‘The four most expensive words in the English language are: ‘This time it’s different.’’ Sir John Templeton. Amid another lockdown here in the UK, we must all look for new ways of entertaining ourselves at home. In a clear sign of lack of imagination, my source of extracurricular entertainment this week was to revisit the “Nifty Fifty” stock … Read more ► about This time it’s different?
Havelock London was founded in September 2017 in the belief that decisions based on data can support the long-term, disciplined approach required for successful investing.
The world is experiencing a revolution in the availability of data and the technology to analyse it. We believe this presents investors with an unprecedented opportunity to make better decisions by being more objective about the long-term value of the assets they own. In a world drowning in information, these decisions can only be made by knowing how to filter the data, understand it, and recognise what really matters.
We invest in a small number of companies where we have developed an in-depth understanding of their business. We look for a track record of strong operating performance, financial discipline and a purchase price that does not require undue optimism about the future. As long-term investors, company valuations matter to us as a great business will only make for a great investment at the “right” price.
Our approach is to estimate what we think a company is worth, by using data about its underlying business. We want to understand how it generates its profits and then form a view about what the future might reasonably hold. We analyse a range of possible outcomes and our statistical mindset helps us quantify the likelihood of each and guards against our decisions being clouded by emotion. Our core objective is to ensure that our portfolio is robust in a range of scenarios.
We have developed a range of proprietary software which makes our investment process disciplined and efficient. These tools also make our process scalable in addition to ensuring consistency and accountability with respect to every decision we make. We believe that the use of technology can leverage our ability to generate ideas, understand context and focus on what really matters.
Matthew Beddall | Chief Executive Officer
Matthew worked at Winton for 17 years, eight of which he served as Chief Investment Officer. As CIO, he had responsibility for overseeing the firm's investment activities, including the flagship Winton Futures Fund. During his tenure, Winton grew to have $32 billion in assets making it one of the largest hedge funds in Europe. He also sat on the Board as a Director, and on the Executive Committee.
Matthew previously graduated with a degree in Mathematics and Computer Science, and went on to earn a Master’s degree in Applied Statistics. His extensive professional experience has given him a strong set of investment beliefs, all of which he applies to his own money within the LF Havelock Global Select Fund.
Neil Carter | Chief Commercial Officer
Neil worked at Jupiter Asset Management for over 13 years, where he held a number of roles including Head of Strategy for Global Financial Institutions. He was responsible for distributing Jupiter’s products both in the UK and internationally, during which time he developed an in-depth understanding of the global investment management market.
Before Jupiter, Neil worked at Fidelity for four years, after graduating from his degree in Physics. He completed his Executive MBA at Henley Business School, where his dissertation focused on the importance of re-building customer trust in financial services. This focus on putting customers first has been embedded in the company’s culture from day one.
It was the winter of 1928 when JFK’s father, Joe Kennedy, was said to have received a stock tip from a shoeshine boy – “Buy Hindenburg”. The story goes that Joe went straight to his office and sold everything, reasoning that it must be time to sell when the shoeshine boy gives you stock tips. Markets are often characterised as being driven by … Read more ► about Where can I find a shoeshine boy?
Much ink has been spilled on the relative merits of “growth” verses “value” stocks. As there are around 90,000 public companies classifying them into one of two groups is, by necessity, always going to be a little vague! So much so, that I wonder if these labels convey as much meaning as many assume? Our ideal investment would represent both good … Read more ► about Growth Windows or Value Ploughs?