STRONG MACRO APPROACH DRIVES PORTFOLIO CONSTRUCTION
Fund manager Mike Willans begins his investment process with an evaluation of the US economy and prospects for growth. He identifies the current stage of the cycle and his judgement feeds directly into his bias towards defensives or cyclicals and his sector allocation.
INVESTS ACROSS THE MARKET-CAP SPECTRUM
The fund invests in large, medium and smaller companies. For small- and mid-cap selection, top-down analysis is supplemented with bottom-up research, including company visits and conferences. Above all, the manager seeks companies that will prosper due to their market positions, products, superior management and financial strength.
FOCUS ON VALUE
The fund tends to have a value bias and the manager relies less on forecasting because of its inherent unreliability. Instead, he favours companies with low debt, strong cash flow and a high return on equity. Holdings are typically less expensive than the market average and peer group portfolios.
HIGH CONVICTION, UNCONSTRAINED STYLE
With its concentrated portfolio, the fund takes positions that may diverge significantly from the consensus. The manager employs a contrarian slant that allows him to find opportunities where others are afraid to look. He is able to take an unconstrained approach to managing the portfolio and is not tethered to the market, resulting in pure active management, not a closet index tracker.
Willans has more than 25 years of investment experience. He joined Canada Life Investments in October 1999 and was appointed Head of International Equities in March 2010. Mike heads up an experienced team that can also draw on the insights of other equity and fixed income specialists at Canada Life Investments.
Past performance is not a guide to future performance. The value of investments may fall as well as rise and investors may not get back the amount invested. Income from investments may fluctuate. Currency fluctuations can also affect performance. Performance figures are on a bid to bid with net income reinvested basis. Valuations are based on the previous day's prices.
Mike Willans uses a blend of top-down macro views and bottom-up stock selection to identify investment ideas in which he has the highest conviction. He takes aggressive sector views that are dictated by the stage in the economic cycle. The resulting portfolio contains a broadly equal split between large companies and small and medium cap stocks.
Head of International Equities
Mike joined Canada Life Investments in October 1999 and was appointed Head of International Equities in March 2010.
He currently manages Global and North American equities. Mike's investment experience stretches back to 1986 when he worked as a fund manager at Kleinwort Benson. After five years at Manulife, Mike went to Lazards as Head of Japanese Equities in 1995, moving to NPI before joining Canada Life Investments.
Interested in this fund and would like to find out more?
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CANADA LIFE INVESTMENTS HEAD OFFICE
T: +44 (0)20 7415 6490