Introducing Wellington Global Stewards Fund
We invest in a select group of global companies that we believe can deliver attractive returns on capital and can do so over the long term, thanks to superior ESG and stewardship practices.
Focus on Stewardship
Our goal is to invest in companies across sectors that prioritise the business and shareholder returns over growth, particularly when we believe financial returns may be higher or last longer than the market anticipates. We hold a high bar for inclusion. If our research reveals that a company has, in our view, deficiencies in either its focus on return on capital or stewardship practices, it will not be considered for the portfolio. Conversely, the companies that are the most adept at balancing their impact on people and the planet with the pursuit of profit can, in our view, build a long-term advantage. Specifically, we think stewardship leaders:
Role of Engagement
Engagement plays a key role in our Global Stewards investment process because it enables us to hold management teams and boards accountable for their actions. We believe it's our duty to engage actively and transparently with the companies in the portfolio. By engaging regularly with management teams and boards to identify ESG risks and opportunities, and to use the proxy votes we cast on our clients' behalf, we can support or influence decisions that can maximise the long-term value of companies.
Developing strong relationships with companies gives us the opportunity to champion and support long-termism and challenge insular thinking. We can also help companies to prioritise governance factors that matter to longstanding owners and offer guidance on environmental and social issues on which companies may not have a clear perspective.
Stock Specific Diversification
Many 'ESG funds' have meaningful style biases. In contrast, our value proposition is to offer clients a global, core allocation of 35-45 large-cap companies, diversified across sectors and countries. We seek to hold companies for 10+ years, resulting in a low-turnover portfolio that is aligned with our long-term engagement initiatives.
By reducing country, sector and factor biases, the main drivers of risk and return are stock specific. And our focus on high-quality businesses means the portfolio tends to be less volatile than the broad market as defined by MSCI All Country World, resulting in potentially more stable and consistent outperformance over time.
Global Focus
High active share
Low turnover
Active Engagement
Article 9 SFDR
The Team
The Wellington Global Stewards Fund is co-managed by equity portfolio managers Mark Mandel, Yolanda Courtines and Samuel Cox. With a focus exclusively on the portfolio management of the Global Stewards Fund, Mark is based in Boston and Yolanda and Sam are both based in London. This provides the geographical reach to actively engage with and influence companies across the globe.
In managing the portfolio, Mark, Yolanda and Sam leverage the insights of Wellington's global industry analysts, ESG research analysts, other portfolio management teams and Wellington's macroeconomists.
Mark Mandel
CFA, Equity Portfolio ManagerMark Mandel joined Wellington in 1994 as a global industry analyst and sector portfolio manager. His investment beliefs have been shaped through conducting industry and company analyses, managing concentrated research portfolios, and leading a diverse and tenured team as Director of Research.
Yolanda Courtines
CFA, Equity Portfolio ManagerYolanda Courtines joined Wellington in 2006 as a global industry analyst covering European and Latin American banks. Given her sector and geographic coverage, a strong focus on governance and stewardship has always been a critical component of her investment approach.
Samuel Cox
CFA, Equity Portfolio ManagerSamuel Cox, joined Wellington in 2019 as an Equity Research Analyst on the Wellington Durables investment team. Additionally, his prior experience as a healthcare analyst has been additive to the team given the complexity of the sector and complements Yolanda’s experience in the global financial industry.
Track Record
| YTD* | 2023 | 2022 | 2021 | 2020 | 2019** | |
|---|---|---|---|---|---|---|
| USD D Accumulating Unhedged (net) | 8.5 | 18.9 | -11.3 | 22.1 | 18.8 | 23.0 |
| MSCI All Country World Index Net | 11.3 | 22.2 | -18.4 | 18.5 | 16.3 | 17.3 |
| Active return (net vs benchmark) | -2.8 | -3.3 | 7.1 | 3.5 | 2.5 | 5.7 |
*As at 30.09.2024 | **The inception date of the Change to USD D Accumulating Unhedged share class is 31 January 2019. I Sums may not total due to rounding. I Performance returns for periods one year or less are not annualised. I PAST PERFORMANCE DOES NOT PREDICT FUTURE RETURNS. AN INVESTMENT CAN LOSE VALUE. Fund returns shown are net of USD S Accumulating Unhedged share class fees and expenses. Fund returns shown are net of actual (but not necessarily maximum) withholding and capital gains tax but are not otherwise adjusted for the effects of taxation and assume reinvestment of dividends and capital gains. I If an investor's own currency is different from the currency in which the fund is denominated, the investment return may increase or decrease as a result of currency fluctuations. I Please note the fund has a swing pricing mechanism in place. I Index returns are shown net of maximum withholding tax and assume reinvestment of dividends in line with the index provider's methodology. Sources: Fund - Wellington Management., Index - MSCI. I If the last business day of the month is not a business day for the Fund, performance is calculated using the last available NAV. This may result in a performance differential between the fund and the index.