Meet the Manager with George Williams
In this episode of W1M’s ‘Meet the Manager’ video series, Chief Investment Officer William Dinning sits down with George Williams, Fund Manager of the Waverton Global Equity Fund, to discuss his investment philosophy, stock selection process, and approach to portfolio construction.
George explains what sets the Global Equity Fund apart, from its concentrated, genuinely active approach to global investing, as outlined in Active investing & Blue Turtles | W1M, to its focus on identifying businesses whose quality and long-term potential may not yet be fully recognised by the market. He also shares how investment ideas are researched, challenged and debated across the equity team before they earn a place in the portfolio.
The conversation also offers a more personal perspective, covering George's route into investing, the key questions he asks before making an investment, and the importance of cutting through market noise to focus on the factors that truly drive long-term value creation.
Key takeaways
- A genuinely active, global approach: The Global Equity Fund is a concentrated portfolio of 30 to 40 stocks, built from the team's highest-conviction ideas and unconstrained by benchmark weightings.
- Finding opportunities through perception gaps: The team seeks companies where they believe the market is underappreciating either the quality of the business today or its potential to improve over time.
- Long-term thinking drives decisions: George explains why focusing on the fundamental drivers of value creation, rather than short-term market noise, is central to his investment philosophy.
Glossary
Active management: An investment approach where fund managers actively select investments based on research and conviction rather than tracking a market index.
Bottom-up investing: A method of investing that focuses on analysing individual companies and their fundamentals to identify attractive opportunities.
Compounders: High-quality businesses with durable competitive advantages that can generate sustained cash flow growth over long periods.
Improvers: Companies undergoing positive structural change that have the potential to become stronger businesses than the market currently recognises.
This material is provided for informational purposes only and does not constitute investment advice or a recommendation. The views expressed reflect current market conditions and are subject to change without notice.
All materials have been obtained from sources believed to be reliable, but their accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.
Investment strategies presented are not suitable for all investors and do not represent the experience of other clients. Results may vary and are subject to change based on market conditions and individual circumstances. Investors should consult their financial and tax advisors to assess the suitability and risks of any investment.
Portfolios may include investments in illiquid assets, securities subject to counterparty risk, and instruments sensitive to changes in exchange or interest rates. Derivatives such as futures, options, structured notes, and contracts for differences may be used for risk management or investment purposes but may also involve a higher level of risk and may not be suitable for all investors. There is a risk of loss and of counterparty default on such instruments.
