Quality team

American Franchise Strategy

Seeks differentiated alpha from world-leading quality US companies

Strategy overview

Investment Approach
Purist quality philosophy with strong valuation discipline, consistently applied over the long term

Investment Opportunity
Differentiated alpha from world-leading quality US companies

Investment Universe
Invests in equities either listed or domiciled in the United States of America

Target Return
Outperform the performance comparison index (net of fees) over a full market cycle

Paul Vincent
Portfolio Manager
Will Nott
Portfolio Manager

The role the strategy can play in portfolios

Provides resilient growth

Seeks to provide long-term outperformance with resilience in challenging economic environments

Diversifies equity exposure

Concentrated, high conviction, high active share portfolio of quality US equities

Aims to compound shareholder wealth

Seeks to invest in best-of-breed quality companies that sustain high returns over the long term

Seeks to future proof the portfolio

Invests in companies with high R&D spend and provides exposure to key long-term themes

Investment Philosophy

01

The market undervalues the ability of quality companies with enduring competitive advantages, disciplined capital allocation and a focus on sustainability to deliver persistently high or improving cash flows and returns on invested capital

02

A company's business model, financial model and capital allocation should be aligned with the long-term interests of shareholders and other key stakeholders

03

An active quality approach, driven by proprietary fundamental analysis and engagement, is best placed to compound shareholder value over the long term, while reducing the risk of a permanent loss of capital

Performance

Portfolio & Holdings

Date as of 30/04/2026
Strategy
Index
Information Technology
31.7
Health Care
20.5
Financials
15.4
Consumer Discretionary
11.4
Communication Services
10.7
Consumer Staples
4.3
Industrials
3.4
Real Estate
1.9
Energy
Materials
Other
Cash
0.7
Based on a related portfolio within the strategy with substantially similar objectives, policies and strategies as those of the services being offered. The portfolio may change significantly over a short space of time. This is not a buy, sell or hold recommendation for any particular security. For further information on Indices and Specific Portfolio Names, please reference the sections here.

Why Ninety One for American Franchise Strategy

04

High conviction portfolio, with a focus on sustainability, risk and valuation

05

Structural not cyclical growth

01

Differentiated franchise investment philosophy seeks to offer significant diversification benefits

02

Experienced, aligned, well-resourced and globally integrated investment team

03

Disciplined process, driven by in-depth proprietary fundamental research

Strategy literature

Key facts

  • Asset Subclass

    DM Equity

  • Currency

    USD

  • Inception date

    01/07/2017

  • Team

    Quality team

  • Geographical Focus

    Developed Markets

  • ESG Classification

    Enhanced Integration

  • Comparative Benchmark

    S&P 500 NDR

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Although we believe any information obtained from external sources to be reliable, we have not independently verified it, and we cannot guarantee its accuracy or completeness (ESG-related data is still at an early stage with considerable variation in estimates and disclosure across companies. Double counting is inherent in all aggregate carbon data).

Any decision to invest in the Strategy described should be made after reviewing the offering document and conducting such investigation as an investor deems necessary and consulting its own legal, accounting and tax advisors in order to make an independent determination of suitability and consequences of such an investment. This material does not purport to be a complete summary of all the risks associated with this Strategy. A description of risks associated with the Strategy can be found in the relevant offering or other disclosure documents where applicable. Copies of such documents are available upon request.

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