Taking Stock

Simon, Anthony, and Rose discuss the upcoming US election and its potential impact on the investment landscape. They explore why they believe that, regardless of who is in the White House, the attributes that make America a great place to invest will likely remain intact.

[00:29]

Introduction

[00:55]

Unpredictability of the election

[06:11]

Key differences between Trump & Harris

[08:02]

American political stability

[10:06]
Opportunities to invest in America

[18:39]
Closing remarks

As the MegaCap-8 stocks continue to dominate the market in 2023, Sello and Anthony discuss some of key debates surrounding their outperformance.  

[00:40] Introduction

[02:26] Anthony explains why we think that the trends contributing to the MegaCap-8 performance are due to reverse

[08:27] How we are selective with the MegaCap-8 

[12:18] Do you need to own mega-caps to benefit from the AI trends?

[19:10] Closing remarks 

Simon and Anthony discuss the changing investment environment over the last 25 years and how our Investment Philosophy has been applied throughout.

[00:35]
Introduction
[01:33]
Anthony reflects on what drew him to Findlay Park
[05:55]
The Investment Philosophy as the cornerstone to our investment approach
[07:48]
‘A game of two halves’
[12:35]
What we look for in company management
[17:30]
The American landscape – reshoring and reindustrialisation

[22:24]

Closing remarks

As the Fund enters its 25th year, Jon and Sello discuss a change in the market environment and how that’s driven a pivot towards midcap holdings.

[00:05] Introduction.

[05.16] Findlay Park’s definition of ‘midcap’.

[06:20] Factors driving the pivot towards midcaps.

[11:25] Analysing midcap companies through a responsible investment lens.

[13:05] Overlap between midcaps and re-industrialisation of America. 

[14:37] Closing remarks.

This is a marketing communication. For investment professionals only. Information presented, including any reference to specific investments, is for illustrative purposes only and should not be regarded as investment advice, research or as a recommendation to buy or sell any investments. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up, and you may not get back the original amount invested. This information reflects opinions based on current market conditions at the date of recording. They are subject to change without notice and involve a number of assumptions which may not prove valid. This data is provided for information only and should not be reproduced, published or disseminated in any manner. The podcast is not directed at or intended for distribution to any person or entity who is a citizen, resident or located in any jurisdiction where the distribution of this podcast and/or the purchase or sale of shares in Findlay Park Funds plc (“Fund”) would be contrary to applicable law or regulation. Any investment in the Fund will be subject to the terms, including a list of risk factors referred to in the Fund’s prospectus. Findlay Park accepts no liability for any loss or damage arising from the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or any other damage, whether direct or consequential. Findlay Park does not warrant the accuracy, adequacy or completeness of the information and data contained in this podcast. The podcast may include information derived from third parties. All rights for third parties and Findlay Park Partners LLP are reserved.

© Findlay Park Partners LLP 2023.

Anthony and Jon discuss the factors that have forced a pivot toward de-globalisation, and why we think American companies are well positioned: energy independence, government incentives and a diversified economy.

[00:38] Introduction.

[01:24] How the global economy has changed in the last 60 years.

[03:47] How is America positioned in the context of a more deglobalised world?

[06:34] Types of companies we think stand to benefit from these new opportunities.

[10:17] Looking forward to the next decade.

[11:49] Closing remarks.

This is a marketing communication. For investment professionals only. Information presented, including any reference to specific investments, is for illustrative purposes only and should not be regarded as investment advice, research or as a recommendation to buy or sell any investments. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up, and you may not get back the original amount invested. This information reflects opinions based on current market conditions at the date of recording. They are subject to change without notice and involve a number of assumptions which may not prove valid. This data is provided for information only and should not be reproduced, published or disseminated in any manner. The podcast is not directed at or intended for distribution to any person or entity who is a citizen, resident or located in any jurisdiction where the distribution of this podcast and/or the purchase or sale of shares in Findlay Park Funds plc (“Fund”) would be contrary to applicable law or regulation. Any investment in the Fund will be subject to the terms, including a list of risk factors referred to in the Fund’s prospectus. Findlay Park accepts no liability for any loss or damage arising from the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or any other damage, whether direct or consequential. Findlay Park does not warrant the accuracy, adequacy or completeness of the information and data contained in this podcast. The podcast may include information derived from third parties. All rights for third parties and Findlay Park Partners LLP are reserved.

© Findlay Park Partners LLP 2023.

Against the backdrop of challenging market sentiment, we discuss why the companies we invest in remain a good fit with our Investment Philosophy.

[00:37] Introduction - Anthony and Jon discuss the extent to which inflation and interest rate expectations have impacted our holdings, particularly those in the housing, technology and energy sectors.

[07:13] Software -  Anthony, John and Alastair explore the investment theses of our software holdings and why they fit well with our Investment Philosophy.

