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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: 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.