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Europe Value Spotlight Strategy

Investment Objective

The Strategy seeks to provide long term capital growth.


Investment Strategy

Primarily equities of companies in the MSCI Europe Index; and may include other companies.

The Strategy uses a fundamental research based investment process to build a concentrated portfolio of European equities we believe to be undervalued. We seek to exploit valuation anomalies in the belief that in the long run share prices should ultimately reflect a company's sustainable earnings power. The concentrated nature of the Portfolio ensures that our investments are active, high conviction positions, focused on what, we believe, are our most compelling opportunities. SSGA employs the following constraints in managing the Strategy:

  • Maximum Number of Stocks: 40
  • Minimum Number of Stocks: 30
  • Maximum Individual Stock Position: 10%
  • Maximum Equity: 100% of the portfolio
  • Minimum Equity: 90% of the portfolio

SSGA seeks to outperform the Index over the long term and does not have a specified tracking error limit. There can of course be no assurance that any Strategy will achieve that level of performance.

As part of its proxy voting program, SSGA is offering eligible investors that hold units in certain Portfolios a range of voting policies that can be applied to the voting of shares held in that Portfolio. Investors in these select Portfolios may, from time to time, enter into arrangements with SSGA pursuant to which such investors direct that a pro rata portion of shares held by the Portfolio attributable to such investors be voted pursuant to a voting policy made available by a third party proxy voting administrator. For a Portfolio structured as a pooled investment vehicle, an investor’s choice of voting policy and the voting of shares in accordance with such policy may not reflect, and may in fact conflict with, the concerns and values of one or more other investors in the Portfolio. To the extent that shares held by the Portfolio are voted pursuant to SSGA’s proxy voting program, there is a risk that such shares may be voted in a way that is different to how other equivalent shares held by the Portfolio are being voted. Please also refer to “Essential SSGA: A Summary of State Street Global Advisors’ U.S.-Domiciled Commingled Funds, U.S.-Managed Separately Managed Accounts and Related Conflicts of Interest” for additional information on SSGA’s policy on proxy voting and the risk factors associated with the SSGA proxy voting program.

The availability of the SSGA proxy voting program is subject to any applicable regulatory, operational (including in respect of fractional voting rights), local market (including any applicable local restrictions on split voting), tax, cost or other constraints of the third party proxy voting or SSGA. SSGA reserves the right to suspend or cancel, in full or in part, the SSGA proxy voting program (in any one instance or more broadly), including with immediate effect, if required by applicable law or regulation or if SSGA otherwise considers that such action is appropriate. This may result in shares being voted in accordance with the SSGA’s proxy voting policy rather than in accordance with an investor’s choice of voting policy.


The MSCI Europe Index is a trademark of MSCI Inc.

There are risks involved with investing, including possible loss of principal. You should refer to the Strategy's Disclosure Document (SDD) for a complete description of the risks of investing in the Strategy. Please contact SSGA's relationship management team for a copy of the SDD.