发布时间：2023-09-27
传承宝典｜持有一流企业何以抵御市场波动
导读
Stonehage Fleming投资管理公司全球股票管理主管格利特·斯密特（Gerrit Smit）认为，在市场剧烈波动期间，优质公司可以通过多种方式为投资者提供保护。投资者应选择那些管理层素质高、能驾驭风暴的公司。
本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。
过去三年里，世界经历了各种冲击，包括全球疫情、严重而广泛的供应链中断、乌克兰战争、能源危机和银行业的混乱。去年，美联储为了控制通胀而大举提升目标利率，这对投资者而言尤为残酷。标准普尔500指数遭遇了自2008年以来最严重的损失，2022年年终收盘同比跌幅达19.4%（资料来源：路透社）。
“尽管最近出现了冲击和长期波动，但我们仍有充分的理由保持建设性态度，”格利特在上周的一次投资推介会上对来宾说。“我们的做法不是针对特定的短周期不断调整投资组合，而是持有对的企业。这样，当不可预见的情况或事件发生时，我们就不会陷入担心所持资产的困境。”
作为Stonehage Fleming全球最佳理念股票基金经理，格利特概述了该基金的投资理念——让团队根据四大战略标准识别优质企业：可持续的内生增长、效率、自由现金流的产生和优质管理。他强调，这些标准对于确保可持续增长尤为重要，因而可以在市场不确定和波动加剧的时期为投资者提供信心。
“我们得到何种程度的保护取决于所持有的这些企业的品质和可持续性。这些企业有能力在意外事件发生后恢复。这种情况屡次发生，去年之后也是如此。”
格利特强调，在地缘政治不确定性持续存在的情况下，优质企业的投资者不应该对结果进行猜测或作出反应。他再次强调，最好的防御是持有具备这些基础支柱品质的企业，尤其是拥有一支优秀的高管团队的企业。
“我们的投资方式非常全球化，这意味着我们购买的都是一流的企业，而且这些企业本身也是全球多元化的。我们寻找拥有持续成功的记录、强有力的战略和清晰的企业可持续发展文化的一流管理团队。我们相信他们不仅能发现任何可能出现的机会，还能了解他们所面临的地缘政治压力。”
格利特解释说，确信有一支高素质的管理团队是制定正确行动方案的关键。“对于不同国家的不同风险，我们有很多不确定性和保留意见，因此很难明确想要了解的一切。风险最低的方法是寻找最优质的企业，在这些企业中，你可以相信管理层会收集必要的信息并做出正确的战略决策。”
Original English Text
How holding best in class companies can offer defence against volatility – Gerrit Smit
Choose companies whose quality management will steer a course through storms
There are several ways that quality companies can provide shelter for investors during periods of elevated volatility, according to Gerrit Smit, Head of Global Equity Management atStonehage Fleming Investment Management.
Over the last three years, the world has experienced its fair share of shocks, including a global pandemic, severe and widespread supply chain disruption, war in Ukraine, an energy crisis and disruption in the banking sector. Last year was particularly brutal for investors when the Fed raised their target rate aggressively to bring inflation under control. The S&P 500 suffered its worst losses since 2008, closing 2022 down 19.4% on the previous year (Source: Reuters).
“Despite recent shocks and periods of extended volatility, there are good reasons to remain constructive”, Gerrit told guests at an investment presentation last week. “It not our approach to try to constantly reposition our portfolio for particular short-term cycles but rather to own the right businesses. That way, when that unforeseen circumstance or event occurs, we shouldn’t be in the difficult position of fearing what we hold”.
Manager of the Stonehage Fleming Global Best Ideas Equity Fund, Gerrit outlined how the fund’s investment philosophy enables the team to identify quality businesses according to four main strategic criteria: sustainable organic growth, efficiency, free cash flow generation and quality management. He highlighted the importance of these in the context of ensuring sustainable growth and thereby providing investors with confidence during times of uncertainty and increased market volatility.
“The protection we have is down to the quality and sustainability of the businesses. These businesses are capable of recovery after unforeseen events. That has occurred time and again and it happened again after last year.”
With ongoing geopolitical uncertainty, Gerrit stressed that investors in quality companies should not have to second-guess outcomes or respond to them. He re-emphasised that the best defence is to own businesses that possess those fundamental pillars of quality, particularly having a superior management team at the helm.
“We have a very global approach to investing which means that we buy best-in-class business that themselves are globally diversified. We look for top class management teams with records of consistent success, strong strategy and a clear business sustainability culture. We trust them not only to identify opportunities wherever they may be but also to understand the geopolitical pressures they are under.”
High conviction of a quality management team is key in bearing out the right course of action, explained Gerrit. “We all have many uncertainties and reservations about different risks in different countries and find it difficult to get clarity on everything we would like to. The lowest risk approach is to identify best quality businesses where you trust management to gather the necessary information and make the right strategic decisions.”
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