[19:12] ESG -  Rose, Anthony and Guy reflect on recent geopolitical events and their implications for ESG / sustainable investing, particularly in the context of the American Fund. 

[26:11] Closing remarks – Anthony and Jon conclude on why we feel positive about the companies we hold.

This is a marketing communication. For investment professionals only. Information presented, including any reference to specific investments, is for illustrative purposes only and should not be regarded as investment advice, research or as a recommendation to buy or sell any investments. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up, and you may not get back the original amount invested. This information reflects opinions based on current market conditions at the date of recording. They are subject to change without notice and involve a number of assumptions which may not prove valid. This data is provided for information only and should not be reproduced, published or disseminated in any manner. The podcast is not directed at or intended for distribution to any person or entity who is a citizen, resident or located in any jurisdiction where the distribution of this podcast and/or the purchase or sale of shares in Findlay Park Funds plc (“Fund”) would be contrary to applicable law or regulation. Any investment in the Fund will be subject to the terms, including a list of risk factors referred to in the Fund’s prospectus. Findlay Park accepts no liability for any loss or damage arising from the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or any other damage, whether direct or consequential. Findlay Park does not warrant the accuracy, adequacy or completeness of the information and data contained in this podcast. The podcast may include information derived from third parties. All rights for third parties and Findlay Park Partners LLP are reserved.

© Findlay Park Partners LLP 2023.

Our thoughts on Danaher and Sherwin-Williams and how they fit with our Investment Philosophy.

[00:30] Introduction - Anthony summarises what’s happened in US markets since the start of the year.

[02:07] Danaher - Anthony and Josh talk about Danaher’s life sciences and diagnostic businesses.

[06:51] Sherwin-Williams - Paul and Caroline discuss Sherwin-Williams, America’s largest manufacturer and distributor of paint and coatings.

This is a marketing communication. For investment professionals only. Information presented, including any reference to specific investments, is for illustrative purposes only and should not be regarded as investment advice, research or as a recommendation to buy or sell any investments. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up, and you may not get back the original amount invested. This information reflects opinions based on current market conditions at the date of recording. They are subject to change without notice and involve a number of assumptions which may not prove valid. This data is provided for information only and should not be reproduced, published or disseminated in any manner. The podcast is not directed at or intended for distribution to any person or entity who is a citizen, resident or located in any jurisdiction where the distribution of this podcast and/or the purchase or sale of shares in Findlay Park Funds plc (“Fund”) would be contrary to applicable law or regulation. Any investment in the Fund will be subject to the terms, including a list of risk factors referred to in the Fund’s prospectus. Findlay Park accepts no liability for any loss or damage arising from the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or any other damage, whether direct or consequential. Findlay Park does not warrant the accuracy, adequacy or completeness of the information and data contained in this podcast. The podcast may include information derived from third parties. All rights for third parties and Findlay Park Partners LLP are reserved.

© Findlay Park Partners LLP 2023.

Our thoughts on key investment themes – Technology, ESG and Distributors.

[0:30] Introduction - Anthony and Simon welcome listeners to our first podcast.

[3:23] Technology - Anthony, John and Chris discuss technology stocks – why some fit the Findlay Park Investment Philosophy better than others and weighing up the inevitability of outcomes.

[17:15] ESG - Sello, Rose and Jon provide insight into: recent responsible investment developments including Article 8, the Net Zero Asset Managers Initiative; and how our Responsible Investment Gauge helps us to understand intangible characteristics like culture.

[33:45] Distributors - Simon, Caroline and John explain why we think distribution businesses are more exciting than they appear; and how they could benefit from Americans spending more time at home, overdue residential investment and energy efficiency-driven improvement.

[43:20] Closing remarks - Final thoughts from Anthony and Simon.

This is a marketing communication. For investment professionals only. Information presented, including any reference to specific investments, is for illustrative purposes only and should not be regarded as investment advice, research or as a recommendation to buy or sell any investments. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up, and you may not get back the original amount invested. This information reflects opinions based on current market conditions at the date of recording. They are subject to change without notice and involve a number of assumptions which may not prove valid. This data is provided for information only and should not be reproduced, published or disseminated in any manner. The podcast is not directed at or intended for distribution to any person or entity who is a citizen, resident or located in any jurisdiction where the distribution of this podcast and/or the purchase or sale of shares in Findlay Park Funds plc (“Fund”) would be contrary to applicable law or regulation. Any investment in the Fund will be subject to the terms, including a list of risk factors referred to in the Fund’s prospectus. Findlay Park accepts no liability for any loss or damage arising from the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or any other damage, whether direct or consequential. Findlay Park does not warrant the accuracy, adequacy or completeness of the information and data contained in this podcast. The podcast may include information derived from third parties. All rights for third parties and Findlay Park Partners LLP are reserved.

© Findlay Park Partners LLP 2023.