised software acquirer Vitec Software (Sweden: Information Technology).

The opportunity to meet with company management on their ‘home turf’ is invaluable; it is much easier to get a sense of how culture and people have shaped a company and its future return profile when sitting within their offices; or, in the case of Atlas Copco, 20 metres below their office in a test mine. We continue to find excellent investment ideas by focussing on the impact that outstanding people can have on businesses with strong franchises and resilient financials.

1 Source: ASML Annual Report 2023

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q2 2024

European All Cap strategy update: 1 April - 30 June 2024

Following an improvement in the strategy’s performance in late 2023, the first half of 2024 has been relatively weak. Geopolitical and monetary policy uncertainty continue to weigh on markets, and the strategy was impacted by volatility from a small number of holdings.

This volatility brought opportunities to build positions in companies we believe are well-positioned for the long term, such as our IT services holdings, Endava (United States: Information Technology) and EPAM Systems (United States: Information Technology). Despite short-term pressure on customer budgets, the long-term opportunity of digitalisation remains an exciting area of growth for both companies.      

We also added to a number of existing holdings, including Dino Polska (Poland: Consumer Staples), admiring their consistent execution in a fast-growing retail market, as well as companies with strong, diversified cash flows, such as Vitec Software (Sweden: Information Technology) and the global leader in locks, Assa Abloy (Sweden: Industrials).

In contrast, we exited several positions, including ALK-Abellò (Denmark: Health Care), Admiral (United Kingdom: Financials) and Spirax Group (United Kingdom: Industrials) due to valuation concerns and Alfen (Netherlands: Industrials) after issues around destocking, management change, and slowing end markets.

We initiated a new position in Ashtead Group (United Kingdom: Industrials), which rents construction and industrial equipment to a range of customers in the United States and further afield. Ashtead is stewarded by an excellent management team who have proven themselves adept at reinvesting cash flows into the business, as well as consolidating the highly fragmented market of equipment rental services through acquisition. The business model of equipment rental favours large-scale businesses with geographic reach, product breadth, and customer service excellence, for which we believe Ashtead is in a strong and still strengthening position. Ashtead should also benefit from strong sustainability opportunities (tailwinds), not only for the principle of maximising equipment life and ensuring responsible disposal, but also the use of leased assets in infrastructure investment across areas such as semiconductors, electric vehicles (EVs), and renewable energy.

A new position was also initiated in Air Liquide (France: Industrials), which supplies industrial gases such as oxygen, argon, hydrogen, and helium to a range of end markets, including healthcare, manufacturing, and electronics. The company is well-positioned within an oligopolistic, consolidated market; pricing is both rational and inflation-linked, and the products are often essential for their customers’ day-to-day operations. In addition to building on their century-old core business, Air Liquide are exploring new areas of growth in carbon capture and green hydrogen. It has invested in 200 megawatts of planned hydrolyser capacity in Normandy as part of their target to invest EUR8 billion to reduce emissions from hydrogen production by 20351.

Amid the volatility, it was pleasing to see signs of a recovery in one of the portfolio’s largest positions, Roche (Switzerland: Health Care). Following a long destocking cycle after the covid-19 pandemic, Roche is poised to capitalise on its market-leading diagnostics offering, which consists of 600 tests and is planned to grow by 40 new tests each year. Strong growth and cash flows from diagnostics support Roche’s long-term drug development and committed research & development (R&D) spending, which has built a 100-strong drug pipeline addressing unmet needs in areas as diverse as oncology, obesity, and multiple sclerosis.

Looking through short-term volatility and uncertainty, we remain confident in the long-term prospects of the portfolio and are excited by our exposure to high-quality companies with excellent sustainability tailwinds.

1 Source: Stewart Investors investment team and company data

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q1 2024

European All Cap strategy update: 1 January - 31 March 2024

Following a stronger performance profile in the last quarter of 2023, the first quarter of 2024 has been relatively flat. The strategy portfolio performance was behind the MSCI AC Europe Index which was boosted in part by easing monetary policy and hopes for a soft economic landing.

