Overstone Global Equity Income Fund

Investment objective

The Fund’s objective is to achieve income and capital growth, (net of fees) over the longer term (i.e. 5 years or more). The Fund seeks to achieve this objective through investment in a global portfolio. The approach is classic contrarian value, based on bottom-up fundamental research of individual companies.

Portfolio manager

Samuel Ziff

Portfolio Manager

Samuel Ziff

Portfolio Manager

Global Equity Income

Sam Ziff joined OP in April 2013. He was previously employed by J.P. Morgan Cazenove working in the UK Industrials Corporate Finance team for a total of 4 years. He graduated from Oxford University. He manages the global equity and global equity income portfolios, and contributes to the overall investment selection.

Latest publications

Fund particulars

Launch date	06 December 2011
Domicile	United Kingdom
Structure	UCITS
Base currency	GBP
Dealing	Daily
Min. investment	£10,000
Benchmarks	MSCI World High Dividend Yield
	MSCI World

Commentary

Please click here to read this quarter's commentary.

Commentary

Change

	1 month	YTD	1 year	Launch	Annualised
	1 month	YTD	1 year	Launch	3 years	5 years	Launch
I Acc GBP	-3.1	+2.1	+2.1	+175.0	+2.0	+3.1	+8.0
MSCI World High Dividend Yield	-3.2	+10.1	+10.1	+227.5	+6.7	+6.6	+9.5
MSCI World	-1.0	+21.0	+21.0	+390.4	+9.1	+12.5	+12.9

Cumulative Annualised

	1 month	YTD	1 year	Launch
I Acc GBP	-3.1	+2.1	+2.1	+175.0
MSCI World High Dividend Yield	-3.2	+10.1	+10.1	+227.5
MSCI World	-1.0	+21.0	+21.0	+390.4

	3 years	5 years	Launch
I Acc GBP	+2.0	+3.1	+8.0
MSCI World High Dividend Yield	+6.7	+6.6	+9.5
MSCI World	+9.1	+12.5	+12.9

Preceding five calendar years performance	2024	2023	2022	2021	2020
Fund (I shares)	+2.1	+20.3	-13.4	+15.9	-5.6
MSCI World High Dividend Yield	+10.1	+3.4	+6.6	+16.8	-2.9
MSCI World	+21.0	+17.3	-8.4	+22.9	+12.6

Preceding five calendar years performance

	2024	2023	2022	2021	2020
Fund (I shares)	+2.1	+20.3	-13.4	+15.9	-5.6
MSCI World High Dividend Yield	+10.1	+3.4	+6.6	+16.8	-2.9
MSCI World	+21.0	+17.3	-8.4	+22.9	+12.6

Performance is calculated net of all fees and expenses and on a total return basis, inclusive of all distributions to unit holders. Charges and expenses are deducted from Capital.
MSCI World index is for comparison purposes only.
Source: Oldfield Partners.

The value of all investments and the income from them can go down as well as up; this may be due, in part, to exchange rate fluctuations. Past performance is not a guide to future performance.

Sector breakdown (%)

Consumer Staples	19.0
Consumer Discretionary	16.2
Energy	14.0
Industrials	11.6
Banks	9.1
Information Technology	8.8
Financial Services	6.8
Insurance	6.2
Communication Services	4.3
Materials	3.5
Cash	0.7

Country breakdown (%)

United States	25.3
United Kingdom	22.2
Netherlands	14.4
Canada	11.5
South Korea	10.1
Sweden	5.4
Italy	4.5
China/Hong Kong	3.8
Japan	2.0
Cash	0.7

Top 10 holdings (%)

	Weight	1 month total return (%)*
	Weight	MTD*	QTD*
J D Wetherspoon	8.0	-6.5	-17.7
Pason	5.6	-4.4	+3.3
Heineken	5.6	-4.1	-15.3
Handelsbanken	5.4	+0.7	+7.2
Samsung Electronics	5.1	-6.1	-10.0
Allegiant Travel	5.0	+16.9	+83.0
Brembo	4.5	+3.3	-8.1
BP	4.3	+2.1	+1.9
Shell	4.0	-2.2	+3.2
Ally Financial	3.9	-8.1	+9.6

