Havelock London is a privately owned asset manager, with a value investing philosophy. We invest in public market global equities through a single fund, WS Havelock Global Select.
Companies with a healthy return on invested capital with low leverage, a durable competitive position, and honest, capable management.
A company's earnings, cashflow and balance sheet assets are all potential sources of value. Detailed analysis results in us forming a view of what it's worth.
Companies trading at a discount to our view of their intrinsic value. Being long-term and doing thorough research are our sources of edge.
Our ability to foretell the future is limited. This means we seek investments that do not require undue optimism to think that they can produce an attractive return.
An objective, structured process, which guards against emotional decision-making. This uses a combination of qualitative and quantitative analysis.
We consider the views of others and speak to management where it helps, but always undertake our own research and form our own independent views.
Like all classifications they are imperfect, but they provide a helpful lens through which to view the portfolio.
Typically a mid-cap, under-researched company with a strong and durable competitive advantage and whose share price doesn’t fully reflect its long-term prospects.
A company whose valuation is underpinned by owning a scarce or high-quality asset, which provides some natural inflation-proof characteristics.
A fundamentally sound company that is undergoing change, has potential catalysts to unlock value, or is misunderstood.
The fund invests in the shares of global companies and aims to achieve investment growth over 3–5 years. We invest our own money in it, alongside our clients.
You will receive monthly factsheets, quarterly newsletters and occasional thought pieces.
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