IFSL Evenlode Global Equity

Evenlode focuses exclusively on 'quality' companies, which are characterised by their ability to achieve sustainable growth over time while minimising the need for additional capital reinvestment. This fund is a concentrated portfolio of these quality companies from across the world.

Previously called WS Evenlode Global Equity

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Talking Factsheet
Investment process
ESG

Our Opinion

IFSL Evenlode Global Equity has, unsurprisingly, been a success story since its launch. It has benefitted from having two very impressive fund managers. Its success has also been driven by the clear and proven investment process used by the team across its strategies, as well as the in-house software system called ‘Eddie’ which helps the team find these high-quality cash-generative companies that have provided consistent outperformance.

Fund Managers

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Fund Managers

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Chris Elliot, Co-Manager Chris studied Mathematics and Economics at Cambridge University before working as a senior software engineer at Oxford University Press for five years. He joined Evenlode Investment Management in March 2015. Chris is a member of the CFA Society of the UK and has passed all three levels of the Chartered Financial Analyst (CFA) qualification.

James Knoedler, Co-Manager James has been co-managing Evenlode Global Equity since its launch in July 2020 and Evenlode Global Opportunities since May 2021. Before joining Evenlode, he worked as an Equities Analyst at Independent Franchise Partners and held positions as an Investment Analyst at Arisaig Partners and Newlands Investment Management. James graduated with a first-class degree in English from Oxford University and holds a Master’s in Finance from the London Business School.

Chris Elliot, Co-Manager Chris studied Mathematics and Economics at Cambridge University before working as a senior software engineer at Oxford University Press for five years. He joined Evenlode Investment Management in March 2015. Chris is a member of the CFA Society of the UK and has passed all three levels of the Chartered Financial Analyst (CFA) qualification.

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James Knoedler, Co-Manager James has been co-managing Evenlode Global Equity since its launch in July 2020 and Evenlode Global Opportunities since May 2021. Before joining Evenlode, he worked as an Equities Analyst at Independent Franchise Partners and held positions as an Investment Analyst at Arisaig Partners and Newlands Investment Management. James graduated with a first-class degree in English from Oxford University and holds a Master’s in Finance from the London Business School.

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Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Global

Gearing-

Fund Size-

Fund Manager Start Date 15 July 2020

Ongoing Charges Figure (OCF) -

Annual Management Charge (AMC) -

Fund Performance

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Risk

A risk committee, comprising the CEO, CFO, COO, and Operations Manager, meets quarterly to monitor business risk and report to the Board. Risk management is at the heart of the investment process. They assess all companies in their universe on 10 risk factors and score them from A (best) to E (worst). Risk factors include aspects like moat strength, pricing power, balance sheet, ESG etc. They also hold maximum position meetings, where bull and bear cases are presented on each holding. Both this and the risk scores help them decide on maximum position sizes.

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Risk: 6

Company Description

Evenlode Investments is an independent, equity-focused investment firm, based in rural Oxfordshire. The firm defines both its investment and its business philosophy as long-term. It builds lasting relationships with its clients and invests alongside them. The team focuses on investing only in quality companies and makes a point of knowing the companies inside out.

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Fund Performance

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Risk

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A risk committee, comprising the CEO, CFO, COO, and Operations Manager, meets quarterly to monitor business risk and report to the Board. Risk management is at the heart of the investment process. They assess all companies in their universe on 10 risk factors and score them from A (best) to E (worst). Risk factors include aspects like moat strength, pricing power, balance sheet, ESG etc. They also hold maximum position meetings, where bull and bear cases are presented on each holding. Both this and the risk scores help them decide on maximum position sizes.

Company Description

Close

Evenlode Investments is an independent, equity-focused investment firm, based in rural Oxfordshire. The firm defines both its investment and its business philosophy as long-term. It builds lasting relationships with its clients and invests alongside them. The team focuses on investing only in quality companies and makes a point of knowing the companies inside out.

Talking Factsheet

Talking Factsheet

IFSL Evenlode Global Equity

Chris Elliott

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Investment process

Evenlode's primary focus is on 'quality' companies that can achieve sustainable growth over time with minimal capital reinvestment. These companies typically possess intangible assets that create high barriers to entry, offer products and services valued beyond price, operate in growing markets, and proactively reinvest in their core competitive advantage.

The proprietary research and portfolio management software system, “Eddie”, helps the team identify compelling valuation opportunities, which the managers will discuss in their weekly investment team meetings. Eddie is also used as part of the ongoing, daily portfolio management and research process.

In essence, Evenlode's investment approach revolves around identifying market-leading companies with high cashflow returns on capital, manageable business risks, and limited financial leverage. The aim is to generate returns through the growth of fundamental value over time, driven by the favourable economics of the underlying business and organic compounding of free cash flow.

Risk

A risk committee, comprising the CEO, CFO, COO, and Operations Manager, meets quarterly to monitor business risk and report to the Board. Risk management is at the heart of the investment process. They assess all companies in their universe on 10 risk factors and score them from A (best) to E (worst). Risk factors include aspects like moat strength, pricing power, balance sheet, ESG etc. They also hold maximum position meetings, where bull and bear cases are presented on each holding. Both this and the risk scores help them decide on maximum position sizes.

ESG

ESG - Integrated
Evenlode integrates ESG considerations into its investment philosophy, believing that they can enhance returns and create positive societal impact. ESG factors are part of the risk management framework, involving all team members and specialist Stewardship Analysts.

The managers believe that several environmental and social risks have evolved into long-term business risks. So, as part of their ESG analysis and engagement, they analyse companies’ impacts surrounding several environmental issues including climate change, biodiversity, deforestation and plastic pollution, regularly monitoring companies’ emissions and climate targets. They also look at social issues surrounding companies’ operations, supply chains and products and services. Understanding the materiality of these specific ESG factors for a given company plays an important role in how they integrate ESG into their investment process.

These considerations contribute to both the initial selection of potential investments, and the ongoing engagement activities they have with portfolio holdings.

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