The year in review
In our previous review, we wrote that we were active managers prepared to back conviction when we see
opportunities in the market. We were rewarded for this handsomely in 2016. However, we believe we are in the
early innings of the fund’s recovery as valuations across the portfolio remain highly attractive, with clear signs that
value as a style is starting to play a much larger role in overall share price performance – value outperformed
growth on a global basis for the first time since the financial crisis.