We deliver the distinct exposures that investors expect from an unconstrained fundamental value manager. Across all phases of the market cycle, our process and portfolios reflect a consistency and conviction that is increasingly hard to find.
Our Latest Thinking
To learn more about our thoughts on the trends creating opportunities for value investing, explore our quarterly Taking Stock newsletter.
Taking Stock - September 2020
Equity markets have been led back to record highs by an increasingly narrow and richly-valuedcohort of stocks. It’s not the first time such a scenario has occurred, and it seems an appropriatetime to dust off the history books to see how past experiences have played out.
The factors driving market performance and how a “moat” gives companies an edge.
We have a clearly defined interpretation of value that underpins all aspects of our investment approach.
We look for disconnects between the market rating of capital and the productivity of that capital.
We believe that there is no correlation between price paid and investment outcome over short periods. Value requires time, patience and resolve.
Low multiples do not always correspond to good value. In-depth analysis is required.
To allocate capital globally on the basis of discount to intrinsic value, valuations must be comparable.
We focus on our best ideas, not risk versus a benchmark. All of our strategies have high active share.
We insist on a discount to intrinsic value. That is our “margin of safety.”
Our Dublin based team of portfolio managers and research analysts bring deep experience and specialist knowledge to each step of our investment process.
The Fundamental Value Equity Team consists of four portfolio managers and seventeen research analysts, each specializing in global sectors and industries. On average the team has 20 years of industry experience and 9 years tenure at the firm.
CIO, Fundamental Value Equities
CIO, Fundamental Value Equities
Barry Glavin is Senior Managing Director and the Chief Investment Officer of State Street Global Advisors Dublin-based Fundamental Value Team and the Portfolio Manager responsible for the International Value Spotlight Strategy. Barry is a member of the SSGA Ireland Senior Management Group, a member of the SSGA Investment Committee and sits on the SSGA Executive Management Group.
Brian Routledge joined SSGA's Dublin-based Fundamental Value Team in January 2007. Brian manages both our Global Value Spotlight Strategy and our USA Value Spotlight Strategy and is Head of Portfolio Management.
Oliver McClure joined SSGA's Dublin-based Fundamental Value Team in January 2012 as a Research Analyst, specialising in the global financials sector, and was appointed Head of Research in December 2018.
Investing involves risk including the risk of loss of principal.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.
The views expressed in this material are the views the Fundamental Value team through the period ended September 30, 2019 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
This information is for informational purposes only, not to be construed as investment advice or a recommendation or offer to buy or sell any security. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. There are no guarantees regarding the achievement of investment objectives, target returns, portfolio construction, allocations or measurements such as alpha, tracking error, stock weightings and other information ratios. The views and strategies described may not be suitable for all investors. SSGA does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision. Investing entails risks and there can be no assurance that SSGA will achieve profits or avoid incurring losses.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.
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