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Overview

Aubrey Capital Management (Aubrey) acts in alliance with GVI as the sub-investment manager for the GVI funds.

Why invest with Aubrey 

  • Aubrey aims to take medium to long term positions in strong, stable competitive companies that exhibit attractive dividends, strong earnings growth, and generate significant cash flow.
  • Aubrey’s team has extensive experience in UK, Europe, USA, Asia and Emerging Markets and has delivered long term performance (3 year period as at 31/10 value).
  • Aubrey structures the portfolio without reference to peers or benchmark, instead using proven thematic growth drivers, and a unique concentration on company cash flow characteristics as key risk assessment and a strong sell discipline.
  • Aubrey’s team is highly motivated and aligned with its clients’ interests.  While having the ambition and flexibility of an investment boutique, the alliance with the Treasury Group gives Aubrey the financial security and resources of a much larger house.

Aubrey  has a clear preference for established companies that can, on our analysis:

  • Strong earnings growth and attractive dividends
  • Generate strong cash flows
  • Have very strong balance sheets
  • Have a stable and competitive business
  • Trade at a price below what the Aubrey investment team believes to be the underlying or inherent value

Our process is designed to bias the portfolio toward companies that are attractive on a risk/return basis, and in terms of the portfolio, demonstrate lower volatility.

Portfolio Profile

Aubrey has a clear preference for companies with a strong management record, a strong franchise or brand operating in markets where there are strong barriers to entry.  They have minimum earnings per share and dividend yield hurdles and specific requirements as to both debt levels and cash flow return on operating assets, all of which must be met before a stock will be considered.   A company must also meet our valuation hurdles based on price earnings : growth rates before a stock can be bought.

Although they are medium to long term investors in companies with these characteristics, Aubrey is aware that such an approach is too often synonymous with complacency.  Accordingly, they also apply a strong sell discipline in certain circumstances including where the investment case changes, the valuation breaches reasonable maximums,  to optimise positions, or to practice portfolio renewal.

The History

Aubrey Capital Management Ltd is a specialist investment manager with a particular focus on global thematic conviction funds.  Aubrey was founded in 2006 and incorporated in Edinburgh, Scotland, as a privately controlled company with all of our shareholders actively involved in managing the business.

The team has collective investment experience of over 90 years in the UK, USA, Europe, Asia and Emerging Markets and an impressive track record of managing similar global thematic conviction funds in the past

In November 2009, Treasury Group of Australia took a stake in Aubrey Capital Management. Treasury Group brings expertise in compliance, back office systems, fund structures and retail and institutional sales and distribution. 

The Name

The Aubrey logo is comprised of naval flags which together spell Aubrey. The Patrick O’Brian’s novel series set in the Royal Navy during the Napoleonic Wars provided the inspiration for our name. Captain Jack Aubrey, a superb naval captain, was the hero of the series and we felt the character encapsulated the importance to sailors and fund managers of good navigating during all types of conditions.