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It is a credit to Nedgroup’s multimanager unit that it incorporates two very different styles of asset manager in its global fund. It invests with a Morgan Stanley Investment Management team that picks its shares by focusing on dependable compounders, but also includes the more classical value approach of San Francisco-based Dodge & Cox.

Nic Sochovsky at Morgan Stanley says there are two ways to lose money on equities: either the multiple (p:e ratio) contracts, or the earnings go away. Morgan Stanley’s global franchise composite has provided a 14.1% annualised return since inception in 1996, well above the 6.4% for the benchmark MSCI World Index...

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