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DOUBLE TAKE

European equities

The Neptune European Opportunities Fund manager sees the benefit of materials and financials as value plays rather than weaker growth stocks…

Behind every investment decision we make is the desire to get our money back as quickly as possible, ideally through free cashflow generation or dividend payments.

For us, this means pursuing a core-value bias. Our clearest definition of value is cashflow yield. We look for companies that have a high cashflow relative to their market capitalisation. If their earnings are low relative to their history but they are still cheap, then a recovery in earnings would cause the free cashflow yield to increase even further.

Protracted renaissance

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