PTARMIGAN GLOBAL EQUITY FUND
| ISIN | Class | Fx | NAV | Daily % | Date | MTD % | YTD % | LTM | ITD | |
|---|---|---|---|---|---|---|---|---|---|---|
| LU3119349887 | FI | USD | 101.724 | 0% | 10/09/2025 | 0% | 0% | 0% | 1.72% | More Info |
| LU3119349374 | FIP | GBP | 100.63 | 0% | 10/09/2025 | 0% | 0% | 0% | 0.63% | More Info |
| LU3119350547 | FR | USD | 100.634 | 0% | 10/09/2025 | 0% | 0% | 0% | 0.63% | More Info |
A concentrated portfolio of between 25 and 30 of our highest conviction global equity investments. We own both 'growth' and 'value' stocks, as well as 'cyclical' and 'defensive' stocks to create an "all weather" portfolio which aims to deliver long-term capital growth for our investors.
The fund is a sub-fund of Hereford Funds SICAV, a Luxembourg-domiciled UCITS V fund, and is custodied by Bank Pictet & Cie (Europe) A.G.
Charles Jones, CFA
Chief Investment Officer
Charles co-founded Ptarmigan Capital and is responsible for the investment management process. He managed over £1 billion in global equity fund assets whilst at Waverton, including co-managing the Waverton Global Equity Fund and lead-managing the Waverton Strategic Equity Fund. He has extensive experience of managing both high conviction global equity funds and enhanced index global equity funds. Charles is responsible for the investment process.
Tommy Faber, CFA
Fund Manager
Tommy will be the lead manager on the Ptarmigan Global Equity Fund from 7th August 2025. Previously he managed the Waverton Global Equity Fund achieving top quartile performance against the Morningstar Peer Group over 5 years and was responsible for US stock selection at the firm. He will be responsible for the Cyclical Value, Cyclical Growth, and Defensive Growth Style groups.
Ed Roe, CFA
Fund Manager
Ed joined Ptarmigan Capital in 2024 and supports the investment management process. He previously spent seven years at Ruffer LLP where he ran the firm’s institutional segregated mandates totalling £3.3 billion and supported the fund managers of Ruffer’s flagship pooled vehicles. He has a degree in physics from the University of Oxford and is a CFA charterholder. Ed is responsible for the Defensive Value Style group.
Our approach involves weighing market expectations against the prospects of the underlying company. We find our ideas either by observation, where the stock market highlights a potential investment through changes in the share price, or by inference, where we consider an economic event and infer an investment idea which might benefit.
We analyse each potential idea to answer the following questions so we can make a judgement regarding whether there is a mismatch between the fair value of the company, and the perceived value by investors.
We believe it takes technical expertise enabled by good training to analyse a business, and experience enabled by time to understand the market.
Four Styles which Benefit in Different Economic Environments
We classify all of our investments into one of four "styles" which we believe will benefit relative to other equities in a specific economic environment. We select our favourite five to eight names in each style, taking into account similar industrial or regional exposures and typically hold around 25% weight in each style.
The CIO, Charles Jones, is responsible for the overall allocation between the four style groups. The ultimate selection and holding of investments within a single style group is allocated to one team member and they have the final say over the holdings and weighting within the total weight allocated to their group.
Research is collaborative and monitoring of single securities is rotated between the team to reduce the impact of bias.
We do not incorporate ethical judgements unless they are likely to create a financial risk and we do not exclude any business purely on ethical grounds. This is because we believe ethical preferences are subjective and different investors in the fund could hold multiple conflicting ethical view.
Please note the Ptarmigan Global Equity Fund does not have a sustainable investment objective as defined under Regulation (EU) 2019/2088.
The fund is a sub-fund of Hereford Funds SICAV, a Luxembourg-domiciled UCITS V fund, and is custodied by Bank Pictet & Cie (Europe) A.G.
