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European (ex UK) All Cap
The strategy was launched in January 2022. It invests in the shares of between 30-45 companies in the European region (excluding UK).
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- We define investment risk as losing clients’ money – this means we focus on looking after your money as well as growing it
- Companies must contribute to sustainable development and make a positive impact towards a more sustainable future. 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 >
Quarterly updates
Strategy update: Q3 2024
European (ex UK) 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 customer markets. Most of Wolter Kluwer’s sales are on a repeating cycle, with pricing linked to inflation. This enables stable levels of cash to come into the business and also allows for 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, three companies were sold; Bechtle (Germany: Information Technology) and Teqnion (Sweden: Industrials) due to reduced confidence in the sustainability and scalability of the business, and a small position in LEM Holdings (Switzerland: Industrials) due to concerns about increasing competition from Chinese suppliers.