Tosca UCITS will invest primarily in equities across the entire value chain of financials globally. This large, liquid and diverse universe is rich in alpha, with varied drivers of profitability. Deep dive, fundamental analysis is at the core of the investment process where the six person strong investment team has over 90 years combined experience in this specialised and inherently complex area of the market. The team’s extensive expertise as well as the breadth and depth of their contacts and relationships offers investors a significant and sustainable edge.
Johnny de la Hey is the Portfolio Manager for Tosca and ... See all
Johnny de la Hey is the Portfolio Manager for Tosca and is a co-founder of Toscafund. Johnny has been a Portfolio Manager since 2008 and has 25+ years experience as a banks analyst. Johnny joined Toscafund in 2000, and contributed to the portfolio management of several of Toscafund’s products, being responsible for many of the firm’s financial sector related investments. From 1997 to 2000, Johnny was a financials specialist at Tiger Management. Before joining Tiger, he worked at Credit Lyonnais (1996-97) and Societe Generale Securities (1992-96). He graduated with a first class honours degree in Geography from University College, University of London, England in 1992.
Jonathan Sheehan has been analysing insurance companies ... See all
Jonathan Sheehan has been analysing insurance companies for over 30 years. He joined Toscafund in 2002. Prior to this, for six years, Jonathan was a managing director of Dresdner Kleinwort Wasserstein and Head of Insurance Research. Jonathan has been consistently highly rated in analyst surveys, ranking top with finance directors and fund managers in the UK, in both Reuters and Extel surveys and ranked as the top individual European Life analyst in 2000 by Extel. In addition, Jonathan was on the steering committee tasked with development of the revised ABI guidance for accounting for life profit in the UK. Jonathan graduated in Economics and Statistics from Exeter University in 1986. He also gained a Securities Institute Diploma and was winner of the Woodhead Faulkner Prize for Institutional Investment, awarded by the Securities Institute Examination Board.
Joe Chai joined Toscafund in 2001 and is responsible for... See all
Joe Chai joined Toscafund in 2001 and is responsible for analysing investment opportunities within the property sector. Prior to this role Joe was employed by The Blackstone Group from 1999 to 2001 as a private equity analyst focusing on the real estate sector. During this time Joe was also just one of three professionals who was chosen to open the European headquarters of a leading private equity firm with over $9 billion of private equity capital under management. Joe graduated from Yale University, in 1999 with a degree in Economics.
Business Services Analyst
Katie Black joined Toscafund in 2007 initially focusing ... See all
Katie Black joined Toscafund in 2007 initially focusing on equity research for the Tosca Mid Cap fund and in 2009 joined the financials team. Previously she worked at Collins Stewart for two years as part of the small cap equity research team. Katie has a Masters in International Economics & International Law from the School Oriental and African Studies, University of London (2003-2007) and a BA in International Relations from University of Aberdeen (1999-2003).
Emerging Market Analyst
Robert Sheward joined Toscafund in September 2009 and is... See all
Robert Sheward joined Toscafund in September 2009 and is responsible for equity research in the Emerging Markets. Prior to this he setup his own business within the travel industry. On the successful sale of this business, Rob worked as a consultant for a FTSE 100 company advising space on organic growth opportunities and acquisitions within the sector. Rob graduated from Bristol University with a BSc in Psychology and has an MBA from the London Business School.
Chris Burrows joined Toscafund in March 2018 and is resp... See all
Chris Burrows joined Toscafund in March 2018 and is responsible for equity research into the financial sector as well as supporting other team members. Prior to this role, Chris spent over three years at Peel Hunt LLP where he was an Associate within the UK Corporate Finance & Broking team with a particular focus on the Mining and Oil & Gas sectors and has worked on over 30 completed ECM, M&A and DCM transactions. Chris graduated from St John’s College, University of Oxford, with a first class degree in Geography in 2014.
The financial sector has experienced significant structural change over recent years driven by macro factors such as QE in the wake of the GFC, regulation and the increased adoption of technology which is facilitating the adoption of new business models disrupting the incumbent players. This backdrop has provided both cyclical and secular investment opportunities which the manager has successfully exploited through the investment process and an emphasis on mid-cap stocks which provide most opportunity for alpha capture. It is the manager’s firm belief that specialised knowledge is required to successfully invest in this technically complex financial sector.
The manager adopts a holistic approach to portfolio construct and risk management seeking to generate attractive risk adjusted returns over the medium term. Volatility is inherent in this universe and the focus is on reducing risk with particular attention paid to managing concentration and liquidity characteristics of the underlying investments. Hard limits on gross (175%) and net (50%) exposure, individual stock positions and liquidity parameters engender disciplined balance sheet management and ameliorate volatility, allowing the PM to manage through periods of weakness and benefit from the fruits of the teams fundamental analysis. The Fund typically holds 30-40 long positions and a diversified short book with a primary focus on alpha generation.
The team is led by Johnny de la Hey who has 25+ years of experience in financial services research and investing supported by a team of five dedicated analysts. The team has been together over the duration of the fund manager’s tenure and each analyst provides specialised research coverage of defined sub-sectors within the broad financials universe. Toscafund’s Chief Risk Office monitors adherence to the prescribed risk limits within which the portfolio operates.
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.
The Levels and bases of taxation are dependent on individual circumstances and subject to change and therefore it is highly recommended that you consult a professional tax advisor.