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Equity Income

We are long-term intrinsic value investors who believe that short term sentiment amongst many market participants causes them to overreact to news which has little or no impact on the long run value of a company. This overreaction causes share prices to diverge from the intrinsic value of the underlying business and provides an opportunity for long term investors to purchase shares at less than their true value. Buying shares at a discount to intrinsic value is a defensive strategy which builds in a margin of safety but also offers attractive total return potential through both dividend income and capital appreciation.

 

KEY FEATURES

A long, proven heritage: Nick Purves, Ian Lance and John Teahan have a long-established investing partnership and between them have over seventy years of experience throughout which time they have encountered a variety of investing cycles. This experience helps us as a team to remain disciplined to our investment philosophy during periods when value investing is out of favour.

A focus on equity income and value. All of our funds are run to a single investment philosophy and process which simply aims to rotate around the market to where we see areas of undervaluation.

The capital cycle. We believe that companies go through a capital cycle in which high returns attract competition, thereby lowering profitability, whilst low returns result in capital leaving an industry, in turn leading to less competition and higher profitability. Investors tend to extrapolate recent trends, however, and assume high returns will continue indefinitely which, we believe, leads them to overvalue the most profitable businesses and under value businesses which are struggling.

Intrinsic Value Estimates. We value businesses by estimating their long run earnings potential. This helps us avoid companies which appear cheap but are in reality at the top of a cycle or in structural decline. Conversely, we are attracted to businesses suffering a temporary dislocation but where we believe earnings, and therefore the share price, are likely to recover in the future. For this value to be realised the companies must also have strong balance sheets and capable management.

TEAM

Ian Lance

Ian has thirty years of experience in fund management and started working with Nick at Schroders in 2007 before joining RWC in August 2010. Whilst at Schroders he was a senior portfolio manager managing the Institutional Specialist Value Funds, the Schroder Income Fund and Income Maximiser Fund together with Nick.

Previously Ian was the Head of European Equities and Director of Research at Citigroup Asset Management and Head of Global Research at Gartmore.

Nick Purves

Nick joined RWC in August 2010. Nick worked at Schroders for over sixteen years, initially starting as an analyst before moving in to portfolio management where he managed both Institutional Specialist Value Funds and the Schroder Income Fund and Income Maximiser Fund together with Ian Lance.

Prior to Schroders, Nick qualified as a Chartered Accountant.

John Teahan, CFA

John joined RWC in September 2010. He was previously portfolio manager at Schroders where he co-managed the Schroder Income Maximiser with Nick Purves and Ian Lance. In addition he co-managed the Schroder Global Dividend Maximiser, Schroder European Dividend Maximiser and Schroder UK Income Defensive funds, all three of which employed a covered call strategy.

During his time at Schroders John also specialised in trading and managing derivative securities for a range of structured funds. Previously he worked as a performance and risk analyst for Bank of Ireland Asset Management UK. John is a CFA Charterholder.

Larry Furness, CFA

Larry joined RWC in August 2010 as a graduate recruit. From 2011 to 2013 he worked as a Market Strategist covering rates and currencies. Larry moved to the Equity Income Team in 2013 as a Research Analyst. In addition to his research role Larry supports the derivative and stock trading function. He graduated from the University of Nottingham in 2009 with an honours degree in Economics and during his tenure successfully completed two intern positions;

the first at Permal Investment Management where he was involved in manager research for the firm as an Investment Analyst, and the Government Economic Service as an Assistant Economist. Larry is a CFA Charterholder.

Jaakko Kinanen

Jaakko joined RWC’s Equity Income team in September 2015 from Northleaf Capital. Jaakko was an Associate within the Private Equity team at Northleaf, where he focussed on secondary private equity transactions. Prior to this Jaakko worked at Bank of America Merrill Lynch as a Senior Analyst within their Investment Banking division in London, and at AIM Capital in Helsinki before that.

Jaakko graduated from the Aalto University School of Economics with an M.Sc. (with Distinction) in Finance. He is fluent in Finnish and English.

Ian Lance

Ian has thirty years of experience in fund management and started working with Nick at Schroders in 2007 before joining RWC in August 2010. Whilst at Schroders he was a senior portfolio manager managing the Institutional Specialist Value Funds, the Schroder Income Fund and Income Maximiser Fund together with Nick.

Previously Ian was the Head of European Equities and Director of Research at Citigroup Asset Management and Head of Global Research at Gartmore.

Nick Purves

Nick joined RWC in August 2010. Nick worked at Schroders for over sixteen years, initially starting as an analyst before moving in to portfolio management where he managed both Institutional Specialist Value Funds and the Schroder Income Fund and Income Maximiser Fund together with Ian Lance.

Prior to Schroders, Nick qualified as a Chartered Accountant.

John Teahan, CFA

John joined RWC in September 2010. He was previously portfolio manager at Schroders where he co-managed the Schroder Income Maximiser with Nick Purves and Ian Lance. In addition he co-managed the Schroder Global Dividend Maximiser, Schroder European Dividend Maximiser and Schroder UK Income Defensive funds, all three of which employed a covered call strategy.

During his time at Schroders John also specialised in trading and managing derivative securities for a range of structured funds. Previously he worked as a performance and risk analyst for Bank of Ireland Asset Management UK. John is a CFA Charterholder.

Larry Furness, CFA

Larry joined RWC in August 2010 as a graduate recruit. From 2011 to 2013 he worked as a Market Strategist covering rates and currencies. Larry moved to the Equity Income Team in 2013 as a Research Analyst. In addition to his research role Larry supports the derivative and stock trading function. He graduated from the University of Nottingham in 2009 with an honours degree in Economics and during his tenure successfully completed two intern positions;

the first at Permal Investment Management where he was involved in manager research for the firm as an Investment Analyst, and the Government Economic Service as an Assistant Economist. Larry is a CFA Charterholder.

Jaakko Kinanen

Jaakko joined RWC’s Equity Income team in September 2015 from Northleaf Capital. Jaakko was an Associate within the Private Equity team at Northleaf, where he focussed on secondary private equity transactions. Prior to this Jaakko worked at Bank of America Merrill Lynch as a Senior Analyst within their Investment Banking division in London, and at AIM Capital in Helsinki before that.

Jaakko graduated from the Aalto University School of Economics with an M.Sc. (with Distinction) in Finance. He is fluent in Finnish and English.

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