IFSL Evenlode Global Income
IFSL Evenlode Global Income fund aims to emulate the success of the IFSL Evenlode Income fund, while benefiting from a wider global remit. Managers Ben Peters and Chris Elliott believe the market fundamentally underestimates the value of high quality businesses because of its obsession with short term events. This fund aims to balance the income received today with future dividend growth.
Previously WS Evenlode Global Income
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Our Opinion
IFSL Evenlode Global Income has a clear investment philosophy and a process that has proven to be very successful with WS Evenlode Income. We believe this success can be replicated in a wider global mandate. Since its launch in November 2017, performance has been strong. The managers are not afraid to be radically different from their benchmark, which we applaud, along with their long-term focus. We also like fund’s objective to grow the dividend in the future.
Fund Managers
Ben Peters, Lead Manager
Ben is the co-founder of Evenlode and manages the Evenlode Global Income Fund, which launched in 2017. He has been involved with the Evenlode Income fund since its launch in 2009. Before starting Evenlode, Ben was a physicist, earning a doctorate from the University of Oxford and a first-class degree from University College London. He also holds the Investment Management Certificate and has completed Level 1 of the Chartered Financial Analyst qualification.
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.
Risk
The portfolio is highly concentrated with 30 to 45 stocks. However, these holdings will usually have large diverse international revenue streams. The IFSL Evenlode Global Income fund typically favours more defensive sectors like consumer staples or healthcare. It tends to avoid cyclical sectors, such as financials, basic materials and energy. The managers aim to generate returns with less volatility than their peers.
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 focus on investing only in quality companies and make a point of knowing their holdings inside out. In 2017, Ben Peters was made CEO of Evenlode Investments, which is part of the Wise Group.
Talking Factsheet
IFSL Evenlode Global IncomeBen Peters
Quote from the Fund Manager
As a keen cyclist, going at a steady pace can produce the best results. By consistently applying our investment process through time, we hope to avoid short run burnout for longer term gain.
Ben PetersLead Manager
Ben PetersInvestment process
The investment team take a long term approach, focusing on quality, cash-generative businesses. The team defines quality companies as those with three characteristics: asset-light business models; high barriers to entry which can’t be disrupted easily; finally, their customers’ decision to buy their product or service should not be determined completely by price.
These strict criteria lead to an investable universe of around 100 global companies. The team then selects stocks for the portfolio based on valuation and dividend yield. They will also assess potential business risks.
Risk
The portfolio is highly concentrated with 30 to 45 stocks. However, these holdings will usually have large diverse international revenue streams. The IFSL Evenlode Global Income fund typically favours more defensive sectors like consumer staples or healthcare. It tends to avoid cyclical sectors, such as financials, basic materials and energy. The managers aim to generate returns with less volatility than their peers.
ESG
ESG - Integrated
As part of the investment process, Evenlode looks at a range of ESG risks and opportunities that have the ability to affect a company’s profitability and long-term competitiveness, and also have the potential to create a positive impact in the economy and society more broadly. 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 chain 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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