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GAM STAR GLOBAL EQUITY

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GAM Star Global Equity is an actively managed, long-only strategy designed to deliver capital appreciation through a diversified portfolio of high-quality companies worldwide. The strategy aims to provide global equity exposure of an institutional standard and deliver outperformance over the long term by investing in businesses aligned with major political, social and economic themes shaping global markets.

Steven Williams, Head of UK Distribution, talks to Paul Markham, Investment Director, Global Equities, about the themes driving global equity markets, the benefit of experience and the importance of maintaining longer-term conviction ahead of ‘tinkering’.

When the time is ripe for shifting the position of the portfolio, you always have to do a lot more than you think. That’s a lesson I’ve learned.
Paul Markham, Investment Director

Our Edge

Diverse but complementary team

With 20 years’ average industry experience, the team brings deep insight across market cycles. Having navigated significant market events, this expertise is applied through a disciplined process designed to manage risk and identify potential opportunities for investors.

Thematic, Long-Term Approach

The strategy is guided by major political, social and economic themes shaping global markets. By looking beyond short-term market noise, the focus remains on enduring trends and structural changes that can drive performance over time.

Focused, Risk-Controlled Process

The team operates with investment autonomy, supported by GAM’s broader research resources. A disciplined, institutional-grade approach is designed to deliver consistent, long-term outcomes aligned with client objectives.

Investment Team

The Global Equity Team comprises Paul Markham (Investment Director), Duncan Bulgin (Investment Manager) and Josh Sambrook-Smith (Investment Manager) and is based in London. With over 60 years of combined experience, they bring deep expertise in global equities.

The team practices a collaborative investment approach, with a strong focus on diversity of thought. They encourage open debate, challenge assumptions and conduct thorough research, ensuring investment ideas are rigorously tested. Each member leads coverage of specific sectors, combining individual specialism with collective insight. This approach supports considered investment decisions, nimble execution and robust risk management, contributing to a disciplined and dynamic investment process.

High growth-adjusted multiples can persist for the most compelling situations, but ultimately valuation matters.
Paul Markham, Investment Director
Paul Markham
Investment Director
Duncan Bulgin
Investment Manager
Josh Sambrook-Smith
Investment Manager

Philosophy and Process

Investment Philosophy

The team believes businesses should demonstrate the ability to grow organically. Profitless growth is not a badge of honour; and free cash flow should always be a goal. Manageable balance-sheet leverage is acceptable when it facilitates growth efficiently. Disciplined capital allocation is critical, with dividends and buybacks even able to play a role in the evolution of growth-oriented companies. Credible management, clear strategy and aligned financial incentives are essential. High growth-adjusted multiples can persist in the most compelling situations, but valuation ultimately matters. ESG considerations are integrated throughout the team’s process.

Process

The investment process is clear and systematic. At its core is a thematic framework focused on four long-term structural trends: Digitalisation, Lifestyle, Power Build and Security. These themes guide investment direction, enabling the team to target the most attractive opportunities. Idea generation is open-source, but each team member leads focus in their area of expertise. All potential investments undergo rigorous fundamental and valuation analysis, including management meetings and the use of various valuation measures according to business model and stage of growth.

Portfolios are constructed globally, typically holding 40–60 stocks diversified across sectors and regions, and sized according to conviction, risk, volatility and liquidity. Risk management is embedded at three levels: portfolio guidelines, daily manager supervision and independent monitoring by the GAM Investment Risk Oversight team. This layered approach ensures portfolio risk is deliberate, transparent and aligned with the protection of client capital.

1

Establish Thematic Framework

  • Identify structural themes driving long-term capital growth
  • Focus research on high-potential thematic areas like Digitalisation, Lifestyle, Power Build and Security
2

Fundamental Analysis

  • Conduct in-depth company and industry research
  • Integrate analyst-led valuation and ESG considerations
3

Portfolio Construction

  • Hold 40–60 high-conviction positions
  • Manage turnover and use currency hedging occasionally to control risk
4

Monitoring

  • Regular risk meetings and oversight ensure disciplined management
  • Compliance checks and system coding maintain guideline adherence

Reasons to Invest

Businesses Compete Globally

Despite the re-emergence of protectionism, companies continue to operate and compete on a global basis. Investing globally ensures participation in the businesses shaping industries worldwide.

Widest Opportunity Set

While much of listed equity market capitalisation is concentrated in the US, many of the world’s best companies are found across multiple regions. Global equities provide access to the broadest opportunity set, capturing growth wherever it occurs.

Broad Diversification

Global equities spread exposure across regions, currencies, business models and end markets. This diversification reduces reliance on any single economy or sector and helps spread risk and sources of returns.

Valuation Dislocation and Divergence

Markets and sectors trade at divergent valuations. Global equities provide the flexibility to identify attractively priced companies and regions among these anomalies, offering the opportunities which drive long-term capital appreciation.

Key Risks

Capital at Risk
: All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.

Currency Risk - Non Base Currency Share Class
: Non-base currency share classes may or may not be hedged to the base currency of the Fund. Changes in exchange rates will have an impact on the value of shares in the Fund which are not denominated in the base currency. Where hedging structures are in place, they aim to reduce but may not fully eliminate currency risk.

Equity
: Investments in equities (directly or indirectly via derivatives) may be subject to fluctuations in value, and their values may be more volatile than those of other asset classes. Equities and equity-related securities (such as warrants and rights issues) can be affected by daily stock market movements.

Special Country Risk / China
: Changes in China's political, social or economic policies may significantly affect the value of the Fund's investments. China's tax law is also applied under policies that may change without notice and with retrospective effect.

List Not Exhaustive
: This list of risk factors is not exhaustive. Please refer to the relevant Fund’s prospectus.

Manager Insights

Outlook 2026
No shortage of potential investment ideas
December 2025 | Paul Markham

Global Equity: “The rise of AI is, of course, front of mind for many investors but geopolitical shifts also afford opportunities within the infrastructure and defence sectors.”

Investment Opinions
AI: A Multi Billion Dollar Opportunity
23 October 2025 | Josh Sambrook-Smith

Huge amounts are being committed to investments in artificial intelligence. Josh Sambrook-Smith, Investment Manager, Global Equities, discusses what this could mean for various parts of the AI ecosystem and where he and the team are seeing opportunities to take advantage.

Investment Opinions
Global equities and the evolving world order
16 July 2025 | Paul Markham

Hosted by Steven Williams, Head of UK Distribution, this webinar features Paul Markham, Investment Director and Head of Global Equities at GAM Investments, as he explores how shifting global dynamics are reshaping equity markets, and how investors can adapt.

Investment Opinions
What disruption really means
24 April 2025 | Paul Markham

Paul Markham, Investment Director, Global Equities, talks to GAM’s Head of UK Distribution Steven Williams on how he defines disruption and the fact it can have an impact across all sectors and industries, with technology an enabler of that disruption rather than necessarily being the business of the companies in which he invests.

Our Thinking

Fund Information

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Contacts

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Disclaimer: Past performance is not an indicator of future performance and current or future trends. The indications could be based on figures denominated in a currency that may be different from the currency of your residence country and therefore the return may increase or decrease as a result of currency fluctuations. Capital at risk: all financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. Any reference to a security is not a recommendation to buy or sell that security.

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