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Industry Voice: European equities: Finding the diamonds in the rough

  • Carmignac
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Advisers and investors may ask themselves whether there are good reasons to consider Europe for investing. Carmignac’s Head of European Equities and Fund Manager Mark Denham argues that if you know where to look, there is much to be optimistic about.

Carmignac's Head of European Equities and Fund Manager Mark Denham is convinced of Europe's potential. Denham is a stock-picker who understands businesses from the bottom up and selects companies for their individual characteristics and prospects rather than taking a regional top-down view or emphasising sectors. "There is always something happening" he says. "As an investor, and especially as a stock-picker, you need to find the diamonds in the rough - and Europe has plenty. It's more a matter of finding them."

As such, Denham follows a simple philosophy: he focuses on companies that can demonstrate high and sustainable profitability and reinvest profits internally for future growth. "Whatever the background, I will always look for companies which can grow under their own steam and are less reliant on the economic background to generate good long-term returns," he says.

Being socially responsible is an important factor for good long-term prospects, and Denham therefore integrates this thinking within his investment process: "I think it's a mistake to consider ESG or SRI as a separate part of the process, as it is as important as financial criteria in assessing which businesses have the best long-term prospects." Sector allocation is therefore driven by stock-picking, rather than the opposite: "We have no sector bias, we can invest in the pharmaceutical sector or the industrial and consumer arena, wherever our investment process brings us."

Denham's selective criteria and sustainability filters naturally encourages him to invest in innovative companies. "Innovation is critical for future success" says Denham. "The world is now changing at a pace never seen before. In the past, companies could follow the same strategy for 30 years. Those days are gone, industries need to change fast, at least as fast as consumers' preferences are changing if they want to stay in the game.  And when we talk about innovation, we do not only mean technology." He believes innovation can come in many shapes and sizes, often tech is just the enabler. According to Denham, the diversity of sectors where innovation is taking hold is bigger than we may think, offering a great selection of opportunities across European equity markets.

 

PROMOTIONAL MATERIAL. This document is intended for professional investors. Important legal information: FP Carmignac ICVC (the "Company") is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the "FCA") with effect from 04/04/2019 and launched on 15/05/2019. FundRock Partners Limited is the Authorised Corporate Director (the "ACD") of the Company and is authorised and regulated by the Financial Conduct Authority. Registered Office: Second Floor, 52-54 Gracechurch Street, London EC3V 0EH, UK. Carmignac Gestion Luxembourg SA, UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013) has been appointed as the Investment Manager and distributor in respect of the Company. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. This document does not constitute a subscription offer, nor does it constitute investment advice. Access to the Fund may be subject to restrictions with regard to certain persons or countries. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. The Fund is not registered in North America, in South America, in Asia nor is it registered in Japan. The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a U.S. person, according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risks and fees are described in the KIID (Key Investor Information Document). The Fund's prospectus, KIIDs and annual reports are available at www.fundrock.com or upon request to the Investment Manager. The KIID must be made available to the subscriber prior to subscription. This material was prepared by Carmignac Gestion Luxembourg SA and is being distributed in the UK by Carmignac Gestion Luxembourg SA, UK Branch.

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