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European Equity

We take positions in companies where we believe the economic potential of the business is different to that implied by the share price. Our investment team follows a proven philosophy developed over the last 30 years to manage portfolios which aim to produce consistent outperformance for our investors, with lower volatility versus the wider market.

 

Key Features

  • We believe that independent fundamental analysis is the key driver of investment performance.

 

  • In our opinion stock prices reflect the consensus view of a company’s future economic potential: upward and downward revisions to consensus expectations have significant implications for corporate value and stock price performance. The team seeks to exploit these differentials through an understanding of company value drivers vs. consensus.
  • The investment process can lead to a diverse set of opportunities across different business models, sectors and geographies, limiting unwanted factor risk and style bias.

 

  • Risk management aims to keep exposure concentrated where we believe the strategy has an information advantage and to minimize downside volatility.
TEAM

Graham Clapp

In September 2017 Graham completed a deal to join RWC Partners, along with his investment team, from Pensato, which he founded in 2008. At RWC Graham is focussed on using his extensive research capacity to manage both long-only and long-short European equity funds. Before establishing Pensato, Graham worked at Fidelity Investments for 22 years, leading its European Institutional Group from 1991 to 2004.

When Graham started work at Fidelity in London in 1984, the company was a mid-ranked firm in the UK asset management industry with approximately EUR10bn of assets under management and a European investment team of less than 10 people. In the late 1980s, Graham spent some time at Fidelity in Boston, working with Peter Lynch. Graham brought back to London significant experience from Boston and has implemented the same approach to fundamental investment ever since. Having delivered strong investment returns while running the European Institutional Group, Graham was asked in 2002 to take over Fidelity International’s flagship European fund – the Fidelity European Growth Fund.

The fund had previously been managed by Anthony Bolton. Between 2002 and 2006, Graham grew assets in the European Growth Fund from approximately EUR 9bn to EUR 25bn becoming the largest mutual fund in Europe. Fidelity European Growth delivered outperformance of 6.7% p.a. versus the FTSE World Europe from Dec 2002 - Dec 2006.

During his time at Fidelity, Graham was highly instrumental in the growth of the London investment business. By 2006, Fidelity had established a market leading position in London with assets of approximately EUR 350bn and an investment team of nearly 50. However, in 2006 Graham wanted a new challenge and he founded Pensato Capital to manage European long/short equity funds. Pensato has now been successful for over 10 years and won the Eurohedge European Equity Hedge Fund (Sub $500m) award in 2015.

Edward Rumble

Ed joined RWC from Pensato Capital where he was a founder partner and portfolio manager. Ed began his investment career with Fidelity Investments in London in 1995 as an equity sector analyst working closely with Graham Clapp, and later worked as fund assistant on the Fidelity European Small Cap Fund. Ed left Fidelity in 1999 to move into the Alternatives Asset Management industry and worked initially at Bayard Partners, an established European long/short equity fund. He was, soon after, invited to join American Express Asset Management International ("AEAMI") to co-manage their European long/short strategy which he did successfully between 2001 and 2005 compounding at 12% over the period with volatility of 9%.

The AEAMI funds were market neutral and employed significant leverage requiring diligent risk management to deliver consistent returns. Graham recognised Ed's risk management and short selling experience, as well as the strong track record at AEAMI, and invited him to found Pensato together in early 2008. The strength of this risk management process proved to be critical to the early success of the Pensato Europa Fund which launched in the summer of 2008, a matter of weeks before the financial crisis. In Pensato’s first 9 months, the Eurostoxx 600 was down -46% whilst Pensato was actually up +1%. Ed continues to co-manage the Pensato portfolios with Graham as well as retaining oversight of portfolio construction and risk analysis.

Russell Champion

Russell joined RWC from Pensato Capital where he was a partner and assistant portfolio manager with a particular focus on small cap, technology & media stocks. Technology is a sector in which Pensato funds made positive returns in each of its 9 years. Russell started work as an equity analyst at Fidelity International from 2005 to 2008, where he worked with Graham Clapp covering pan-European technology stocks. After Graham left in 2006, he was made assistant portfolio manager to the UK team after a successful stint in the small cap team under Colin Stone. Russell left Fidelity to join Pensato when it was originally set up by Graham – making partner in 2012.

