An undisclosed pension fund based in the Nordic region has tendered a €300m global equity mandate using IPE Quest.
According to search QN-2210, the scheme is seeking a manager for a value-focused fund with the freedom to invest in companies of any size by market capitalisation and in any territory.
The fund is to be actively managed against either the MSCI ACWI Value or the MSCI World Value benchmarks.
The pension fund will consider candidates with a minimum track record of three years, but five years is preferred.
The performance record should be stated to 30 June and supplied gross of fees.
Managers must have a strong focus on value investing and a “robust and long-standing value investment philosophy”.
A fundamental, active approach (number of stocks below about 50), a proven process with a strong valuation framework, a relatively low turnover and a solid long-term track record are also required.
The fund has an all-cap, all-country strategy, unconstrained versus the benchmark, with the ability to have a 0% weight in large benchmark stocks.
The investment strategy should be led by a portfolio manager with a very long experience of investing in global value stocks.
A stable and competent team of analysts, dedicated to the global value strategy, is also expected.
Continuity is considered to be very important to the scheme – both the manager and the investment philosophy should have been unchanged for the lifetime of the track record provided, and the process should have evolved gradually.
The portfolio manager must be prepared to take quarterly meetings to discuss portfolio and market development, positioning and performance.
Strategies that have been created due to an existing strategy having reached full capacity will not be considered for this mandate.
The deadline for submissions is 19 August.
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