Who we are

Veritas Investment Partners (UK) Limited is an investment firm with offices in London.


We have always focused on a single objective – to protect and grow the real value of our clients’ capital over the long term. Investing for private investors, smaller institutions and charities is our only business.


The business was originally founded in Zurich in 1993 by Anthony Rosenfelder and a London office was opened in 1996. In 2004, Stewart Newton, the founder of Newton Investment Management, joined the group. We have always understood and valued the importance of stability within investment management companies and in January 2013 the group restructured to ensure that the management of the business was aligned and focused on its clients.


Our focused business model and investment proposition are key pillars upon which the business has been able to grow organically. We believe that our clients' objectives are inherently aligned with our core investment philosophy and culture. Specifically:

  • Our deep-rooted culture of partnership, in which we are independently owned by our employees, creates stability and aligns the company's long-term interests with those of our clients.
  • Our focus on a simple investment offering with the objective of achieving real returns by investing in global equities, fixed income and cash, provides a transparent and understandable solution for clients.
  • Clients have direct access to their designated investment managers who are responsible for suitability, portfolio construction and investment outcomes. We do not have relationship managers. This further aligns interests and accountability to clients.
  • We have an investment process which focuses on bringing consistent portfolio solutions and construction to all clients, in the context of the client objectives and risk tolerance. Risk management is inherent in everything that we do. We have robust investment governance and define “risk” as the potential for permanent capital loss. Each part of the portfolio construction process is focused on managing this risk.
  • Finally, our sole business is the provision of discretionary investment management, ensuring that our clients are at the centre of our business.

What we do

Our investment philosophy and style are founded on the principle of real return investing. This aligns with what our clients are seeking to achieve: to protect and grow the purchasing power of their capital ahead of inflation. We do this by investing globally on an unconstrained basis (i.e. with no reference to a benchmark) in a portfolio of directly invested equities, bonds and cash.


Our investment philosophy was put in place at our inception and has not changed materially since the business was founded over 25 years ago. This approach has delivered a strong track record for our clients through several investment cycles.


We aim to find companies where structural tailwinds are creating demand for their products or services. While economic cycles are almost impossible to predict, structural demand can be both long-term in nature and relatively insulated from the economic cycle. Indeed, companies that benefit from structural demand should be able to grow their earnings and cash flow per share consistently over a multi-year period, irrespective of the economic environment. Provided you buy that company's equity at a sensible valuation, you are likely to have a successful long-term investment that delivers a real return.


Should we not be able to find equities which we believe will provide real returns, or worse are overvalued and might expose the client to meaningful loss in the medium to long term, we would be prepared to remain heavily in cash and/or investment grade bonds.


Our approach is implemented by an experienced investment team. The team has an average of over 20 years' investment experience, and a proven record of successfully managing and servicing clients. We are committed to providing a personal service and are directly accountable to all of our clients. We only offer discretionary portfolios.


We can provide more detailed information on our investment process if required.


Integrated ESG and stewardship.

We integrate ESG and stewardship fully within our investment approach.

Because we have a mandate to protect and grow our clients’ capital – to produce real returns - we have a responsibility to consider any factor that might impact the durability or value of our their investments.


Environmental, Social and Governance (ESG) are all factors that might impact the long-term value of a company. The opportunities and risks related to ESG are therefore key considerations in every new investment we make, as well as in our ongoing decision to hold shares in a business.

  • The opportunities are captured through structural shifts we identify as tailwinds for growth. A key part of this thinking is the belief that we are in the foothills of a major shift to manage the planet's resources more sustainably. This is being driven by the demands of an increasing global population, expanding middle class and need to address the challenges associated with climate change and biodiversity loss.
  • Poor governance and environmental and social risks are business risks. We look for management teams that understand and plan for these risks; we believe companies need to maintain their social licence to operate given rapidly changing regulation and consumer preferences.


As highlighted above, all research is done by our in-house investment team, not a separate ESG department. Our focused investment style (25-40 companies) allows us to know our investments inside out, focusing us on what is material, and allowing us to punch above our weight in terms of influence.


