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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 8, 2026
In Q3 2026, the Overstone Global Equity Fund advanced +1.7% in USD terms (net of fees), bringing year-to-date performance to +21.1%, compared to quarterly returns of +1.9% for the MSCI World Index and +3.8% for the MSCI World Value Index. Top positive contributors included easyJet (+21.3%), which agreed to a recommended takeover offer from Apollo at 715p following a competitive bidding contest against Castlelake, alongside ArcelorMittal (+12.9%) and Eni (+17.8%). Performance was hindered by Ally Financial (-17.6%), impacted by flattish net interest margin guidance tied to Stellantis lease losses and additional Fed rate hikes, as well as Swatch (-4.9%) and Merck (-6.0%). In response to shifting relative valuations, the fund rotated capital within the UK by fully exiting Lloyds Banking Group at c.1.5x price-to-book (generating c.11% annualized return since 2016) to establish a new holding in UK housebuilder Barratt Redrow at 0.6x book value. The fund continues to anchor risk management in low net financial leverage and diversification across rate-sensitive and rate-beneficiary franchises, maintaining strong fundamental conviction in asset-backed holdings trading at substantial discounts to normalized intrinsic value.
The fund adheres to a disciplined, long-term deep-value philosophy underpinned by rigorous balance-sheet scrutiny and structural margin of safety. Rather than taking binary, speculative stances on unpredictable macroeconomic and technological themes like generative AI or interest rate paths, the manager mitigates risk through low portfolio financial leverage (c.1.0x net debt/EBITDA versus c.1.5x for MSCI World) and balanced thematic factor exposures (offsetting rate beneficiaries like Chubb and Handelsbanken against rate-sensitive franchises like Barratt Redrow and Ally Financial). The strategy focuses on exploiting extreme cyclical or sentiment-driven mispricings in asset-rich, cash-generative businesses that trade at steep discounts to historical book value and normalized earnings power.
Management maintains a constructive forward outlook driven by substantial bottom-up valuation discrepancies rather than top-down economic reliance. With the portfolio valued at approximately 11x forward earnings compared to 19x for the broader MSCI World Index, the fund projects an estimated weighted average upside of around 40%. The manager anticipates medium-term earnings normalization across key laggards: Ally's return on equity progressing toward the mid-teens as rate pressures ease, Swatch capitalizing on high operational leverage as consumer demand recovers, and Barratt Redrow benefiting from the natural multi-year repricing of its land bank alongside a resilient net cash balance sheet (£772m) even in a stagnant housing market.
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