His bottom-up method properties in on corporations with long-term historic development in income and earnings, and/or a possible for superior future development.
Ayer’s funding course of additionally hunts down trade leaders which can be innovators of their fields, which have enterprise methods centered on sustainable aggressive benefits. He additionally favours company cultures that emphasise sturdy, high quality and skilled administration, and prefers companies with low or no debt, and engaging relative valuations.
A quarterly commentary for the technique outlined the way it excelled throughout Q2 of this yr, when international fairness markets surged and confounded most market pundits. Ayer’s inventory choice throughout this era – whether or not seen by means of sector or areas – was very efficient.
‘This quarter has spotlighted the benefit of proudly owning enterprise with moat-aligned, adaptable cultures which can be utilizing the present surroundings to strengthen their aggressive place,’ it said.
The fund’s prime 10 holdings account for 38.1% of property below administration, in accordance with the latest truth sheet. The biggest holding is Shopify, an ecommerce firm, which makes up 6.5% of the portfolio.
The subsequent largest positions are West Pharmaceutical Providers, which designs and manufactures packaging, and Mercadolibre, an Argentine on-line market. Every of those accounts for 4.6% of the fund. Different distinguished positions embrace Visa, Taiwan Semiconductor, and Tencent Holdings.
Ayer, who’s a portfolio supervisor and enterprise analyst with WCM, is a member of the funding technique group for the agency’s international basic development funds. His major tasks are portfolio administration and fairness analysis.
Based mostly: Orange County, US
Funds: Heptagon WCM World Fairness CED EUR Inc, WCM Worldwide Small Cap Progress Instl
Sectors: Fairness – World, Fairness – World ex US Small & Medium Corporations
Supervisor ratio: 1.52
Private efficiency for 3 years to 31 Might 2020: 50.8% (common supervisor 8.8%)
This text initially appeared within the Euro Stars 2020 publication, which got here out in September.