Cover | Published in August 2013

2013 Best Managers You’ve Never Heard Of

By John Keefe | August 2013
Page 5 of 6 View Full Article
Wesley Allsbrook

Trinity Street Asset Management

London, England

Firm assets as of June 2013: $1.3 billion

Image, left to right:

Ed Bell

Partner and portfolio manager since 2007

Age 43

Previous position: Partner and managing director of J.P. Morgan Cazenove

Sarah Lavers

Partner and portfolio manager since 2012

Age 52

Previous position: Portfolio manager for NewSmith Capital Asset Management

Richard Bruce

Founding partner and portfolio manager since 2002

Age 50

Previous position: Founder/Manager of the GLG Partners Performance Fund

The global equity markets may be large and complex, but, in the view of Trinity Street Asset Management, global equity strategies are best managed by a small team at an independent firm. “A large portfolio management group involves teams of specialists, and the need for communication among the analysts and portfolio managers creates all sorts of problems,” says Michael Hughes, Trinity’s marketing chief and a partner in the firm. He elaborates: “An analyst who is really skilled at presentation might manage to get more stocks in the portfolio than is justified by the quality of his ideas. Or is the analyst at the end of a crackly phone line in Singapore and having difficulty getting the point across? And all analysts have got to get some ideas into the portfolio or they won’t feel relevant, even when the best thing might be not to invest at all in their region or sector.”

Trinity Street was founded in 2002 by Richard Bruce, a veteran investor in global equities, after 15 years of working at large firms such as Rowe Price-Fleming, Jardine Fleming and GLG Partners LP. The firm’s global strategy—and a Europe, Australasia and Far East (EAFE)/international version, which excludes U.S. stocks—is managed jointly by Bruce, Ed Bell and Sarah Lavers, who joined Trinity in 2007 and 2012, respectively. Bell had managed the technology research effort at J.P. Morgan Caznove, while Lavers headed emerging markets research at Schroders and was a founding partner at Latinvest; she joined Trinity from a portfolio management position at NewSmith Capital.