Weight 1 month total return*

J D Wetherspoon	8.0
Pason	5.6
Heineken	5.6
Handelsbanken	5.4
Samsung Electronics	5.1
Allegiant Travel	5.0
Brembo	4.5
BP	4.3
Shell	4.0
Ally Financial	3.9

	MTD*	QTD*
J D Wetherspoon	-6.5	-17.7
Pason	-4.4	+3.3
Heineken	-4.1	-15.3
Handelsbanken	+0.7	+7.2
Samsung Electronics	-6.1	-10.0
Allegiant Travel	+16.9	+83.0
Brembo	+3.3	-8.1
BP	+2.1	+1.9
Shell	-2.2	+3.2
Ally Financial	-8.1	+9.6

Fund characteristics

	Fund	MSCI World
P/E ratio (fwd)	10.0	14.7
P/B ratio (hist)	1.1	2.6
Gross div. yield (fwd)	3.2	3.6

Active share (%)**	98.6

*Inclusive of portfolio activity.
**Active share is calculated using the sum of the absolute value of the differences of the weight of each holding in the manager’s portfolio versus the weight of each holding in the benchmark index, divided by two.
***Prospective yield of the portfolio before withholding tax.
All data as at 31 December 2024.
Source: Oldfield Partners.

Literature

Overstone Global Equity Income Fund is a constituent of Oldfield Partners Global Income Composite.

Oldfield Partners LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Oldfield Partners LLP has been independently verified for the periods 1 January 2000 to 31 December 2011 by HSBC Securities Services and from 1 January 2012 to 31 December 2018 by Ernst & Young LLP. To receive a copy of a GIPS® compliant presentation and/or a list and description of our composites, please contact us.

Share class details

	Dividend type	Fees from	AMC*	OCF**	SEDOL	Bloomberg	ISIN
I GBP	Accumulation	Capital	0.65%	1.00%	B75K5L9	TMOVSIA	GB00B75K5L91
B GBP	Distribution	Income	-	0.42%		TMOVSBI	GB00B5ZPY916
J GBP	Distribution	Income	0.65%	1.00%	B75KB22	TMOVSJI	GB00B75KB221
L USD	Distribution	Income	0.65%	1.00%	B7B2V88	TMOVSLI	GB00B7B2V886

*AMC - Annual management charge

**OCF - Ongoing charge figure

Please note that the shares in the Fund are not marketed to investors resident in certain member states of the European Economic Area (EEA). If you are not resident in the EEA or would like to receive further information regarding the states in which the shares in the Fund are marketed, please contact us.

Overstone Global Equity Income Fund

Investment objective

Fund particulars

Portfolio manager

Samuel Ziff

Investment objective

Portfolio manager

Samuel Ziff

Fund particulars

Commentary

Commentary

Commentary

Commentary

Commentary

Commentary

Preceding five calendar years performance

Sector breakdown (%)

Country breakdown (%)

Top 10 holdings (%)

Fund characteristics

Literature

Share class details

Global Equity Income Strategy

Latest publication

OP

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Overstone Global Equity Income Fund

Investment objective

Fund particulars

Portfolio manager

Samuel Ziff

Samuel Ziff

Latest publications

Latest publications

Investment objective

Portfolio manager

Samuel Ziff

Samuel Ziff

Latest publications

Latest publications

Fund particulars

Commentary

Commentary

Commentary

Commentary

Commentary

Commentary

Preceding five calendar years performance

Sector breakdown (%)

Country breakdown (%)

Top 10 holdings (%)

Fund characteristics

Literature

Select share class

Share class details

Global Equity Income Strategy

Latest publication

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