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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.
Wabtec (United States: Industrials) is a leading provider of components for rail transportation and can trace its roots back over 100 years. The rail industry is as important now as it was then, as it plays a crucial role in reducing global carbon emissions in both commercial freight and passenger transportation. Rising investment in rail infrastructure along with Wabtec’s increasing position size in the market and improving profits provide positive long-term opportunities for growth.
KLA Corporation (United States: Information Technology) make inspection tools for the semiconductor industry. These help semiconductor chip manufacturers control their processes, maximise their output of finished chips and reduce waste. Due to their essential position in the semiconductor manufacturing process, KLA have been able to deliver good financial returns and consistent growth over many years.
Haleon (United Kingdom: Consumer Staples) was formed by a merger of the consumer health divisions of GlaxoSmithKline, Novartis and Pfizer in 2022. The company has well-known brand names such as Advil (pain relief), Sensodyne (toothpaste) and Centrum (vitamins). Providing necessary products to customers is a business model that we always appreciate. These types of businesses have the ability to produce consistent income levels and defend well during slower market conditions. With healthy profits margins and a strong market position, we believe Haleon is a good quality company to own.
The new positions were funded by selling five companies where we have concerns about the strength of their business franchises.
Tecan (Switzerland: Health Care) and Sartorius (Germany: Health Care) have both struggled over the past few years due to a slowdown in investment into biotechnology. Despite seeing positive growth in other areas of healthcare, these two companies are still struggling, from lack of visibility in customer orders, exposure to China and increasing competition.
We sold our position in Unicharm (Japan: Consumer Staples) as we lack confidence in the size of the growth opportunity in Asian consumer markets. We also sold Shimano (Japan: Consumer Discretionary) as we have concerns that their valuation will be impacted by increased competition from electric bikes. Finally, we sold A. O. Smith (United States: Industrials) as its growth potential in its core markets of the United States and China faces persistent challenges.
The US election took place in November, sending Donald Trump back to the White House along with a Republican Party majority in the House of Representatives and the Senate. There have been many news stories written about taxes, tariffs and other general speculation about what the incoming administration might do. We don’t have any insights into the workings of a Trump presidency, instead, we focus on finding companies that are good at navigating difficult situations and experienced at generating growth from the opportunities in front of them. Another point of our Hippocratic Oath is, “We will strive to achieve, through hard work, sober analysis and sound judgement, the best risk-adjusted returns possible for our clients.” This focus means we will continue to seek companies like, Brown & Brown, who we believe will be excellent stewards of our clients’ savings.
1 Source: Stewart Investors company meeting with Brown & Brown, February 2024.
2 Source: Brown & Brown website - https://www.bbrown.com/us/about/
Case Study: WEG
Listing: Brasil Bolsa Balcão
Market cap: US$37bn1
Held in fund since: November 2012
Company description
WEG manufactures electrical products, including energy efficient motors, transformers, turbines and generators. They have production facilities in 17 countries and produce around 19 million motors every year.2
Why do we like it? / Investment rationale
In 1961, a young electrician, mechanic and administrator founded the electric motor company to which they lent their initials: Werner Ricardo Voigt, Eggon João da Silva and Geraldo Werninghaus.
Today, WEG produces electrical products, including motors, for customer markets from industrial automation and power generation and distribution to large electric vehicles. The second generation of the three founding families are majority shareholders and the company is run by an experienced management team. The new Chief Executive Officer, Alberto Yoshikazu Kuba, is only the fourth in WEG’s history. He joined the business in 2002, aged 24 and demonstrates how much of WEG’s success comes from a culture built over 65 years.
WEG is a vertically integrated company. This means that they make every element of every product themselves, and even source packaging from their own forest. This helps them supply customers with more customised, hard-to-replace motors. Although it is less efficient than outsourcing and slows the rate that they can expand capacity, it provides a crucial advantage for WEG: it enables them to capture a larger share of the market when competitors are blocked by supply chain disruptions. WEG’s self-sufficiency is helping them supply transformers to data centres which require large amounts of electricity, while competitors face long delays building additional capacity.3
Doing more with less, under their own steam, is key to what WEG do. Vertical integration also makes WEG more efficient in their operations by helping to limit production waste. In Brazil, WEG collect and recycle older motors at the end of their life. They recycle the motors and the production scrap metal. WEG’s motors also help customers reduce their energy requirements and reduce their greenhouse gas emissions. One example of where they are used for a sustainability solution is the Kaleshwaram Lift Irrigation Project which helps address water shortages in India. WEG’s motors will help move 240 thousand million cubic feet of water over 500 kilometres into northern India.4 This amount is greater than the volume of Lake Michigan, one of the Great Lakes in North America.
