01
Understand the business
Examine its economics, competitive position and the assumptions behind future earnings.
ANNEAU–GESTIONS · Investment approach
Public Equities
Ownership, business quality and the price paid for future expectations.
ExplorePurpose before portfolio
Look beyond the share price.
Listed equities represent ownership interests in businesses. Analysis considers how a company earns money, the durability of its position, its financial structure and the expectations reflected in its valuation.
A business can be attractive without its shares being attractively priced. Portfolio fit also depends on existing exposures, liquidity and the institution’s capacity to absorb losses.
A disciplined assessment
Evidence before allocation.
02
Assess the price
Consider a range of possible outcomes rather than treating one valuation estimate as certain.
03
Consider the portfolio
Assess position size and overlapping exposures alongside liquidity and mandate limits.
The investment process
From mandate to monitored portfolio.
Fundamental company research, macroeconomic context and technical evidence inform a connected investment process.
The mandate comes first.
Investment objectives, risk tolerance, constraints, relevant tax considerations and permitted instruments are established through the applicable investment management agreement, investment policy statement, guidelines or fund documents. Client onboarding and applicable identity and anti-money-laundering checks precede implementation.
Asset allocation
Set the equity allocation in the context of the whole portfolio, then consider geography, currency, sector, company size and investment style.
Considerations Economic and credit cycles; market conditions; diversification; institutional risk and liquidity constraints.
Stock and security selection
Examine the business, its financial position, management and governance. Test the investment case through cash-flow valuation, relative multiples and relevant market evidence.
Considerations Competitive position; revenue and margin development; cash-flow resilience; capital allocation; valuation and downside assumptions.
Trading and execution
Translate the approved investment decision into an execution approach consistent with the mandate, the instrument and prevailing trading conditions.
Considerations Order size; available liquidity; timing; commissions; bid–ask spreads; price impact and the applicable best-execution policy. Derivatives only where permitted.
Monitoring, attribution and reporting
Review holdings and portfolio exposures, assess performance and its drivers, and revisit the investment rationale as evidence changes.
Considerations Risk-adjusted outcomes; benchmark-relative attribution where relevant; concentration; liquidity; rebalancing and reporting.
Ongoing review feeds back into allocation and security selection.
Strategic conviction. Tactical flexibility.
The strategic equity approach emphasises business quality, governance, sustainable earnings and the relationship between price and value. Growth and value disciplines can be combined, or applied separately where the mandate calls for a defined style.
Tactical decisions draw on macroeconomic research, market information and technical analysis to assess shorter-term changes in pricing and positioning. Their use remains subject to turnover, transaction costs, risk limits and the investment horizon; neither approach assures excess returns.
Keep the risks in view
Opportunity is not certainty.
Equity prices can fluctuate materially. Business deterioration, valuation changes, currency movements and market conditions can all lead to loss.
Explore further
Keep the whole portfolio in view.
This describes an investment framework, not a personalised recommendation or a commitment to offer every asset class. Availability depends on the responsible entity’s permissions and the agreed mandate. Investments involve risk and capital is not guaranteed.