Our stewardship activities are an integral part of our approach to sustainable investment. When we buy shares in companies, we become business owners. How we behave as shareholders is closely aligned with the long-term nature of our clients' objectives. Good stewardship involves voting and engagement on issues that will impact the long-term durability of a business.


We can provide more information on our stewardship policies, but our principles are:

  • An aversion to box ticking: our focused investment approach enables us to fully understand the material risks to each business.
  • A focus on all stakeholders: we recognise that businesses exist within society and therefore have a duty to all stakeholders, not just shareholders.
  • A culture of partnership with management teams: we recognise and value progress in pursuit of long-term sustainability.


We are prepared to vote with our feet: we will not hold shares in companies where we identify a material risk to the long-term viability of the business.

We believe that engaging with management as long-term stewards of capital helps promote a world that prospers sustainably.

Strategies

Core Equity with Fixed Income (GBP) £

Bespoke Fund

The Core Equity With Fixed Income strategy's objective is to protect and grow the purchasing power of investors' capital over the long term.


The strategy invests mainly in global equities within a strategic range of 50-80% of the portfolio, with the balance being composed of fixed income, cash and/or gold. The choice of investments will not be limited by geography, sector or currency and investments are made with no reference to a market index. The strategy aims to hold 25-40 equities at any given time.


This investment strategy is appropriate for investors with a five year plus time horizon and is accessible either through a Segregated (bespoke) mandate or through our Protea fund offering.

MANDATES
  • Segregated Mandate • medium

  • Protea Fund • medium

Core Equity with Fixed Income (USD) $

Bespoke

The Core Equity With Fixed Income strategy's objective is to protect and grow the purchasing power of investors' capital over the long term.


The strategy invests mainly in global equities within a strategic range of 50-80% of the portfolio, with the balance being composed of fixed income, cash and/or gold. The choice of investments will not be limited by geography, sector or currency and investments are made with no reference to a market index. The strategy aims to hold 25-40 equities at any given time.


This investment strategy is appropriate for investors with a five year plus time horizon and is accessible through a Segregated (bespoke) mandate.

MANDATES
  • Segregated Mandate • medium

High Equity (GBP) £

Fund Bespoke

The High Equity strategy's objective is to protect and grow the purchasing power of investors' capital over the long term.


The strategy invests mainly in global equities within a strategic range of 80-100% of the portfolio, with the balance being composed of fixed income, cash and/or gold. The choice of investments will not be limited by geography, sector or currency and investments are made with no reference to a market index. The strategy aims to hold 25-40 equities at any given time.


This investment strategy is appropriate for investors with a five year plus time horizon and is accessible either through a Segregated (bespoke) mandate or through our Protea fund offering.

MANDATES
  • Segregated Mandate • high

  • Protea Fund • high

High Equity (USD) $

Bespoke

The High Equity strategy's objective is to protect and grow the purchasing power of investors' capital over the long term.


The strategy invests mainly in global equities within a strategic range of 80-100% of the portfolio, with the balance being composed of fixed income, cash and/or gold. The choice of investments will not be limited by geography, sector or currency and investments are made with no reference to a market index. The strategy aims to hold 25-40 equities at any given time.


This investment strategy is appropriate for investors with a five year plus time horizon and is accessible through a Segregated (bespoke) mandate.

MANDATES
  • High Equity • high

High Equity (EUR)

Bespoke

The High Equity strategy's objective is to protect and grow the purchasing power of investors' capital over the long term.


The strategy invests mainly in global equities within a strategic range of 80-100% of the portfolio, with the balance being composed of fixed income, cash and/or gold. The choice of investments will not be limited by geography, sector or currency and investments are made with no reference to a market index. The strategy aims to hold 25-40 equities at any given time.


This investment strategy is appropriate for investors with a five year plus time horizon and is accessible through a Segregated (bespoke) mandate.

MANDATES
  • High Equity • high