Landseer Global Artificial Intelligence
Previously the Sanlam Global Artificial Intelligence fund
This fund 'eats its own cooking' using an artificial intelligence (AI) system to help find companies whose business models are aligned to benefit from this growing theme. The fund is unconstrained in that it can invest in businesses of almost any size and in more than just technology stalwarts; around half of the portfolio can be found in the healthcare and consumer-related sectors.
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Chris Ford, Co-Manager Chris Ford is Head of Growth Equities at Landseer and co-manages the Landseer Global Artificial Intelligence fund, along with other mandates. He began his investment career at Schroders before moving to Edinburgh to co-manage Aegon’s North American and Technology funds. In 2006, he joined Pictet, before moving to Smith & Williamson in 2015, where he developed and launched the Global Artificial Intelligence fund. He joined Sanlam in 2021 to continue managing the strategy, before moving with the fund to Landseer. Chris holds a BA (Hons) in Music from the University of Nottingham, an MMus from the University of Glasgow, an MBA from the University of Edinburgh, and the IMC.
Tim Day, Co-Manager Tim Day is co-manager of the Landseer Global Artificial Intelligence fund. He began his investment career at Robert Fleming, spending five years in New York managing US equity portfolios. He went on to run US equities at Fleming Investment Management, global equities at Henderson Global Investors, and both global and US equities at Pictet Asset Management. In 2015, Tim joined Smith & Williamson, where he co-managed the Global Artificial Intelligence fund alongside Chris Ford. The pair moved to Sanlam in 2021 before transferring with the strategy to Landseer. Tim holds a BSc (Hons) in Social Sciences, History, and Philosophy from the University of Bath.
Chris Ford, Co-Manager Chris Ford is Head of Growth Equities at Landseer and co-manages the Landseer Global Artificial Intelligence fund, along with other mandates. He began his investment career at Schroders before moving to Edinburgh to co-manage Aegon’s North American and Technology funds. In 2006, he joined Pictet, before moving to Smith & Williamson in 2015, where he developed and launched the Global Artificial Intelligence fund. He joined Sanlam in 2021 to continue managing the strategy, before moving with the fund to Landseer. Chris holds a BA (Hons) in Music from the University of Nottingham, an MMus from the University of Glasgow, an MBA from the University of Edinburgh, and the IMC.
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Tim Day, Co-Manager Tim Day is co-manager of the Landseer Global Artificial Intelligence fund. He began his investment career at Robert Fleming, spending five years in New York managing US equity portfolios. He went on to run US equities at Fleming Investment Management, global equities at Henderson Global Investors, and both global and US equities at Pictet Asset Management. In 2015, Tim joined Smith & Williamson, where he co-managed the Global Artificial Intelligence fund alongside Chris Ford. The pair moved to Sanlam in 2021 before transferring with the strategy to Landseer. Tim holds a BSc (Hons) in Social Sciences, History, and Philosophy from the University of Bath.
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Quote from the Fund Manager
We are at the start of the adoption of Artificial Intelligence. Companies able to capture the opportunity will enjoy considerable competitive advantages, across diverse sectors and markets.
Chris Ford
Co-Manager
Investment process
Chris uses a powerful system to analyse thousands of financial statements for keywords and phrases that indicate companies are incorporating AI into the future growth of their business model. This system also uses language translation to remove any country bias.
Initial screens will then remove stocks under £250m market capitalisation, which leaves an investable universe of around 500 stocks. These companies will not just be technology companies: they can be from any sector, but must have a core element of their future growth based around the benefits of implementing AI.
A more traditional fundamental analysis approach then follows: Chris and his team of analysts test the companies to ensure revenues are derived from AI. This is done by looking at five factors; the use of algorithms, sensing, AI application, high-powered computing, and data. More standard company fundamentals such as cash generation and balance sheet strength are also crucial considerations.
Risk
While Chris is valuation conscious, there remains a bias towards the growth style of investment, which can go in and out of style. However, the spread of stocks from different sectors and diversified revenue streams, make it more diversified than a pure technology fund. The portfolio is concentrated at around 35 names and can invest across the market cap spectrum, meaning there can be relatively large positions in smaller companies, increasing the level of risk.
ESG
ESG - Integrated
All Landseer funds integrate ESG factors into their research and decision-making processes. Their approach is fund manager-led and the investment team also has access to third-party data providers that report companies’ underlying ESG risks. These are incorporated alongside the managers’ own fundamental bottom-up analysis to assess potential risks to performance or ensure they are investing in a company that displays characteristics associated with responsible financial practices. The fund’s investment process identifies and focuses on a universe of transformative companies that address the world’s most pressing needs.
Landseer is finding that, increasingly, these themes are dominated by Environmental and Social concerns. It believes that understanding corporate culture is of paramount importance in making successful investments, and invests a lot of time in looking to understand the governance and incentive structures within its portfolio companies. Landseer engages with the management teams of the companies in which it invests, votes proxies, and is partnering to develop AI tools to help deliver greater ESG oversight.
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