Strategies & Capabilities


Fundamental Value Equity

High Conviction You Can Count On

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 - January 2020 

Our latest Taking Stock newsletter questions whether the momentum driving the valuation gap between Growth and Value stocks is close to breaking point. Also, the team looks at an opportunity in the changing auto industry, while our Consumer research team expands on where they see value in a wide and diverse sector.

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Previous Versions

Value shows signs of life and our Technology team ponder whether value is available in a sector awash with expensive stocks.

As stretched market valuations persist, we seek value among auto and healthcare stocks.

The factors driving market performance and how a “moat” gives companies an edge.


Our Approach


We have a clearly defined interpretation of value that underpins all aspects of our investment approach.


Value

We look for disconnects between the market rating of capital and the productivity of that capital.


Long Term

We believe that there is no correlation between price paid and investment outcome over short periods. Value requires time, patience and resolve.


Fundamental

Low multiples do not always correspond to good value. In-depth analysis is required.


Consistent

To allocate capital globally on the basis of discount to intrinsic value, valuations must be comparable.


Concentrated

We focus on our best ideas, not risk versus a benchmark. All of our strategies have high active share.


Disciplined

We insist on a discount to intrinsic value. That is our “margin of safety.”


Our Approach


We have a clearly defined interpretation of value that underpins all aspects of our investment approach.


Value

We look for disconnects between the market rating of capital and the productivity of that capital.


Long Term

We believe that there is no correlation between price paid and investment outcome over short periods. Value requires time, patience and resolve.


Fundamental

Low multiples do not always correspond to good value. In-depth analysis is required.


Consistent

To allocate capital globally on the basis of discount to intrinsic value, valuations must be comparable.


Concentrated

We focus on our best ideas, not risk versus a benchmark. All of our strategies have high active share.


Disciplined

We insist on a discount to intrinsic value. That is our “margin of safety.”


Our Team


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.
 


Barry Glavin,
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.


Brian Routledge,
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.


Oliver McClure,
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.


Our Strategies


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.

Our Fundamental Value Brochure

Investment Strategies

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


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Footnotes

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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12/31/2020