Concentrated Alpha Equities

Concentrated Alpha Equities combines high active share with an integrated ESG approach to provide investors with a 'truly active' solution.

Our approach

We seek to invest in the best risk vs. reward stocks that not only offer attractive upside but limited downside risk. Our differentiated "3-circle" process combines fundamental, quantitative and qualitative information sources, which are mutually independent and uncorrelated.

Why Concentrated Alpha Equities?

Investment boutique with an independent decision making process, leveraging all resources of UBS Asset Management

Flexible and benchmark agnostic approach resulting in strong risk-adjusted returns in varying market environments 

Lean and nimble team with access to extensive internal and external resources

Focus on high active share since inception 

ESG as an integral part of the investment process

Q2 2021 global equity outlook

A look at the key drivers influencing asset prices and the extent to which consensus expectations are reflected.

Max Anderl, Head of Concentrated Alpha Equity, shares his investment views.

How much of the recovery is priced in?

  • Equity markets have already rallied in anticipation of a recovery.
  • In fact the MSCI World index recently recorded the best 12 months of performance.
  • This was achieved despite a relatively moderate drawdown in 2020 vs. history.

12 Month % Change in MSCI World (%)

A look at how the MSCI World index performed in 2020 recording the best 12 months of performance and historically since 1971

Are we entering a commodities super cycle?

  • The commodities complex has had a strong start to 2021.
  • We see a record overweight in commodities among asset allocators.
  • However we think it is still too early to call a commodities super cycle.
  • China, one of the world’s biggest consumers of commodities, is already starting to show signs of slowing growth.
  • Hence we expect commodity prices to normalize in a downward fashion from here.

China import volumes (year-on-year, 6-month moving average)

A look at how China is starting to show signs of slowing growth in its import volumes of crude oil, copper and iron.

Could price normalization drive inflation?

As economies reopen…

Prices of 'services' should trend upward1

As economies reopen, we should see prices of services trend upward.

Prices of 'goods' should trend downward2

As economies reopen, we should see prices of goods trend downwards.

  • But the rise in prices will be partly offset due to bottlenecks in production of goods
  • We expect inflation to spike in Q2 2021 due to favorable year-on-year comparisons but to normalize thereafter

More is needed to sustain longer term inflation

  • Despite speculation of higher inflation due to strong money growth, there is no historical evidence that the two are linked.
  • At moderate or low inflation the relationship is especially weak over the last three decades.
  • Inflation is also dependent on other factors such as innovation, demographics and demand vs. supply in labor and product markets.

US core CPI vs. money supply (year-on-year %)

The chart looks at the relationship between higher inflation due to strong money growth, however the chart suggests the two are not linked.

Nicole Lim, Equity Specialist, discusses team's profile, investment philosophy and process, and shares her latest views on the market.

Global Equity Concentrated Alpha

An actively managed strategy based on an unconstrained portfolio of stocks globally.

European Opportunity Unconstrained

An actively managed strategy based on an unconstrained portfolio of long and short positions, allow us to take advantage of declining stock prices.

Q1 2021 Market Review

Hear how Nicole Lim, Concentrated Alpha Equity Specialist, and her team are positioning their portfolios following the slight pullback in equity markets in the first quarter.

Our team

The team is headed by lead portfolio manager Max Anderl, who is supported by deputy portfolio manager Jeremy Leung and Equity Specialist Nicole Lim.  The structure of our team and the clear split in responsibilities allows us to react quickly and effectively to new opportunities that arise in the market. At the same time, we have access to a diverse and reliable set of resources internally and externally.

Max Anderl

Lead Portfolio Manager
(New stocks and portfolio construction)

Years of industry experience: 20
Years with UBS: 19

Jeremy Leung, CFA

Deputy Portfolio Manager
(Reviews existing holdings)

Years of industry experience: 14
Years with UBS: 12

Nicole Lim, CFA

Equity Specialist
(Reviews existing holdings and ESG)

Years of industry experience: 6
Years with UBS: 6

For more portfolio management insights:

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