Superior returns with lower risk
The Ash Park Global Consumer Fund operates a ‘Buy and Hold’ approach to the best consumer franchises in the world. History shows that these businesses can deliver superior earnings growth that, over time, leads to excess returns for shareholders. These higher long-term returns have also come with lower volatility, supported by brands which have been built over decades, and sometimes centuries. The critical factor in the success of these Consumer franchises is consistency; growth is steady and does not require lots of capital investment, giving scope for attractive dividends or share repurchases instead. It is rarely the most exciting area in stock market terms in any one year, as it doesn’t produce the instant gratification that investors often seem to demand, but it is relatively immune from the cyclicality and technological or fashion changes that ultimately hold back returns elsewhere. We do not seek or expect to outperform any specific benchmark in the short and medium-term, but history shows that the superior growth of these businesses over the course of an economic cycle has always driven above-average returns in the longer-term. We are increasingly drawn to the opportunities amongst some of the smaller companies in our universe, where we believe our extensive industry experience will help us to find the winners of tomorrow to support those of today.
Harold has a degree in Economics from University College... See all
Harold has a degree in Economics from University College London and leads Ash Park coverage on the Household and Personal Care sector, globally. Harold began his career as a retail and luxury goods research analyst at Deutsche Bank in 2001, before focusing on the Household and Personal Care industry from 2004. As Harold’s expertise developed in his field of research, he picked up numerous awards for providing valuable insights and was regularly called upon to present to the board and executive teams of his coverage companies. Harold’s analysis of consumer franchises started in 2001, and his favourite portfolio product at the moment (a functional one) is Reckitt Benckiser’s Finish dishwasher tablets.
Jamie has a degree in Biochemistry from the University o... See all
Jamie has a degree in Biochemistry from the University of Leeds and is thus Ash Park’s resident scientist in addition to leading coverage of Spirits and European Food. Jamie began his career as a sell-side analyst at Dresdner Kleinwort Wasserstein covering General Retail and then Luxury Goods companies. He moved to Deutsche Bank in 2006, initially covering the same industries before joining the Consumer Staples group a few years later. Jamie is the author of ‘The Importance of A&P’ – a much cited piece of research quantifying the importance of marketing spend for Consumer companies. His favourite portfolio product at the moment is Campari, usually as part of a Negroni cocktail.
Jon has a degree in History from Cambridge University an... See all
Jon has a degree in History from Cambridge University and takes the lead on Ash Park’s coverage of Tobacco and Beer. Jon began his career at Smith New Court / Merrill Lynch in 1994 covering first Insurance and then Tobacco stocks as a sell-side analyst. He moved to Morgan Stanley in 2002, and to Deutsche Bank in 2006, where he picked up coverage of Beverage stocks and became head of the Consumer Research team in Europe. Jon started analysing consumer franchises in 1993, as a summer intern at Kleinwort Benson. His favourite portfolio product at the moment is Velo nicotine pouches.
Mark has a degree in Economics from Cambridge University... See all
Mark has a degree in Economics from Cambridge University and leads Ash Park coverage of Soft Drinks, as well as Food (ex-Europe). Mark began his career in fund management at Legal & General in 1985 and then worked at Gartmore (1988-1998), responsible for managing pension scheme equity portfolios. He then moved in to investment banking with Dresdner Kleinwort (1998-2001). Mark joined Deutsche Bank in 2001, where he played a pivotal role in the creation and organisation of its annual Global Consumer Conference in Paris, the largest of its kind. Mark’s analysis of consumer franchises started in 1987, and his favourite portfolio product at the moment is Lindt’s 70% cocoa Dark Chocolate Bar.
A truly global fund, with underlying exposure to over 100 countries, providing above average returns with lower risk over the longer-term.
A concentrated portfolio (typically around 20 stocks) with low turnover, to help minimise the transactional costs borne by investors.
Increasingly focused on smaller companies, looking for the best consumer franchises of tomorrow to support those of today.
Waystone Investment Management (IE) Limited, 23 St. Stephen's Green, Dublin 2, D02 AR55, Ireland is licensed to provide Investment Management services to Professional Clients (including Collective Investment Schemes) by the Central Bank of Ireland.
MontLake UCITS Platform ICAV is an umbrella open-ended Irish collective asset-management vehicle with segregated liability between Funds formed in Ireland under the Irish Collective Asset-management Vehicles Act 2015 and authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations.
The Manager of MontLake UCITS Platform ICAV is Waystone Fund Management (IE) Limited, a company regulated by the Central Bank of Ireland.
This website is directed mainly for professional and institutional clients who possess the necessary experience, knowledge and expertise to make their own investment decisions and properly assess the risk that it incurs.
Information on this website was obtained from various sources and the company does not guarantee its accuracy. The information is for your private use and discussion purposes only and expressed views and opinions may change.
The Performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. The value of your investment and their income may go down as well as up.
Your investment may also be subject to currency, interest rate, as well as market fluctuations. Consequently the Investor may not get back a sum equal to that he / she originally invested.
Investors should note that an investment in those Sub-Funds which may invest in emerging markets should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
The Sub-Funds may invest in Over the Counter as well as Exchange Traded derivative instruments to enhance return or hedge against fluctuations in security prices or market rates as well as to short sell a security through the use of a derivative instrument. Transactions in derivative instruments involve a risk of loss or depreciation of capital due to adverse changes in security prices, exchange rates or interest rates or in the case of OTC instruments default of Counterparty. This investment may not be suitable for all types of investors. It is therefore recommended that you consult your investment advisor.
A commission or sales fee may be charged at the time of the initial purchase for an investment and may be deducted from the invested amount therefore lowering the size of your investment. The Investment Manager will be entitled to receive a performance fee as well as a management fee, calculated on a daily basis and paid quarterly by the sub-funds.
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