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Standard Life Investments Global Equity Income

Elite Rated by FundCalibre

This fund invests in companies from around the world, which are either already paying, or are likely to eventually pay, a dividend that grows more than inflation. Unlike many of its peers, the fund can also invest in government or corporate bonds to supplement income, if the manager deems necessary.

Company Description

Standard Life Investments (SLI) was launched as an investment management company in 1998. It has offices around the world in locations such as London, Boston, Sydney and Hong Kong, and also maintains close relationships with domestic partners in Asia. SLI covers a range of asset classes including equities, fixed income and real estate.

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Fund Manager

Kevin Troup has more than 20 years’ industry experience. He joined SLI in 2010 and has managed this fund since January 2012, when its investment objective changed significantly. His early experience includes working as an independent advisor to help small and medium-sized enterprises grow, and becoming a qualified chartered accountant while working at Coopers & Lybrand. He has also been an investment analyst with Scottish Life and director at Martin Currie, where he managed Japanese equity funds.

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Managing the fund is like modern day football management. I’m at a well-resourced club with one of the strongest internal scouting networks, allowing us to scour the globe for the next superstars. As part of the global team, I’m fully integrated in the analysis, which enhances my team selection.

Kevin Troup - Fund Manager

The Investment Process

The fund follows SLI’s distinctive investment process, with Kevin looking for companies where he anticipates some kind of change will take place, which in turn will significantly and positively impact shareholder value. Insights from SLI’s regional equity teams and corporate bond teams contribute to a 20-stock ‘global winners’ list, from which those that are dividend-paying form the foundation of the portfolio. The entire team is actively involved in the process from investment ideas to the final investment decision. Holdings are typically income-producing stocks of three types: high dividends, dividend growth and potential dividend upgrades.

Risk

The fund has proven relatively resilient to falling markets. Risk measures taken include a maximum holding of 2.5% within any stock, a limit of 10% and 30% on a specific sector or country respectively, and a style-agnostic philosophy (neither inherently growth nor value-biased), which provide the opportunity to outperform throughout the cycle.

Our Opinion

We like the fact that the team is not limited to investing just in higher yielding stocks, but also in those with future dividend potential. We also like the flexibility of the team being able to drop into the bond market if they want to increase the income level at any time. The tried, tested and successful global company-wide process, coupled with Kevin’s track record of consistently outperforming the sector, stands this fund in good stead.

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