WEG's strong focus on excellent operational processes helps it deliver steady profit levels, even with some ups and downs in sales growth. The company has a healthy cash balance, which allows it to buy raw materials when supply chains are strained and to grow by buying new companies in their international business. We are excited to see where WEG’s cautious approach and ongoing innovation take the company in the future.
What could go wrong? / Risks
Risks facing WEG include raw material prices, competition from Chinese and Indian manufacturers, and customer markets which are sensitive to economic cycles.
[1] As of 7.1.25.
[2] 2023 integrated report - https://api.mziq.com/mzfilemanager/v2/d/50c1bd3e-8ac6-42d9-884f-b9d69f690602/b96ceffc-95bf-5115-8eec-72fbc563ea72?origin=1. Production facilities as of 31.12.23; WEG in Numbers | WEG.
[3] World’s largest transformer maker warns of supply crunch’; Financial Times article, 3.11.24.
[4] WEG supply for Kaleshwaram irrigation project. 240 thousand cubic feet = 1.63 cubic miles. Lake Michigan is 1,180 cubic miles by volume: Lake Michigan: How Big Is It? - The Environmental Literacy Council.
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: Q3 2024
Worldwide All Cap strategy update: 1 July - 30 September 2024
The quarter has seen some market turbulence, driven by uncertainty over interest rates and geopolitical developments, as well as emerging questions over the ability of the largest technology stocks to continue their upwards trajectory. The strong focus on technology, and particularly artificial intelligence (AI), over the past year means that other sectors have been neglected. As a result, we believe there are many quality stocks that are now attractively priced for long-term growth, most of them addressing problems in the real world.
We bought four new companies during the quarter, all in the industrials sector, but with very different end customer markets and applications.
Rentokil Initial (United Kingdom: Industrials) is a global leader in pest control services, a necessary and critical health and hygiene service to secure homes, hospitals and businesses against disease and damage. Its business model is local in nature and generates lots of income through resilient and regular, repeating sales. The management team is focused on growth by increasing the density of its route network to drive improvements in profitability and earnings.
Applied Industrial Technologies (United States: Industrials) is one of the largest distributors of industrial motion and control technologies in the United States. Its products are used in end applications such as power transmission, fluid power, flow control and other industrial processes that help its customers be more productive and efficient and do more with less. It has a strong brand, well-positioned to take advantage of its scale and customer network for growth as the world becomes increasingly automated.
ESAB Corporation (United States: Industrials) sells gas control equipment, welding equipment and particularly the metal alloys that are required for welding. Welding is a foundation technology which supports the modern world. Without welding there would be no buildings or trains. Welding also plays a key role in supporting the transition to renewable energy and cleaner mobility through its use in wind turbines, electric vehicles and rail transport. Its strength in supplying the metal alloys means they generate a lot of income through regular and repeating sales, which supports its financial balance sheet and allows it to invest in new business opportunities.
Simpson Manufacturing (United States: Industrials) make connectors, fastening systems, adhesives and speciality chemicals that connect, strengthen and support the joints within wooden and concrete structures. Its end customers are construction companies which rely on high-quality parts to comply with building codes and regulations. Its products make buildings stronger and safer, improving their ability to withstand extreme weather events, which are becoming more common as the planet warms.
The new buys were funded by two complete sells during the quarter. Coloplast (Denmark: Health Care) makes ostomy bags and wound care products. We had started reducing the position last quarter due to valuation and decided to exit completely due to potential challenges facing a company they recently acquired. Natura (Brazil: Consumer Staples) sells beauty and personal care products. We have held Natura in the strategy for many years. We admired the long-term owners that embedded sustainability into their business model from the early days and were positive about the international expansion opportunities ahead of it. They acquired Avon in 2022 but the integration and turnaround proved to be more challenging than we expected. We took the decision to sell Natura to fund better ideas elsewhere.