During the quarter we took the opportunity to build up some of the newer positions we added in 2023, including Teqnion (Sweden: Industrials), the founder owned, serial acquirer of diverse businesses; Nexans (France: Industrials), the maker of electrical cabling used in renewable energy, and DiscoverIE (United Kingdom: Industrials), a manufacturer of niche electronics and manufacturing businesses. We also took the opportunity to add to our holding in Endava (United Kingdom: Information Technology) which suffered a sharp sell-off over market concerns about weaker discretionary spend from customers. While the company may face short-term uncertainty due to macro conditions, we feel confident backing its culture, stewardship and long-term growth potential.

Judges Scientific (United Kingdom: Industrials), the largest position in the strategy, continues to demonstrate resilient growth, and we remain excited about its potential, given it is still early on in its growth journey.

Valuation concerns and a need to manage position sizes led us to trim positions in Ringkjøbing Landbobank (Denmark: Financials), Nemetschek (Germany: Information Technology) and Adyen (Netherlands: Financials). Adyen had a particularly strong quarter, rising more than 145%1 since a period of weakness last year.

Over the course of the quarter, we exited Komerční banka (Czech Republic: Financials) to make room for two faster growing eastern European companies: Dino Polska (Poland: Consumer Staples), a vertically integrated, low-cost grocery retailer, and Allegro (Poland: Consumer Staples), Poland’s number one e-commerce platform that is expanding into Eastern Europe.

As ever, we continue to focus on long-term capital preservation as the bedrock of capital appreciation, and on ensuring the portfolio can weather most macro environments. Looking forward, we are excited by the quality, and diverse nature of the companies we hold, and their ability to contribute to, and benefit from, sustainable development.

1 Source: Factset

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

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Proxy voting

Proxy voting: Q4 2024

European All Cap proxy voting: 1 October - 31 December 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 26 resolutions from four companies to vote on. On behalf of clients, we did not vote against any resolutions.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2024

European All Cap proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 101 resolutions from five companies to vote on. On behalf of clients, we voted against three resolutions.

We voted against remuneration motions at Ashtead Group as we were concerned about excesses in CEO salary. (two resolutions)

We voted against proposals related to amendments to articles (rules and regulations that govern the company's operations) at DiaSorin as the company did not provide enough information on the amendments. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2024

European All Cap proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 583 resolutions from 30 companies to vote on. On behalf of clients, we voted against 15 resolutions.

We voted against proposals regarding transaction of business at Alcon, Naturenergie, INFICON, SFS and Tecan as the companies provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (five resolutions)

We voted against remuneration motions at Assa Abloy as we believe acquisitive businesses should incentivise management on returns as well as shares held. (two resolutions)

We voted against the appointment of the auditor at bioMérieux, EPAM Systems, Indutrade, SFS, Spirax Group and Unilever as they have been in place for over 10 years and the companies’ have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (six resolutions)

We voted against remuneration motions at Indutrade due to concerns on direction of travel and compounding effects of CEO salary increases. (one resolution)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2024

European All Cap proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 206 resolutions from 9 companies to vote on. On behalf of clients, we voted against 10 resolutions.

We voted against an amendment to company articles at Belimo as we do not believe the registered office should be the sole place of jurisdiction for corporate disputes. We also voted against a transaction of other business which would grant unfettered discretion at Belimo and Sika. (three resolutions)

We voted against the appointment of the auditor at Roche as they have been in place for over 10 years. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts and follows best practice. We also voted against excessive executive renumeration. (six resolutions)

We voted against a shareholder proposal concerning a change of payment software at Handelsbanken as we believe the day-to-day operation of the business is best left up to the board and management. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

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Portfolio Explorer

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For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.

Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.

Source: Stewart Investors investment team and company data. Securities mentioned are all investee companies* from representative Asia Pacific All Cap Strategy, Asia Pacific & Japan All Cap Strategy, Asia Pacific Leaders Strategy, European All Cap Strategy, European (ex UK) All Cap Strategy, Global Emerging Markets (ex China) Leaders Strategy, Global Emerging Markets Leaders Strategy, Global Emerging Markets All Cap Strategy, Indian Subcontinent All Cap Strategy, Worldwide All Cap Strategy and Worldwide Leaders Strategy accounts as at 31 March 2025. *Assets that the strategies may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer.

The Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.

Source for Climate Solutions and impact figures: © 2014–2025 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.

Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company), or enabling (supported or made possible by products or technologies provided by that company).

Investment terms

View our list of investment terms to help you understand the terminology within this website.

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