Overstone World All Cap Equity Fund on Aberdeen Group plc
Thesis
Aberdeen is an investment manager whose assets under management increased during the quarter. The fund notes that much of this expansion reflected favorable market movements rather than purely organic flows. Its interactive investor platform is nevertheless gaining market share, providing a company-specific source of progress. The business contributed positively to quarterly performance.
“Aberdeen has seen funds under management growing (though principally because of market movements), and its investment platform, interactive investor, is gaining market share.”
Key risks
- Most recent growth in funds under management came from market appreciation and could reverse with weaker markets.
- Continued growth of the interactive investor platform depends on sustaining share gains.