We are always looking at new companies and recently visited Sweden to meet with some new and some old businesses. These included Atlas Copco (Sweden: Industrials), the world's leading manufacturer of air compressors, and access solutions provider Assa Abloy (Sweden: Industrials), both of which are held in the strategy. 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 business franchises and resilient financials
Case Study: Atlas Copco
Listing: Nasdaq Stockholm
Market cap: US$83bn1
Held in fund since: September 2020
Company description
Founded in 1873 to make products for Sweden’s railways, Atlas Copco is a multinational provider of industrial solutions including air compressors, vacuum pumps, and tools. 70% of its sales are from outside Europe.2
Why do we like it? / Investment rationale
Atlas Copco was named after the mythological Titan who carries the sky on his shoulders; reflecting the high levels of ambition, determination and passion that has driven this company over 151 years. Beginning with one of the three original founders of the business, André Wallenberg, Atlas Copco continues to be lead and stewarded by the Wallenberg family, and benefitted from their support during two difficult periods in the 1880s and 1930s when the business pivoted from railway products to diesel motors and, finally, air compressors.
Atlas Copco’s end markets are well-diversified, ranging from manufacturers of semiconductors, automobiles, food and beverage, and pharmaceuticals. The product portfolio is impressive, but Atlas Copco’s key innovation was the development of energy-saving variable-speed drive compressors in 1994, which are still evolving today using new software and sensors to optimise performance. The latest version saves a further 11% of carbon emissions compared to their predecessors, and as much as 90% of the energy used can be recovered for use in heating or steam.3 Further innovations in dry air compressors – critical in the manufacture of electronics – illustrate the rewards of Atlas Copco’s sustained research and development (R&D) spending, which was 4% of sales in 2023.4
As innovative as Atlas Copco’s new products are, their closeness to customers allows them to seize the opportunity of finding new applications for existing products such as the use of an oil-free air compressor to create ‘bubble curtains’ around offshore wind developments. This reduces underwater noise by over 90% to protect marine wildlife.5
Much of Atlas Copco’s innovation has been spurred by the way the business is structured into divisions and smaller business units, which are entrusted to make their own decisions and take accountability for their own financials and customer engagement. An internal job market and strong encouragement of internal career mobility – including internationally – has built a strong culture, whether employees are based in Stockholm or Manila. An example of this is the number of years that Chief Executive Officer, Vagner Rego (25 years) and Chief Financial Officer, Peter Kinnart (31 years) have worked at the company.
With an efficient business model and outsourced manufacturing, Atlas Copco’s income is stabilised by regular and repeated servicing and repair and maintenance revenues. External growth from new technologies should complement internal growth opportunities within industrial electrification and digitalisation, setting Atlas Copco up for another 150 years.
What could go wrong? / Risks
Atlas Copco faces the risk that worsening macroeconomic conditions may reduce customer budgets and spending. There is also the risk of intensifying competition from Chinese companies.
1 As of 19.9.24.
2 CapIQ.
3 No waste - low emissons - Atlas Copco Group
4 Keeping it dry - Atlas Copco Group. R&D spend – S&P Capital IQ.
5 Oil-free bubble curtains protecting marine life - Atlas Copco UK.
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
Worldwide All Cap update: 1 April - 30 June 2024
“We want to help lift the whole industry up”1.
Advanced Drainage Systems (United States: Industrials) are the second largest plastics recycler in the US but they want to do more. They are investing in a grinding facility and considering investments in sorting technology, which would improve profit margins and make plastic recycling more attractive to other companies.
We recently visited the United States to meet with a wide range of industrial and consumer companies across Chicago, Cincinnati, Columbus, Cleveland, Boston and New York. In total we met with 50 companies, many of them leaders in their industries. We highlight some of the companies we met with in more detail here along with reasons why we believe they fit so well with our investment approach. The trip was a great reminder of the number of excellent companies out there with competent and ethical company leaders that generate returns by focusing on building long-term business franchises in profitable areas.
During the quarter we bought three new positions. Ashtead Group (United Kingdom: Industrials) is an industrial and construction equipment rental company that derives the majority of its sales from the United States. The rental equipment market is currently divided among many smaller providers which offers room for successful businesses to grow. Roper Technologies (United States: Information Technology) owns, buys and builds software companies that are leaders in their fields. This business generates strong income levels that can be used to buy more businesses, setting it up to continue to generate cash flows well in the future. TopBuild (United States: Consumer Discretionary) is the largest installer and distributor of insulation in North America. They are well positioned to grow from buying smaller businesses and build economies of scale, supported by the growing need for insulation in more energy efficient homes and commercial buildings.
