UE-EN Institutional

Pyrford International

Pyrford International is an investment specialist operating as part of BMO Global Asset Management. There are no ‘star managers’ at Pyrford – instead an experienced team work together to implement a clear, straightforward and common-sense approach to investment. Preserving capital is a paramount consideration – something they work to achieve through a clear focus on quality, value and diversification.

A quality and value-driven, absolute return approach

Our investment philosophy is based on a quality and value-driven, absolute return approach. At the stock level, we identify companies that are fairly valued or undervalued in relation to their potential long-term earnings growth, whilst at the country level, we seek to heavily overweight countries that provide good value relative to their long-term prospects and underweight or avoid countries that do not.
This approach produces long-term investment returns characterized by very low absolute volatility and excellent downside protection.
Investment process

The first stage in the decision process is asset allocation and country allocation. We make five-year earnings projections for the fixed income and equity markets in our universe. This framework allows us to determine the relative value across markets and from this we derive our asset allocation and country allocation strategy.

Our process is a mixture of asset, country allocation and stock selection.

We measure relative value in equity markets in the following way: Current Dividend Yield + Forecast Long Term Earnings per Share Growth (expressed in real terms).

The process involves integrating many sources of information with emphasis on our in-house research expertise.

We do not invest in any country which does not satisfy our minimum requirements in relation to accounting standards, investor protection and political stability.

Following the country allocation decision, we use a disciplined, bottom-up process to determine individual stock value. We look for:

  • Well-priced companies that are leaders in their industry
  • Superior management and a sound capital structure
  • Medium-to-large capitalization companies within their respective markets

The next step in our process is to perform a rigorous financial analysis to help determine earnings per share and total return expectations for selected companies. This helps us understand the dynamics of:

  • Company growth
  • Earnings quality
  • The likelihood of trends being maintained

The analysis is comprehensive and includes a retrospective five-year study of the balance sheet, income statement, the statement of changes in the financial position, and a management interview.

The difference is research

We believe our face-to-face interviews with management are crucial. A stock will not be selected for investment prior to our meeting with management. We also revisit management at least once a year as long as the stock remains in the portfolio.

These company visits provide us with firsthand knowledge of the company, its management, and its operations. They also give us invaluable input for our macro analysis, and help point us toward developing economic trends, trends that have not yet been reported in officially released statistics.

In-house research is of prime importance to our process. All of our investment professionals participate in the research process. Investment analysts tend to concentrate on individual company analysis whereas the more senior professionals are involved in all aspects of the research function.

We also seek out independent commentators and analysts who challenge our thinking on both macro and micro issues. We have developed close professional relationships with many organizations and individuals. They form an integral part of our research process.

Investing with a global perspective

To meet the challenges of today’s investing environment, you require access to investment solutions managed with regional expertise and a global perspective. We offer a range of products in both segregated and pooled fund management to meet that need.

  • Global Absolute Return Strategy
  • Global Equity
  • International Equity
  • European Equity
  • Asian Equity ex Japan Equity
  • Asian Equity including Japan Equity
  • Shariah Compliant Strategies

Select your country and investor type above to find investment solutions available in your country from Pyrford.

Responsible Investing

Pyrford has been managing assets using the same, proven value-based fundamental process for over 30 years. We have always assessed companies over the long-term, seeking out those capable of generating earnings sustainably through the development of products and services which are valuable to their customers, hard to replicate and unlikely to be replaced. Central to the sustainability of a business is its relationships with suppliers, customers, employees and shareholders, along with its impact on the environment. Companies can survive for the short term-term, taking irresponsible approaches to these areas but to prosper companies must demonstrate leadership in each of these areas.
ESG Report & Sustainability Risk Policy
UN Principles for Responsible Investment

Pyrford International is a signatory to the United Nations Principles for Responsible Investment (PRI). This formalises the company’s long-standing commitment to considering Environmental, Social, and Corporate Governance issues as part of its wider research process, in the expectation that companies with sustainable long-term approaches to these issues will ultimately produce better returns and, importantly, less risk for our clients.

As a signatory, and where it is consistent with our fiduciary responsibilities, we have committed to the following:

  1. We will incorporate ESG issues into investment analysis and decision-making processes.
  2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
  3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  4. We will promote acceptance and implementation of the Principles within the investment industry.
  5. We will work together to enhance our effectiveness in implementing the Principles.
  6. We will each report on our activities and progress towards implementing the Principles.
UK Stewardship Code
Proxy Voting
Conflict of Interest Policy

Important regulatory documents and tax disclosures

KIIDs - Pyrford Global Total Return Fund
KIIDs - BMO Global Low Volatility Equity Fund
BMO Investments (Ireland) plc
UK Tax Reporting
Pyrford Global Total Return (Sterling) Fund
Amount actually distributed to participants per share
Excess of reported income per share over amount actually distributed
Dates on which distributions were made
Fund distribution date
The fund continues to be a reporting fund at the present date
Class A Stg£ Accumulating
3.1288
0.1205
4.3526
4.5186
Nil
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class A Stg£ Distributing
0.0079
0.0719
0.0533
0.0459
0.1152
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class B Stg£ Accumulating
0.6735
0.0946
0.9070
1.1701
Nil
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class B Stg£ Distributing
0.0139
0.0671
0.0560
0.0483
Nil
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class C Stg£ Accumulating
0.9883
0.0956
1.0397
1.0410
0.6830
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class C Stg£ Distributing
0.0189
0.0848
0.0764
0.0554
Nil
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class D Stg£ Accumulating
0.2037
0.1301
0.3273
0.4225
0.5680
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Class D Stg£ Distributing
0.0389
0.0953
0.0766
0.0698
Nil
15 April 2020
8 July 2020
8 October 2021
11 January 2021
30 June 2021
Yes
Pyrford Global Equity (Sterling) Fund
Amount actually distributed to participants per share
Excess of reported income per share over amount actually distributed
Dates on which distributions were made
Fund distribution date
The fund continues to be a reporting fund at the present date
Class B £ Stg Accumulating
0.1647
0.3147
0.4535
8 July 2020
11 January 2021
30 June 2021
Yes
Class B £ Stg Distributing
0.1359
0.0971
Nil
8 July 2020
11 January 2021
30 June 2021
Yes
German Tax Reporting
Accumulated Deemed Distributed Income (ADDI) – Pyrford Global Total Return (Euro) Fund – Class A Accumulating
ISIN
IE00B7GS4S23
Deemed distributed income
31 December 2015
0.3942 EUR
Accumulated deemed distributed income
31 December 2015
1.8797 EUR
Deemed distributed income
31 December 2016
0.3752 EUR
Accumulated deemed distributed income
31 December 2016
2.2549 EUR
Deemed distributed income
31 December 2017
0.2457 EUR
Accumulated deemed distributed income
31 December 2017
2.5006 EUR