Concentrated Global Equity Fund Tourbillon Announces Availability to Qualified US Investors Led by Ben Beneche and Ramesh Narayanaswamy, Tourbillon Investment Management invests in an eclectic group of durable companies poised to deliver superior absolute returns.
London, UK
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April 11, 2024 09:06 AM Eastern Daylight Time
Tourbillon Investment Management Ltd. (an appointed representative of Eschler Asset Management LLP) today announced the availability of their concentrated global equity fund to qualified US Investors. Led by experienced investors Ben Beneche and Ramesh Narayanaswamy, the fund invests in 15 to 25 durable, high-quality companies globally which they believe are priced to deliver superior absolute returns over the long-term.
As long-time friends and now partners, Beneche and Narayanaswamy share a common value investing philosophy. Focusing on first-principles thinking, they identify high-quality businesses through the lens of three ‘deep truths’: symbiotic loops, fulcrum assets and outlier management.
“We believe that forward-looking qualitative judgments are far more important than backward-looking quantitative approaches,” said Beneche. “Our emphasis, always, is identifying businesses which we believe can endure over decades, a feat that very few companies achieve.”
While many asset managers are focused on relative performance based on short-term earnings beats and misses, Tourbillon invests with a 5-10 year horizon, prioritizing absolute returns, management alignment, and valuing companies on distributable cashflows or ‘owner earnings’.
“The world is just emerging from a long period of low interest rates,” said Narayanaswamy. “Looking out over the next decade and beyond, our absolute value orientation and focus on durable quality will serve clients well. Though we measure our investment results over years and decades, we are pleased with our returns profile as we approach the first anniversary of our launch.”
The firm invests in companies across geographies, sectors, and market caps. This unconstrained approach, combined with a focus on a select few investments, has resulted in a distinctive collection of unique companies in its portfolio.
“As a fund, we are concentrated in the best companies where we have the most conviction,” said Beneche. “Although our mandate is broad, there are very few companies which fit the criteria we are looking for, and even fewer which trade at prices that make sense to us. Today, we are finding the most interesting opportunities outside the US, specifically in smaller companies based in the UK and Japan.”
Beneche and Narayanaswamy, co-founders and Portfolio Managers, bring extensive yet complementary experience in asset management.
Beneche was a senior portfolio manager and co-lead of international equities at Pictet Asset Management, a global financial institution with a 200-year pedigree serving some of the world’s largest pension funds, financial institutions, sovereign wealth funds and intermediaries. For 10 years, he managed several billion dollars in all-cap international portfolios for predominantly institutional clients.
Narayanaswamy previously served as partner and portfolio manager at Veritas Asset Manager LLP, a leading global and Asian equities manager of funds and segregated portfolios for institutional investors globally. In this role, Narayanaswamy spent 11 years in global cross-sector fundamental equity research in concentrated equity strategies, as well as portfolio management. Before Veritas, he was a global industrials and utilities analyst and sector portfolio manager at Fidelity Management & Research for 5 years.
“The investment management industry does not always put the client first. But we do,” Narayanaswamy said. “Our core value is shared ownership. Ben and I share equal ownership of the business and our portfolio. We invest in companies that share our long-term orientation. We seek clients who share our philosophy, investing alongside them on the same terms. We also pledge to donate a portion of our profits to charity.”
About Tourbillon Investment Management
Tourbillon Investment Management is a long-only public equity fund investing in 15 to 25 businesses globally using a fundamental, value-oriented approach. Named after the mechanism in a mechanical watch that prevents errors caused by gravity, Tourbillon Investment Management favors companies that seemingly defy gravity by remaining durably high quality. The firm aims to deliver superior absolute returns over the long term without taking undue risk. Tourbillon Investment Management’s fund is designed to deliver strong risk-adjusted returns with significant variance from market averages. Tourbillon Investment Management Ltd is an appointed representative of Eschler Asset Management LLP which is authorised and regulated by the Financial Conduct Authority (# 510079) and a registered Investment Advisor with the SEC.
Contact Details
For Tourbillon Investment Management
portfoliomanagers@tourbillonpartners.co.uk
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