We continue watch the valuations of companies and this is reflected in our decision to sell seven positions. Three of these were from companies that, in our view, had reached high valuations: Fisher & Paykel Healthcare (New Zealand: Health Care), Admiral (United Kingdom: Financials) and Marico (India: Consumer Staples). We sold bioMérieux (France: Health Care) to consolidate the exposure to life sciences and from Kotak Mahindra Bank (India: Financials) to consolidate our exposure to Indian banks which are facing a more competitive environment. We sold Synopsys (United Kingdom: Information Technology) and Spirax Group (United Kingdom: Industrials) as we had concerns about risks in their businesses. Valuations were also high.
During the quarter, one of our companies was targeted by an activist investor (an individual/group that buys a large number of a company's shares and uses that ownership to put pressure on the company and change how it is managed) who was concerned that the company was overbuilding manufacturing capacity. Their concerns were based on near-term sales expectations in an industry that is expected to grow by multiples in the coming years. We disagreed as the company’s record during economic down periods and industry leading investments has handsomely rewarded patient shareholders. We wrote to offer them our support.
The market concentration we highlighted last quarter shows no sign of reducing with continuing excitement about any company connected with building Artificial Intelligence (AI) infrastructure. We do not know how new technologies work through an economy or where the main sales or profits will appear. Instead of focusing on a single growth driver, we aim to build a portfolio of companies that can benefit from a variety of diverse growth drivers, as we believe that this is the best way to protect and grow over the long term.
1 Source: Stewart Investors investment team, June 2024
Case Study: Roche
Listing: Swiss Market Index
Market cap: US$221bn
Shareholders since: September 2022
Company description
Founded in 1896 by Fritz Hoffman-La Roche, Roche is a multi-national healthcare company that produces pharmaceutical drugs and diagnostic equipment and reagents which are used to detect diseases and medical conditions. In 2023, its medicines treated 22 million patients worldwide and its diagnostic systems produced 29 billion test results.1
Why do we like it? / Investment rationale
One hundred and thirty years on from its foundation, Roche continually finds new ways to meet patient needs. The ownership of the Hoffman and Oeri families empowers Roche to pursue decade-long opportunities; that Roche has had just seven CEOs in 125 years is testament to their long-term outlook.
Roche is industry-leading in its research & development (R&D) spend at 26% of pharmaceutical sales – almost USD15 billion2– and has produced blockbuster drugs in areas as diverse as neurology, oncology, and immunology. Their multiple sclerosis drug Ocrevus, for example, has over 25% share of the market in the United States3 and a recent formula adaptation now allows treatment by injection rather than the original 4-hour infusion. This is important for saving patient and healthcare professionals’ time.4 Roche’s continued investment in drug development has built a diversified pipeline of over 100 drugs, with nine in final phase testing5. Roche is also open to finding new ways of developing treatments. Their gene therapy subsidiary, Genentech, has partnered with Nvidia to use artificial intelligence (AI) to maximise drug discovery opportunities from Roche’s extensive datasets.6
The pharmaceutical business has been strengthened by Roche’s market-leading diagnostics segment, which generates consistent income from the sale of consumables (such as testing kits) as well as equipment. Roche currently offers 600 tests and plans to launch a further 40 each year7. Long-term structural health trends guide investment and development and their new, automated mass spectrometry systems (measuring the characteristics of chemical samples) should enable laboratories to perform more sensitive tests without hiring highly specialised technicians to operate complex machinery. Similarly, Roche has pioneered one of the first regulatory-approved8, self-administered cervical swabs to address the low uptake of cervical cancer screening. This innovative solution will hopefully reduce the 4,000 annual, preventable deaths from cervical cancer in the United States, and many thousands more in middle- and low-income countries.9
Roche’s true opportunity lies at the intersection of its unique expertise across diagnostics, data, and drug development: personalised medicine, enabling earlier detection of illness, individualised treatment, and better patient monitoring. With its consistently strong finances and cash flows (the movement of money into and out of a business) we believe Roche is ready to seize the opportunity.
What could go wrong? / Risks
Roche faces the risk of failures within its drug pipeline, although its extent and diversification, as well as the diagnostics segment, should cushion the impact of any one failure. Similarly, technological disruption could affect Roche’s business, despite its strong position in R&D investment.