Before joining Fidelity and while still at school, Russell co-founded Dedipower Managed Hosting Ltd in 1997. Dedipower was a cloud hosting business that was successfully sold to Bridgepoint in 2011 and is now part of Pulsant. Russell has since become involved in a number of successful technology start-ups as an investor and also mentors Fintech participants at Level 39.

Graham Clapp

In September 2017 Graham completed a deal to join RWC Partners, along with his investment team, from Pensato, which he founded in 2008. At RWC Graham is focussed on using his extensive research capacity to manage both long-only and long-short European equity funds. Before establishing Pensato, Graham worked at Fidelity Investments for 22 years, leading its European Institutional Group from 1991 to 2004.

When Graham started work at Fidelity in London in 1984, the company was a mid-ranked firm in the UK asset management industry with approximately EUR10bn of assets under management and a European investment team of less than 10 people. In the late 1980s, Graham spent some time at Fidelity in Boston, working with Peter Lynch. Graham brought back to London significant experience from Boston and has implemented the same approach to fundamental investment ever since. Having delivered strong investment returns while running the European Institutional Group, Graham was asked in 2002 to take over Fidelity International’s flagship European fund – the Fidelity European Growth Fund.

The fund had previously been managed by Anthony Bolton. Between 2002 and 2006, Graham grew assets in the European Growth Fund from approximately EUR 9bn to EUR 25bn becoming the largest mutual fund in Europe. Fidelity European Growth delivered outperformance of 6.7% p.a. versus the FTSE World Europe from Dec 2002 - Dec 2006.

During his time at Fidelity, Graham was highly instrumental in the growth of the London investment business. By 2006, Fidelity had established a market leading position in London with assets of approximately EUR 350bn and an investment team of nearly 50. However, in 2006 Graham wanted a new challenge and he founded Pensato Capital to manage European long/short equity funds. Pensato has now been successful for over 10 years and won the Eurohedge European Equity Hedge Fund (Sub $500m) award in 2015.

Edward Rumble

Ed joined RWC from Pensato Capital where he was a founder partner and portfolio manager. Ed began his investment career with Fidelity Investments in London in 1995 as an equity sector analyst working closely with Graham Clapp, and later worked as fund assistant on the Fidelity European Small Cap Fund. Ed left Fidelity in 1999 to move into the Alternatives Asset Management industry and worked initially at Bayard Partners, an established European long/short equity fund. He was, soon after, invited to join American Express Asset Management International ("AEAMI") to co-manage their European long/short strategy which he did successfully between 2001 and 2005 compounding at 12% over the period with volatility of 9%.

The AEAMI funds were market neutral and employed significant leverage requiring diligent risk management to deliver consistent returns. Graham recognised Ed's risk management and short selling experience, as well as the strong track record at AEAMI, and invited him to found Pensato together in early 2008. The strength of this risk management process proved to be critical to the early success of the Pensato Europa Fund which launched in the summer of 2008, a matter of weeks before the financial crisis. In Pensato’s first 9 months, the Eurostoxx 600 was down -46% whilst Pensato was actually up +1%. Ed continues to co-manage the Pensato portfolios with Graham as well as retaining oversight of portfolio construction and risk analysis.

Russell Champion

Russell joined RWC from Pensato Capital where he was a partner and assistant portfolio manager with a particular focus on small cap, technology & media stocks. Technology is a sector in which Pensato funds made positive returns in each of its 9 years. Russell started work as an equity analyst at Fidelity International from 2005 to 2008, where he worked with Graham Clapp covering pan-European technology stocks. After Graham left in 2006, he was made assistant portfolio manager to the UK team after a successful stint in the small cap team under Colin Stone. Russell left Fidelity to join Pensato when it was originally set up by Graham – making partner in 2012.

Before joining Fidelity and while still at school, Russell co-founded Dedipower Managed Hosting Ltd in 1997. Dedipower was a cloud hosting business that was successfully sold to Bridgepoint in 2011 and is now part of Pulsant. Russell has since become involved in a number of successful technology start-ups as an investor and also mentors Fintech participants at Level 39.

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