Cambiar International Equity Fund on London Stock Exchange Group plc
Thesis
LSEG shares have been pressured by concerns that AI could disrupt the company's data and analytics business. Cambiar argues that recent results instead show AI acting as a demand accelerator because AI models must pay to access LSEG's proprietary data. The fund believes the combination of an attractive valuation, a high-quality franchise and shareholder-friendly capital return policies creates a compelling risk-reward.
“Given the combination of attractive valuation, quality business franchise and attractive capital return policies, we believe LSE offers a compelling risk/reward.”
Key risks
- AI disruption to the data and analytics business