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(2008-07-11 16:06:05)

















3.1. NCO is a highly successful UK fund management company with a considerable reputation and track record investing in international markets.  Our key strengths are:
3.1. NCO是英国一家优秀的基金管理公司,在国际投资市场里声誉显赫、业绩非凡。本公司的关键优势是:

Business focus
Our sole activity is investment management, giving us a powerful focus.  Over 70% of our mandates are of a global nature and we have managed money on a global basis for over 25 years.

Performance culture
NCO are pioneers in investment performance accountability with over 95% of segregated clients remunerating us through performance related fees. This performance driven culture permeates through every decision we make, across corporate decision-making and of course investment selections. Our whole set-up is geared towards increasing the net worth of our clients.  This culture encourages teamwork, team accountability and team focus on pursuing every basis point of investment performance for our clients. 

Global perspective from a single location
The core of our investment philosophy is unchanged from our inception over 25 years ago.  We believe that a global comparison of companies is the best method of stock analysis. Though we think globally, we are consciously and deliberately based in a single location, London. This is in stark contrast to the majority of competitors and affords us some major advantages. Assessing global stock comparisons from a ‘neutral’ single location enables us to remain focused on objective decision-making as opposed to being caught up in local ‘noise’. We also avoid having to justify the expense of regionally located research teams, such as making local recommendations regardless of conviction and have greater control over prioritising the strongest global research ideas.
自创立之初,我们的核心投资理念25年以来从未发生改变。我们认为对所有的公司在全球范围内进行比较是股票分析的最好方法。我们总是站在全球的高度思考问题,但又自觉而特意地仅立足于一个地方 - 伦敦。这与我们大多数的同行们形成了鲜明的对比,也使我们具有几大优势。因为我们是从一个“中立”的地方来评估全球股票的特点,这样,我们就能够做出客观的决策,而免于受到当地“噪音”的干扰。我们也不必烦心于分布在各地区的研究团队的费用问题,不会违心地提出只对当地有利的建议,我们由此具有更强的控制力,就可优先地考虑那些最具说服力的着眼于全球的投资想法。

Efficient idea generation and rapid implementation
Our single location is a key enabling feature of our investment approach, which is based around free-flowing communication and creativity. The advantage of this is the output of efficiently generated ideas, which are then rapidly implemented for the benefit of our clients. Both points contribute directly to our achieving outperformance. Our investment process is as disciplined as our idea generation process is creative.

Powerful combination of perspectives
Our career global industry analysts undertake the hub of our global research. Complementing our analysts are our global and specialist asset class fund managers.  All of our investment professionals provide different perspectives to the investment process and our single location provides clients with a single multi-disciplinary team. This makes us excellent multi-asset and specialist managers, as this structure is beneficial to both.

Flexibility of approach
Our investment approach is pragmatic in that we are not wedded to any particular style bias – undervalued companies do not always fall into ‘growth’ or ‘value’ categories.  Our belief is that to be a superior asset manager, you need to be flexible and demonstrate an ability to provide consistently good investment returns at all stages of market cycles. We adjust our investment criteria with our changing interpretation of market conditions. This enables us to deliver against client performance expectations regardless of those market conditions.
我们的投资方案是注重于实际效果的,因此我们不会在投资方案加入任何有特别风格的偏见 – 被低估的公司并不总是分成“成长”或“价值”的类别。我们追求的是成为一个出众的资产管理师,因此你要有灵活性,以显示你有能力在市场周期的所有阶段中都可以持续不断地向客户提供良好的投资回报。通过改变对市场状况的理解,我们调整了我们的投资标准。这使我们能够不辜负客户的期望而为他们带来回报,而不管市场状况是怎样的。

The consistency of our performance is the ultimate endorsement of our investment approach.

3.2.1 NCO is distinguished by having career analysts who conduct their industry and sector research globally. These analysts have expert knowledge in their field. Their backgrounds are largely in accounting, consulting, stock broking or in industry.  Specialist global research at NCO is a separate career path from fund management.
3.2.1 NCO的特点是拥有职业的分析师。在全球范围内,他们致力于各自专业和行业的研究工作。这些分析师们掌握了他们各自领域的专门知识,专业背景主要是会计、咨询、股票经纪或者产业。NCO的专家们在全球的研究是源于基金管理的独立职业道路。

In addition to the equity analysts, the research team includes credit analysts, who provide complementary fundamental analysis, as well as providing expertise on specific credit issues. Furthermore, the global industry focus of the analysts is complemented by input from ‘regional’ portfolio managers with a wider view of the local market, covering the UK, US, Europe, and Asia.

