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.
Taking Stock - October 2019
Our latest Taking Stock newsletter considers whether the September rise in value stocks represents a sustainable shift in market sentiment, looks at an opportunity in the growing Chinese convenience food market, and asks our Technology team whether value is available in a sector awash with expensive stocks.
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.
Chief Investment Officer
Barry is the Chief Investment Officer of SSGA’s Dublin-based Fundamental Value Equity Team, having joined the business in 2006. He is also the Portfolio Manager responsible for the International Value Spotlight Strategy.
Head of Portfolio Management
Brian Routledge joined the Fundamental Value Equity Team in January 2007. Brian manages both the Global Spotlight Strategy and USA Spotlight Strategy and is Head of Portfolio Management.
Head of Research
Oliver McClure joined the Fundamental Value Equity Team in January 2012 as a Research Analyst specializing in the global financials sector. He was appointed Head of Research in December 2018.
We invite you to learn more about our unconstrained, concentrated portfolios of equities that we believe to be undervalued relative to their long-term earnings power.
Global Value Spotlight Strategy
Europe Value Spotlight Strategy
Eurozone Value Spotlight Strategy
International Value Spotlight Strategy
Asia Pacific Spotlight Strategy
US Value Spotlight Strategy
Global Value Strategy
Global Ethical Value Strategy
For investment professional use only.
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.
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