Jeremy-Thomas

I am a Global Equity portfolio manager, and have responsibility for supporting the development of our Unconstrained investment strategies.

My investment style is based around finding fundamentally good businesses, characterised by high return on capital employed and margins, but trading at lower than warranted valuations, usually as a result of temporary issues. This approach is based on fundamental analysis, and at times necessitates a contrarian attitude. There are two particular questions I like to ask when assessing a company. First, what is the sustainable competitive advantage of this business? Second, if I get my analysis wrong how much money am I likely to lose? Buying sound long-term businesses with limited operational, balance sheet or valuation risk is a good starting point when investing in an uncertain world.

I started my investment career in 1996 at Schroders, where I managed UK Equity portfolios; I also worked at ISIS Asset Management (now part of F&C) before joining Allianz in 2004. I moved to the Global Equity team in 2012, having been CIO UK Equities from 2010. I have a degree in Philosophy, Politics and Economics from Oxford University, and spent five years serving as a British Army officer with the Gloucestershire Regiment.

Outside the office I am a keen cyclist and triathlete. My competitive nature is satisfied by the scrap of the massed start swim at the beginning of a triathlon, and relentlessly trying to improve on my own times on the bike and the run. The solitude of a long steep Alpine climb on a bicycle is a great time to clear the mind and think. I find that some of my most insightful investment perspectives come when I am not in front of a computer screen.

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Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested.

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