Founder’s

Managed by the firm’s founder (who is no longer full-time) and not actively marketed, this strategy is deep value, low turnover, concentrated and contrarian.

Investment objective

A classic, contrarian value global equity strategy that focuses on bottom-up identification of investment ‘bargains’ – those stocks that are currently trading at an attractive discount to their intrinsic worth. Intrinsic worth is our assessment of the underlying value of a business based on a dispassionate, risk-assessed view of earnings, book value, and free cash flow among other considerations. Such shares are lowly valued in absolute terms and relative to their own history. These stocks will almost always attract a sceptical view from the majority of investors and commentators ensuring there are low expectations for the stock. True bargains are not simply statistically cheap companies – they must be rigorously researched and risk-assessed to ensure they provide us with a margin of safety.

Our Global Equities strategy delivers a highly active but diversified portfolio, driven by a bottom-up investment philosophy. Asset allocation is purely a result of stock selection, eschewing macro calls or themes, resulting in a portfolio that is clearly distinct from the index. As with all Oldfield Partners strategies, the Global Equity Strategy combines fundamental analysis of intrinsic worth with patience to wait until the price of those investments reflects that value, delivering compelling long-term performance.

Portfolio manager

Richard Oldfield
Richard Oldfield
Portfolio manager

Richard Oldfield

Chair | Partner

Richard Oldfield founded Oldfield Partners LLP in 2005, after 9 years as chief executive of a family investment office. Before this, he was director of Mercury Asset Management plc, which he joined in 1977. He was Chairman of the Oxford University investment committee and the first chairman of Oxford University Endowment Management Ltd from 2007-2014.

He is now chairman of Shepherd Neame Ltd, and trustee of a number of charities. The second edition of his book “Simple But Not Easy”, a “slightly autobiographical and heavily biased” book about investing, was published by Harriman House in December 2021.

Richard Oldfield

Introduction to the strategy

Strategy updates

Global Equities Live Stream December 2022

Global Equities Live Stream December 2022

Global Equities Live Stream May 2021

Global Equities Live Stream December 2020

A concentrated portfolio makes for a concentrated mind