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US Equity

The US equity market provides a wealth of diverse and interesting investment opportunities. The team has invested long-short in US equities for over 16 years and as fundamental stock pickers we look for investments that come from understanding changing company or industry dynamics. Our approach is based on a philosophy of protecting our client's investment and patiently waiting for opportunities.  Taking a long-short approach allows us to deliver a risk and return profile that is complementary to other assets including long-only US equity exposure. 

 

Key Features

Highly experienced and long-standing investment partnership. Mike Corcell and Alex Robarts have managed long-short equity funds together since 2005. Aside from being one of the most experienced teams in the industry this longevity provides the strongest framework and discipline around our investment process.

An undiluted focus on stock picking and absolute returns. For the companies we invest in this means we focus on situations where capacity is being added to or taken out of an industry as the resulting change in pricing power is often overlooked by the market. We do not invest in credit sensitive financials or healthcare. Instead we focus on sectors of the market where there is transparent and regular industry data such as retail, hotels, autos, gaming and housing.  Similarly we look to take advantage of companies or industries operating at the trough or peak of their cycle. Historically, the market has tended to pay peak multiples for peak fundamentals and vice versa and we look to exploit this at turning points in the fundamentals.

A deep belief in capital preservation. The process we use has evolved and only focuses on managing absolute return strategies. This means we are totally focused and every decision we make forms part of the absolute return mindset. At the heart of this approach is a highly disciplined mind-set that avoids making decisions that could lose our clients’ significant amounts of their capital.  The team’s 11 years’ experience through very challenging markets provide the strongest evidence for the consistency of their approach.  From time to time investors will be asked to be patient as we focus on risk rather than making returns, however over the long-run we believe this is the right approach for our clients.  

TEAM

Mike Corcell

Mike joined RWC in 2009 to establish the US equity team, where he employs a similar approach to that which he successfully adopted in the past. Mike previously worked for SAC where he managed a US long/short equity fund based in London, and Threadneedle Investments. Mike joined Threadneedle in 2003 to launch and manage the US long/short "American Crescendo" strategy.

Mike's disciplined approach to fundamental analysis and stock picking saw the fund generate strong risk-adjusted performance over the 5 years it was under his sole management. The fund was runner-up in the Eurohedge Global Fund of the Year in 2007 and was in 2008 featured in Barron's "World's 75 Best Hedge Funds" for the trailing 3 year period. Prior to Threadneedle, Mike worked as an Analyst at Karsch Capital. Mike graduated from Colgate University in New York.

Alex Robarts

Alex has been well-known to Mike for over ten years. He joined RWC in September 2009 from Threadneedle Investments where he worked with Mike from 2005 as an Analyst in the US equity team. Previously, Alex worked as an Analyst in US, Canadian, Japanese and Asia Pacific markets for Insight Investments and Rothschild Asset Management.

He started his career at Morley Fund Management in 1997. Alex holds an MA Hons from Edinburgh University.

Mike Corcell

Mike joined RWC in 2009 to establish the US equity team, where he employs a similar approach to that which he successfully adopted in the past. Mike previously worked for SAC where he managed a US long/short equity fund based in London, and Threadneedle Investments. Mike joined Threadneedle in 2003 to launch and manage the US long/short "American Crescendo" strategy.

Mike's disciplined approach to fundamental analysis and stock picking saw the fund generate strong risk-adjusted performance over the 5 years it was under his sole management. The fund was runner-up in the Eurohedge Global Fund of the Year in 2007 and was in 2008 featured in Barron's "World's 75 Best Hedge Funds" for the trailing 3 year period. Prior to Threadneedle, Mike worked as an Analyst at Karsch Capital. Mike graduated from Colgate University in New York.

Alex Robarts

Alex has been well-known to Mike for over ten years. He joined RWC in September 2009 from Threadneedle Investments where he worked with Mike from 2005 as an Analyst in the US equity team. Previously, Alex worked as an Analyst in US, Canadian, Japanese and Asia Pacific markets for Insight Investments and Rothschild Asset Management.

He started his career at Morley Fund Management in 1997. Alex holds an MA Hons from Edinburgh University.

CONTACT US

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