Fund Managers
Charles Jones, CFAChief Investment Officer
Charles co-founded Ptarmigan Capital and is responsible for the investment management process. He managed over £1 billion in global equity fund assets whilst at Waverton, including co-managing the Waverton Global Equity Fund and lead-managing the Waverton Strategic Equity Fund. He has extensive experience of managing both high conviction global equity funds and enhanced index global equity funds. Charles is responsible for the investment process.
Tommy Faber, CFAFund Manager
Tommy will be the lead manager on the Ptarmigan Global Equity Fund from 7th August 2025. Previously he managed the Waverton Global Equity Fund achieving top quartile performance against the Morningstar Peer Group over 5 years and was responsible for US stock selection at the firm. He will be responsible for the Cyclical Value, Cyclical Growth, and Defensive Growth Style groups.
Ed Roe, CFAFund Manager
Ed joined Ptarmigan Capital in 2024 and supports the investment management process. He previously spent seven years at Ruffer LLP where he ran the firm’s institutional segregated mandates totalling £3.3 billion and supported the fund managers of Ruffer’s flagship pooled vehicles. He has a degree in physics from the University of Oxford and is a CFA charterholder. Ed is responsible for the Defensive Value Style group.
Why Global Equities?
Productive Assets
A global equity fund generally invests in the pre-eminent listed companies in the world which should generate long-term capital growth.Liquid Asset Class
Listed large capitalisation global equities usually have good liquidity and are more liquid than private companies.Improved Diversification
The fund is exposed to multiple countries, sectors, currencies and factor risks, reducing the risk that returns are derailed by one event.Our Philosophy
- We believe the long-term change in a company’s share price is correlated to the long-term change in free cash flow per share. This is a measure representing the cash profit per share available to reinvest in the company or return to shareholders.
- While a focus on free cash flow per share helps us identify attractive businesses, to identify such an investment we believe we need to think differently, spending time on understanding how other investors are valuing the business to spot potential mismatches between share prices and business prospects.
- Spotting these investment opportunities can be challenging and we rarely find more than ~25 investment opportunities at any time. Rather than make investments we don’t really believe in, we prefer to maintain a concentrated portfolio.
Selecting Our Investments
Our approach involves weighing market expectations against the prospects of the underlying company. We find our ideas either by observation, where the stock market highlights a potential investment through changes in the share price, or by inference, where we consider an economic event and infer an investment idea which might benefit.We analyse each potential idea to answer the following questions so we can make a judgement regarding whether there is a mismatch between the fair value of the company, and the perceived value by investors.
We believe it takes technical expertise enabled by good training to analyse a business, and experience enabled by time to understand the market.
Building Our Portfolio
Four Styles which Benefit in Different Economic EnvironmentsWe classify all of our investments into one of four "styles" which we believe will benefit relative to other equities in a specific economic environment. We select our favourite five to eight names in each style, taking into account similar industrial or regional exposures and typically hold around 25% weight in each style.
The CIO, Charles Jones, is responsible for the overall allocation between the four style groups. The ultimate selection and holding of investments within a single style group is allocated to one team member and they have the final say over the holdings and weighting within the total weight allocated to their group.
Research is collaborative and monitoring of single securities is rotated between the team to reduce the impact of bias.
Sustainable Investing
We incorporate environmental, social and governance (ESG) risks into our analysis of both a business’s future free cash flow per share potential, but also in terms of the valuation, treating them as financial risks in the same way that we treat other risks (e.g. solvency risk or competition risk). In particular, we focus on governance because we believe good governance will lead to better ESG risk management.We do not incorporate ethical judgements unless they are likely to create a financial risk and we do not exclude any business purely on ethical grounds. This is because we believe ethical preferences are subjective and different investors in the fund could hold multiple conflicting ethical view.
Please note the Ptarmigan Global Equity Fund does not have a sustainable investment objective as defined under Regulation (EU) 2019/2088.
