{"id":6378,"date":"2022-09-20T10:47:06","date_gmt":"2022-09-20T09:47:06","guid":{"rendered":"https:\/\/sarasinandpartners.com\/row\/?p=6378"},"modified":"2022-09-23T16:48:48","modified_gmt":"2022-09-23T15:48:48","slug":"diversifying-best-ideas","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/row\/think\/diversifying-best-ideas\/","title":{"rendered":"Diversifying best ideas"},"content":{"rendered":"

As thematic investors, we construct concentrated portfolios of stocks from an investment universe delineated by our five mega themes. These stocks have good through-cycle growth potential, are aligned for societal good and usually have a holding period that stretches beyond the next 2-3 years. We invest according to thematic opportunity sets and are not anchored to equity benchmarks.<\/p>\n

Proponents of more broadly diversified portfolios believe that concentrated portfolios \u2013 usually defined as a portfolio holding under 50 stocks \u2013 offer less diversification, and therefore carry more risk.<\/p>\n

We believe it is possible to construct concentrated portfolios that can build wealth whilst remaining cognisant of risk. Diversification is more complex than simply the number of stocks that comprise a portfolio. Taken at its simplest level, a portfolio comprised of 80 stocks that are drawn from the same sector or region may appear more diversified but in reality we deem that this introduces significant risk into the portfolio.<\/p>\n

How then do we diversify our portfolios while remaining committed to our concentrated approach?<\/strong><\/p>\n

Diversification without dilution <\/strong><\/h3>\n

We believe our thematic approach affords us a perspective or insight that is differentiated from the market. Our thematic investment process has three stages: idea generation, stock selection and portfolio construction. At the conclusion of this process we will have built an investment thesis that highlights the stock\u2019s idiosyncratic qualities. This in turn supports the portfolio manager in their conviction to add the stock to their portfolio. The primary way we diversify our portfolios is through our themes and corporate characteristic.<\/p>\n

Our five themes \u2013 Ageing, Automation, Climate Change, Digitalisation <\/strong>and Evolving Consumption<\/strong> \u2013 lead us to look broadly across all sectors and geographies, through differentiated lenses that combine both macro and micro factors to arrive at a select universe of companies in which we could invest. We identify themes from both a top down, or \u2018big picture\u2019 perspective, and from our bottom-up fundamental analysis of industries and companies. These themes cut across typical sector and geographic boundaries that are common to indices and benchmarks. In addition, these themes would need to be contributing to societal good \u2013 we invest in line with society rather than at its expense.<\/p>\n

From these sets of thematic universes of companies we search for stocks worthy of rigorous analysis to determine if they are an attractive investment. We assess the quality, growth and valuation characteristics of each stock using fundamental analysis, and embed environmental, social and governance (ESG) factors in this analysis. At this stage we consider the stage of lifecycle that a company is at and during our research process, will allocate each company a Corporate Characteristic.<\/p>\n

Why you should know where a company is in its lifecycle<\/strong><\/h3>\n

Identifying where a company is in its lifecycle is especially important when constructing an unconstrained portfolio. It builds a further level of diversification and articulates the likely impact of macroeconomic factors on each company.<\/p>\n

We categorise each investment by corporate characteristic, allocating to one of the following five groups:<\/p>\n

    \n
  • Disruptive Growth<\/li>\n
  • Defensive Franchise<\/li>\n
  • Cyclical Franchise<\/li>\n
  • Cash Harvest<\/li>\n
  • Special Situation<\/li>\n<\/ul>\n

    Each of these corporate characteristics has its own quality, growth and valuation dimensions.<\/p>\n

    \"\"<\/p>\n

    Disruptive Growth<\/strong><\/p>\n

    Disruptive Growth companies can be enormous creators of shareholder value. They have the ability to attack large entrenched profit pools with a superior product or service. These companies may not generate high returns on capital during their most innovative and disruptive phase because they are investing to drive growth.\u00a0 However, an understanding of the size of the addressable market, potential market share and long-term margin structure can reveal excellent investment opportunities.\u00a0 Our thematic approach is well suited to uncovering these insights.\u00a0 The strongest Disruptive Growth companies evolve into Franchise companies (for example, Amazon) as they reach scale. Valuation is a key risk with Disruptive Growth companies and it is important to maintain perspective and discipline.<\/p>\n

    Defensive<\/strong> and Cyclical Franchise<\/strong><\/p>\n

    We divide the Franchise Corporate Characteristic into two subcategories: Defensive Franchise and Cyclical Franchise.<\/p>\n

    Defensive Franchise companies tend to consistently earn high returns on invested capital, with limited variability across both economic upturns and downturns possibly aided by a diverse portfolio and\/or an expansive global reach \u2013 for example utility or consumer staples companies. Cyclical Franchise companies sell products or services where demand is more dependent on where we are in the economic cycle, such as restaurants, hotels or car manufacturers. These companies may have fixed costs and may struggle to maintain profits in economic downturns. Cyclical Franchise companies typically introduce more business risk into the portfolio than Defensive Franchise companies do.<\/p>\n

