High-conviction, differentiated approach
ESG integration and active stewardship
Focus on under-researched areas

Key facts


as of December 31, 2021

USD 26.2 billion


Assets Under Management

The amount we manage globally for our institutional, intermediary and retail clients invested in our equity portfolios.

25 people


strong team

Deeply-resourced team with expertise in equities

Over 35 year'


Experience of managing equity portfolios




Key capabilities

Growth, Income and Sustainable & Ethical investing


Our equities DNA

We have a strong team culture, proudly underpinned by common values:

Act as One

  • Investment team located in Edinburgh and supported by our global Responsible Investment team.
  • Culture of challenge and debate.
  • Quick decision making.

Act with Conviction

  • Concentrated portfolios.
  • Avoid the crowds by focusing on under-researched areas.
  • Proprietary data screening combined with rigorous research.

Act Responsibly

  • Active stewardship, with a strong ESG focus.
  • Investing in management teams as well as businesses.
  • Clear ownership and accountability.

Investment philosophy


To uncover the hidden value in equity markets, we look where others don't and we invest in companies that the market underappreciates and undervalues. Company meetings and regular engagement with boards and management teams are at the core of our approach to equity research.



We believe:

  • Markets are inefficient, especially in small- and mid-cap arena. Our team is set up to maximise the benefit of our skills in this area.
  • Inefficiencies can be exploited through active management based on a repeatable investment process.


Our response:

  • We have a dynamic approach. Different stocks outperform at different stages of the cycle.
  • Stock pickers first and foremost.
  • Buy and sell decisions owned by the investment manager.

ESG integration

We believe effective ESG integration brings three principal benefits for our clients:


Deepens our knowledge A focus on ESG enables us to better understand the environments in which companies operate, which helps us to quantify risks and opportunities.
Strengthens our conviction We are fundamental, research-driven investors. Integrating ESG supports the management of concentrated, high-conviction portfolios.
Promotes a long-term focus ESG factors help us to avoid short-term distractions and focus on the long-term prospects for companies and sectors.


We believe in integrating ESG factors into the Fundamental analysis of our Fundamentals, Valuations and Technicals (FVT) research framework. We take a practical, bottom up approach to this and focus on material ESG issues, with clear linkages to key business risks and opportunities.


Equity capabilities

ESG strategies

A recognised leader with over 30 years of responsible investing history. 

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Income strategies

Seek income with capital appreciation in UK and international context.

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Specialist strategies

Specialist regional and thematic strategies, leveraging team skillset.

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