1 Roche factsheet, 2023
2 Source: Stewart Investors investment team and company data
3 Source: Stewart Investors investment team and company data
4 Subcutaneous Ocrevus gets approval in EU for forms of MS (multiplesclerosisnewstoday.com).
5 Source: Stewart Investors investment team and company data
7 Source: Stewart Investors investment team and company data
8 Approved in the United States by the Food and Drug Administration (FDA)
9 Press release by Roche on cervical swab approval, 2024
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
Worldwide All Cap strategy update: 1 January - 31 March 2024
The market continues to be dominated by a small number of large companies, particularly for any company connected to Artificial Intelligence (AI). And, while the Magnificent 7 (Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla) is no more as the likes of Tesla and Apple have slowed, NVIDIA, Microsoft and Meta continue to climb. Although we do not invest in these companies, we are excited about the possibilities of AI to contribute to innovative solutions and drive human development, as reflected in some new investments in the portfolio.
During the quarter we added new positions in both TSMC (Taiwan: Information Technology) and Samsung Electronics (South Korea: Information Technology). Both companies are fabricating the chips that are designed by AI companies and are an essential part of the semiconductor product journey. They are also both well run with strong growth prospects and reasonable valuations. And it is not only in the developed world that increasing data, digitalisation and connectivity will be driving opportunities for growth. We entered a position in Tata Communications (India: Communication Services) as we also see exciting prospects for these areas to drive growth in India. We also added to Elisa (Finland: Communication Services) to take advantage of reasonable valuations and EPAM Systems (United States: Information Technology) as we continue to build our conviction in them.
We completely sold three investments. Cochlear (Australia: Health Care) remains a high-quality sustainability company and our decision to sell was prompted by concerns about its valuation compared to its growth prospects. We sold Cognex (United States: Information Technology) and Alfen (Netherlands: Industrials) due to concerns about their ability to weather more challenging market environments ahead.
Controlling the investment sizes of companies also raised cash to make new investments. These fell into three broad areas: Firstly, trimming the size of top ten holdings which have run up in price including Fortinet (United States: Information Technology), Beiersdorf (Germany: Consumer Staples), bioMérieux (France: Health Care) and Admiral (United Kingdom: Financials). Secondly, we are watching the emerging competitive environment facing Indian banks and controlling our exposure by reducing our position in Kotak Mahindra Bank (India: Financials).
Thirdly, we continued to take some profits from our investment in Adyen (Netherlands: Financials). This stocks price fell by over half in August when it slightly missed earnings growth expectations. We took the opportunity to invest more over the next few months before the price started to increase again. We then trimmed twice during the quarter to take profits and control the position size, but we retain conviction in the quality of its franchise and growth opportunities ahead.
As we head further into 2024, there remains little consensus around whether inflation will continue to fall or rise further, whether interest rates will remain where they are or be cut, or whether we are heading into a stronger or weaker economy. However outside of the stock market we are seeing some return to normality. The companies we talk to are happy that they no longer have to get rid of extra inventory that they had due to supply chain problems in 2022. They are now hoping for a return to normal growth trends. We remain as reluctant as ever to predict what the global economy is going to do, instead, focusing on finding high-quality companies supported by a diverse range of growth opportunities, with strong balance sheets and competent management to take advantage of them.
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.
Proxy voting
Proxy voting: Q4 2024
Worldwide 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 31 resolutions from five 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
Worldwide 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 88 resolutions from seven companies to vote on. On behalf of clients, we voted against seven resolutions.
We voted against the appointment of the auditor at Advanced Drainage Systems as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (one resolution)
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. (three resolutions*)
We voted against the appointment of the auditor at Vitasoy as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (one resolution)
*The same proposal was voted on different stock lines.
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
Worldwide 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 446 resolutions from 32 companies to vote on. On behalf of clients, we voted against 26 resolutions.
