Value

Turning mispricing into long-term opportunity

Opportunity driven

The Value team invests across developed and emerging markets through Global and UK strategies.

Believing that investors’ most predictable behaviour is to overreact to negative news, the team buys shares in companies when sentiment towards them is poor and valuations appear cheap relative to intrinsic value.

For clients, this means a differentiated approach that seeks to add value over a full market cycle by investing ahead of improvements in sentiment and fundamentals.

Value Investing: our investment approach

What do we believe?

  1. Markets are often inefficient due to investors' behavioural biases, providing us with a regular source of mispriced securities.
  2. Mispricings arise in different parts of the market at different times, and therefore pragmatism and nimbleness are important.
  3. We can find and exploit inefficiencies by a) casting a wide net, b) doing our own research, and c) using facts to conquer emotions.
  4. We should assess intrinsic value conservatively and seek to invest in shares trading at a significant discount to this valuation.
  5. If our research is correct, ultimately the market will recognise the value of our investments because the fundamentals will "force" it to do so.

The Value investment process

Rigorous, repeatable, research-driven
  • Initial screen: Broad universe of stocks screened for valuation and behavioural dislocation, supported by off-screen idea sourcing.
  • Post screen analysis: Assess magnitude of opportunity, balance sheet strength, and structural risks.
  • Fundamental research: Detailed company modelling anchored in cash flows and return on capital.
  • Final due diligence: Collective challenge in weekly team debates ensures intellectual diversity and accountability.
  • Buy and monitoring: Team-based decision making, position sizing capped (typically ≤4.5%) based on downside risk and ESG considerations.
The Value investment process

The Value opportunity set changes over time

We move with it
Fallen Angels
  • Often old market darlings
  • Large but non-fatal blow
  • Compounders at a cheap price
 Cyclical Leaders
  • Industrials & financials
  • Industry down-turn
  • Offers opportunity to buy the best
 Special Situations
  • Turnarounds
  • Spin-offs
  • Post-bankruptcies
  • Re-capitalisations
  • Hidden assets
 Deep Value
  • Mediocre businesses at very attractive prices

Meet the team


The Value team, led by Alessandro Dicorrado, is based in London and dedicated exclusively to bottom-up equity investing. United by curiosity, discipline and a contrarian mindset, the team looks beyond short-term market noise to uncover genuine long-term opportunities. With no rigid sector or regional boundaries, the team maintains a broad, collaborative perspective that encourages debate, fresh thinking and collective ownership of every investment idea.

Value equities - latest insights

Important Information

This communication is provided for general information only and should not be construed as advice.

All the information in this communication is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessarily reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

All rights reserved. Issued by Ninety One.

For further information on indices, fund ratings, yields, targeted or projected performance returns, back-tested results, model return results, hypothetical performance returns, the investment team, our investment process, and specific portfolio names, please click here.