    Cash Harvest<\/strong><\/p>\n

    Cash Harvest companies are usually mature and have limited internal need for the excess cash that they generate. As a result, they are likely to return this excess cash to shareholders via dividends or share buybacks. The market can underestimate the duration over which these companies are able to maintain superior and growing cash returns to shareholders even if revenue growth is slowing. Business risk (such as competitive threats from Disruptive Growth companies or management embarking on a questionable acquisition strategy) and financial risk are the more important factors to consider in the Cash Harvest category.<\/p>\n

    Special Situation<\/strong><\/p>\n

    If we categorise a company as a Special Situation, we believe there is a specific and unusual investment case. Examples of a Special Situation might be a corporate restructuring \u2013 which may have the potential for a sustained improvement \u2013 or a spin-off \u2013 when a company decides to split out one part of its business and list it as a separate entity. It may be the case that relinquishing one particular business unit can be an easy way to focus the company on its core strengths.<\/p>\n

    Companies have different risks depending on their stage in the lifecycle<\/strong><\/h3>\n

    The style and factor risks in each Corporate Characteristic are typically quite different. For example, Disruptive Growth companies tend to have high valuations and low dividend yield, whereas Cash Harvest companies tend to be more competitively priced and may offer a higher dividend yield. Cyclical Franchise and Defensive Franchise may both offer good return on equity, but Cyclical Franchise companies may demonstrate higher short-term sales and earnings growth. In contrast, Special Situations companies tend not to exhibit any style bias and have a more idiosyncratic risk profile.<\/p>\n

    By adjusting the weighting in a portfolio between Corporate Characteristics it is possible to ensure a portfolio is tilted correctly for the market environment and to ensure that overall portfolio returns are driven primarily by stock selection. It is a method of diversification which enables unconstrained concentrated portfolios to reduce factor risks. Whilst much of our focus has been on stock-specific risk, there are additional risk control measures that we employ when constructing portfolios, such as position sizing. We will seek to avoid investments where there are realistic scenarios of an impairment to capital even if our valuation analysis shows there to be upside to the share price. This reflects a bias towards capital preservation where the cash flows are more predictable and we can evidence robust corporate governance.<\/p>\n

    Ultimately, we rely on our thematic approach to build an investment universe that is skewed towards companies that offer strong, sustainable growth. It is the company\u2019s idiosyncratic factors and the stage of their lifecycle that will drive differentiated returns and thus build diversification into an unconstrained, concentrated portfolio.<\/p>\n

    \n

    Important Information<\/strong><\/p>\n

    This document has been issued by Sarasin & Partners LLP which is a limited liability partnership registered in England and Wales with registered number OC329859 and is authorised and regulated by the UK Financial Conduct Authority.\u00a0 It has been prepared solely for information purposes and is not a solicitation, or an offer to buy or sell any security.\u00a0 The information on which the document is based has been obtained from sources that we believe to be reliable, and in good faith, but we have not independently verified such information and we make no representation or warranty, express or implied, as to their accuracy.\u00a0 All expressions of opinion are subject to change without notice.<\/p>\n

    Please note that the prices of shares and the income from them can fall as well as rise and you may not get back the amount originally invested.<\/strong>\u00a0 This can be as a result of market movements and also of variations in the exchange rates between currencies.\u00a0 Past performance is not a guide to future returns and may not be repeated.<\/strong><\/p>\n

    Neither Sarasin & Partners LLP nor any other member of the Bank J. Safra Sarasin group accepts any liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this document or any part of its contents.\u00a0 The use of this document should not be regarded as a substitute for the exercise by the recipient of his or her own judgment.\u00a0 Sarasin & Partners LLP and\/or any person connected with it may act upon or make use of the material referred to herein and\/or any of the information upon which it is based, prior to publication of this document.\u00a0 If you are a private investor you should not rely on this document but should contact your professional adviser.<\/p>\n

    \u00a9 2022 Sarasin & Partners LLP \u2013 all rights reserved.\u00a0 This document can only be distributed or reproduced with permission from Sarasin & Partners LLP.<\/p>\n","protected":false},"excerpt":{"rendered":"

    As thematic investors, we construct concentrated portfolios of stocks from an investment universe delineated by our five mega themes. These stocks have good through-cycle growth potential, are aligned for societal good and usually have a holding period that stretches beyond the next 2-3 years. We invest according to thematic opportunity sets and are not anchored...<\/p>\n","protected":false},"author":11,"featured_media":13171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"coauthors":[85],"class_list":["post-6378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thematic"],"yoast_head":"\nDiversifying best ideas - Sarasin & Partners Global<\/title>\n<meta name=\"description\" content=\"We believe our thematic approach affords us a perspective or insight that is differentiated from the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/row\/think\/diversifying-best-ideas\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diversifying best ideas - 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