Portfolio Fund Detail

Willis Owen Research Commentary

James Donald taps into Lazard's deep pool of analytical resources, helping them form views on different companies and industries. Each team member spending more than eight weeks on the road meeting with company management and a range of local experts. The focus is on firms with improving financial productivity that haven't been widely recognised by the market. An initial screen uses a range of valuation metrics to filter the universe. The analysts then carry out detailed research to understand the drivers of a companies' profitability. They pay particular attention to cash flow and its impact on the balance sheet, and consequently shareholder value. Macroeconomic; political; and environmental, social, and governance factors are included into the intrinsic value, increasing the margin of safety.

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