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Worldwide All Cap
The strategy was launched in November 2012. It invests in the shares of between 40-60 global companies.
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: 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, aiming to look after our clients’ savings as well as we would look after our own. Our Hippocratic Oath is is our pledge as an investment team to uphold the principle of stewardship through our conduct and work practices. One key point in the 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 leaders and stewards of strong business 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 led and 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 as the insurance brokerage industry is made up of many small companies, 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. Epiroc then became 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 transition to cleaner and renewable energy. The company has a management team with many years of experience, led by Chief Executive Officer Helena Hedblom. They have delivered good levels of growth over the years and have also 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 opportunity as more cables are needed to connect different energy sources as well as upgrading existing power grids. We have watched Nexans for some time and took the opportunity of an attractive valuation to buy the company during quarter.