We voted against the appointment of the auditor at A.O. Smith, Arista Networks, Edwards Lifesciences, EPAM Systems, Fortinet, Markel, Roper Technologies, Spirax Group, Synopsys, Texas Instruments, Veeva Systems and Zebra Technologies 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. (12 resolutions)
We voted against remuneration motions at Assa Abloy. The company often buys other businesses through acquisiton and we believe this type of business should incentivise management on returns as well as the number of shares they own. (two resolutions)
We voted against recasting of votes (where previously cast votes on a particular matter are reconsidered or revised) at Natura to avoid the election of potentially unknown nominees. We voted against a remuneration proposal which the company highlighted was based on a discrepancy in our third-party research, misrepresenting the underlying proposal. Unfortunately it was too late to reverse the vote. We have alerted our research provider to the error. (two resolutions)
We voted against a proposal on transaction of business at Tecan as they did not provide enough information about the proposals. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (one resolution)
We voted against an amendment to officer exculpation (protects officers from personal liability for certain actions or decisions) at Veeva Systems as we are not in favour of limiting the responsibility of corporate officers. (one resolution)
We voted against recasting (where previously cast votes on a particular matter are reconsidered or revised) and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of the candidates. (three resolutions)
We abstained from voting on requests for a separate board election and the election of a supervisory council position at WEG as there was not enough information and we would prefer the current family stewards remain in place. (two resolutions)
We voted against the decision to provide a single executive an award with terms over a short time period at Zebra Technologies as we did not see sufficient rationale to support it. (one resolution)
We voted against a shareholder proposal at A.O. Smith requesting the company report on hiring practices for people with arrest records. We do not believe it is necessary or productive and support the company's hiring process. (one resolution)
We voted against a shareholder proposal about board declassification at EPAM Systems as we do not believe it is necessary for all directors to stand for election annually and have concerns that this could destabilise the board by allowing excessive turnover. (one resolution)
We voted against a shareholder proposal on greenhouse gas (GHG) emissions disclosure at Markel as the proposal called for disclosure of emissions from areas of their business such as underwriting (risk assessments), insuring and investments, which are not yet widely reported or reliably reported in the insurance industry. We would prefer to discuss the issue with the company. (one resolution)
We abstained from voting on a shareholder proposal to remove supermajority requirements for certain issues at Roper Technologies as the board didn't provide a recommendation. (one resolution)
We voted against a shareholder proposal mandating an independent director serve as Chair at Synopsys as we are confident in the stewardship of the current Chair and former CEO to lead the majority independent board. (one resolution)
We voted for shareholder proposals on the right to call a special meeting and requesting a report on customer due diligence at Texas Instruments as we found both proposals to be sensible. (two 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: Q1 2024
Worldwide 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 126 resolutions from 10 companies to vote on. On behalf of clients, we voted against 7 resolutions.
We voted against the appointment of the auditor at Nordson and Roche as they have each 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 at Roche. (seven 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.
Sustainable investment labels help investors find products that have a specific sustainability goal. This product does not have a UK sustainable investment label as it does not have a non-financial sustainability objective. Its objective is to achieve capital growth over the long-term by following its investment policy and strategy.
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.
Fund data and information
Key documents
- Factsheets and KIIDs
- Prospectuses
- Application forms
- Strategy Annual Review 2023 - ICVC
- Strategy Annual Review 2023 - VCC
- Strategy Climate Report 2021
- The race to zero: Climate Report 2021
- UK Task Force on Climate-related Financial Disclosures (“TCFD”) Public Product report
- SDR Client Facing Document
Fund prices and details
Click on the links below to access key facts, literature, performance and portfolio information for the funds and share classes available in this jurisdiction:
Stewart Investors Worldwide All Cap Fund
Share prices are calculated on a forward pricing basis which means that the price at which you buy or sell will be calculated at the next valuation point after the transaction is placed. Where a fund price is marked XD, this means that the fund is currently Ex-Dividend. Past performance is not necessarily a guide to future performance. The value of shares and income from them may go down as well as up and is not guaranteed. Please note that the yield quoted above is not the historic yield. It is considered that the yield quoted represents the current position of investments, income and expenses in the fund and that this is a more accurate figure. Investors may be subject to tax on their distribution. The yield is not guaranteed or representative of future yields. You should be aware that any currency movements could affect the value of your investment. The Funds within the First Sentier Investors Global Umbrella Fund plc (Irish VCC) are denominated in USD or EUR.
Strategy and fund name changes
As of end of 2024, please note that Stewart Investors strategies and the Funds within the UK First Sentier Investors ICVC, First Sentier Investors Global Umbrella Fund plc (Irish VCC) and First Sentier Investors Global Growth Funds (Singapore Unit Trust) have been renamed. Please refer to our note via the link below for further information.
