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Strategy Assets
$2.4B
Track Record
8 Years
Investment Objective
The Contrarian Value Equity Strategy seeks market-leading returns over a full market cycle with equity-like risk.
Strategy Overview
A focused global equity strategy built around our highest conviction ideas. With a flexible, unconstrained approach and a commitment to purchasing businesses with a margin of safety when securities appear out of favor, the strategy seeks long-term capital appreciation through deep research, patience, and concentrating on building a portfolio of securities with the ability to compound capital through a variety of market environments.
| Investment Style | Contrarian Value |
|---|---|
| Opportunity Set | Global Large & Mid Caps |
| Approach | Bottom-Up Fundamental |
| Strategy Assets | $2.4B |
| Sector Constraints | None |
| Illustrative Benchmark | MSCI ACWI |
| Strategy Inception | May 2017 |
| Vehicle Availability | ETF: FPA Global Equity ETF |
Our Contrarian Value Equity investment team comprises global generalists with a variety of backgrounds, enabling opportunistic investments across market capitalizations, geographies, and industries — without regard to the constraints of traditional benchmarks.
Grounded in fundamental, bottom-up research, we aim to understand businesses by analyzing relevant public filings, engaging with experts in relevant fields, and taking a long-term perspective.
We begin with the question: What can go wrong? While not a macro-oriented strategy, an awareness of the macro environment is utilized when deploying or raising capital.
Exercise discipline during the research process, valuation work, and over the holding period. Turnover has typically averaged 20% per annum and we are comfortable waiting for the right opportunity and then letting the thesis play out over time.
With a select group of global partners invested in the strategy, we are able to focus capital in a compact portfolio of high-conviction businesses and are willing to withstand market fluctuations in exchange for potential long-term out performance. We do not aspire to be a marketing-led organization and instead would prefer to manage capital for a select group of like-minded partners and commit to limit strategy assets to the low double-digit billions.
Information Request
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