This business comprises the funds management activities for global equities for Perpetual’s institutional and advised customers, both in Australia and overseas.

Global Equities is managed by PI Investment Management Limited (PIIML), a global equities firm based in Dublin. PIIML is a wholly owned subsidiary of Perpetual. This business was established to broaden Perpetual’s asset management capabilities and provide access to international clients. 

The investment philosophy of the Global Equities business is a fundamental, conservative, bottom-up approach to stock-picking, focusing on quality (determined by strong balance sheets, earnings visibility and competitive businesses) and value. It is an active global investor, with a long-term, pure investment approach, focusing on quality companies with attractive valuations.

Typically, the Global Equity portfolio holds between 70 and 90 stocks, has a mid to large cap bias (i.e. companies with a market cap in excess of $US2 billion in a free float), and employs a bottom-up approach to stock selection – it does not allocate top-down by country or sector. The portfolio is benchmark independent, so it does not take positions in companies on the basis of their weighting in the benchmark. Global Equities invests in high-quality companies with strong franchises, and has a bias towards companies with a high return on equity, a clean balance sheet and a track record of earnings. Typically, the portfolio has a lower P/E and a higher dividend yield than the market. It is expected to have lower volatility than the market over 3-5 years. On average,  Global Equities tends to hold its stocks for 3-5 years.