The research output from the global analysts is of course supplemented and also prioritised by our regional and global fund managers. It is the interaction between the professionals in these different and complementary roles that is so important to achieving the optimum output from our research. We employ a ‘twinning’ system (a global analyst twinned with a fund manager) to promote this interaction and to ensure ideas and issues are widely discussed and voiced across the house.

Research Process:

One of NCO’s key strengths is its ability, through its global analysts, to conduct fundamental research across markets and not simply within the narrow confines of geographic borders. 

Proprietary research conducted by our team of career global analysts is a major feature of our investment process. An analyst is expected to provide authoritative investment leadership for the House in their sector(s).  Their remit is very flexible, although structured by an awareness of the requirements of different client benchmarks across NCO.  For a typical client portfolio, an analyst needs to find 8-10 good ideas in their sector.

The analysts look, on a global basis, for good quality companies on attractive valuations.  Our global investment approach concentrates on finding companies with good products, strong management and strategy, and which are attractively priced.  A thematic backdrop helps to stimulate the investment debate and highlights trends and areas of opportunity. 

Before assessing the relative attributes of individual stocks, we look at the ‘bigger picture’ to assess the global trends (themes) that we regard as the key forces driving change around the world.  Our themes provide a stimulus for investment debate at the widest level and provide the analysts with an additional focus when assessing the merits of the stocks in their sectors.

To reach our list of recommended stocks we may apply a number of initial screens on the portfolio's universe, although these will change over time given market expectations.  Typical screens would include future and trailing P/E ratios, EPS growth expectations, positive earnings momentum, and earnings stability. 

A variety of valuation techniques are used, including earnings, asset value, cashflow and cost of capital measurements.  The measurements used will reflect their appropriateness to a particular industry or company. However, although our global analysts perform detailed analysis of company fundamentals on each stock in which NCO invests, we do not give particular weight to any individual accounting ratio in our analysis.

Dogmatic adherence to any particular ratio would inevitably result in some information being missed. For example, EV/EBITDA gives no indication of the financial risk within a company, while P/CF misses a company’s potential need to reinvest to sustain itself. We believe that it is better to understand the company accounts as a whole in order to appreciate fully the risks it faces and the value it represents, as well as its ability to generate cash.

We do not have fixed guidelines on the number of companies that are followed by each analyst. NCO's team of global analysts is organised by sector and each analyst has the flexibility to look at any opportunity within that industry. As a result, the number of companies followed will vary as their research identifies potential candidates for stock selection within their respective sectors.  All companies purchased for client portfolios will be followed by one of our global analysts or regional specialists.

Company visits are an important part of NCO's decision making. Most of our research of this type is aimed at deepening our existing knowledge of companies as it helps us to understand companies more intimately.

NCO meets with the management of companies they own on a regular basis. NCO also meets with the management of companies that are being considered for investment or sale, all of which is part of our research effort in providing a view of the particular company. 

Research Output:

We have a clearly defined investment process to ensure that all analyst recommendations are communicated to the whole investment team.  Teamwork is critical to the success of our process; analysts and fund managers work together through formal and informal meetings to make sure the best ideas are reflected in all our client portfolios.

The Research Recommended Lists for the UK and World ex-UK reflect analysts’ stock recommendations and provide the basis for model portfolios. The lists look similar to portfolios, though they are drawn up purely as stock selections, with weightings according to the strength of an analyst’s view, rather than being genuine, constructed model portfolios.  The lists are broken up by sector, with the analysts making recommendations on the stocks they believe will achieve real outperformance in their sector.  Any change in the analysts’ recommended lists is immediately highlighted to the fund managers. 

In addition to the RRL’s, a prioritisation process is undertaken by a small group of senior investment staff.  The group attempts to capture all the best ideas being discussed around the house or coming out of the investment meetings.  Individual analysts or managers may complete a research prioritisation form requesting that an idea be investigated.  The group reviews all of these ideas and prioritises the analysts to investigate these potential investments. 

Managers’ model portfolios and analysts’ recommended lists are regularly compared and analysed to highlight differences and opportunities.

External Research:

 Each individual analyst is encouraged to use a range of different sources to generate ideas and develop stock recommendations.  External research, typically provided by brokers or other counterparties, can assist the global analysts in forming a base upon which to build their proprietary research into the future prospects of a company.  We utilise broker research for the base data provided to aid us in coming up with our own forecasts and recommendation on the stock and to gauge the feeling of the broader market towards the stock. We never act on broker recommendations, always undertaking our proprietary research on the company in question.



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