With extensive expertise gained from a combined total of 70 years of investment experience, the NZS team has a track record of generating significant outperformance for investors**. Based on the science of Complex Adaptive Systems, the NZS investment philosophy seeks adaptable and innovative companies that will successfully navigate the increasing pace of disruption as the global economy transitions from analogue to digital.
While the technology sector is driving innovation today, in the coming years, the wave of disruption will impact every sector across the economy including industrials, consumer, financials, energy, and healthcare, and weightings in the strategy will evolve over time to reflect these changing dynamics. The team believes that the Information Age affords an unprecedented level of transparency, and companies still using the traditional methods of high barriers, wide moats, and information hording to extract value from customers are losing ground to adaptable companies that maximize Non-Zero-Sum, or win-win outcomes.
At the heart of the NZS Complexity Investing philosophy is constructing a portfolio that balances two sets of companies the team calls Resilient and Optionality. In this context, Resilient companies are those able to adapt and evolve to disruption and changing conditions, while Optionality companies are adaptable, but earlier in their lifecycles with high asymmetry. The fund will hold 50-70 stocks: the Resilient portion will typically comprise 10-20 companies with a position size greater than 2.5% each, and the Optionality component will have 30-50 names that are each less than 1.5% of the overall portfolio. The fund’s holdings will typically have market capitalizations above US$5bn.
Brad Slingerlend commented: “As the global economy moves from the analogue-based Industrial Age to the digital-based Information Age, a vastly different set of characteristics are needed for success. We believe that the two things that matter most as the world makes this switch from analogue to digital are adaptability in the face of an uncertain future and a company’s ability to create more value than it takes – what we call Non-Zero Sum, or NZS. Investing in a world shaped by disruption and free-flowing information requires a new approach, and we have carefully honed our Complexity Investing framework over the last decade for success in this new investing frontier. We are delighted to share this strategy with Jupiter’s clients in the shape of this new fund.”
Andrew Formica, Jupiter’s CEO, commented:“Brad and Brinton are talented fund managers with a carefully-constructed process that has the potential to deliver long-term returns. Their approach is clearly aligned with Jupiter’s culture and focus on high conviction, active fund management, centred around client outcomes.
We have already seen a real client interest and strong early growth in the strategy since confirming the partnership with NZS, and the launch of this fund will bring the company’s total assets over $1bn while offering a further opportunity for our clients to access this exciting new strategy, a key strategic priority for Jupiter.”
Notes to editors:
* A company that operates a platform focused on creating value for all participants, including itself, is creating large amounts of Non-Zero Sum. The optimal win-win situation is achieved when the platform creates more value for the ecosystem than it does for the company’s own treasury. Companies disrupting large established markets can do so by offering all constituents higher NZS than the incumbents and changing the rules of the game. NZS encapsulates and goes beyond traditional ESG. NZS accounts for customers, employees, society, the environment, and investors.
** NZS has a track record of generating significant outperformance for investors through this strategy. Their existing product (only available to accredited investors in the US) launched on 31 December 2019 and its performance through 2020 is shown below.
Global Equity Growth Unconstrained Strategy
Morningstar Global Target Market Exposure Index (NR)
Source: NZS Capital, LLC. Returns in USD. Strategy returns include all assets managed by NZS including client, private and seed money where applicable. Index is net dividends reinvested, source Morningstar. Strategy inception: Global Equity Growth Unconstrained: 31.12.19
Denver, Colorado-based NZS Capital, LLC was founded in 2019 by Brad Slingerlend and Brinton Johns to invest in innovative and adaptable businesses that work toward maximizing non-zero-sum (NZS, or win-win) outcomes for their investors, customers, employees, society, and the global environment. The pair worked together as Portfolio Managers at their prior firm and continue to follow the same investment approach they have employed for a decade described in their 2014 whitepaper, Complexity Investing. The firm had approximately $911M in assets under management as of March 31st 2021. NZS Capital is 75% owned by the employees with 25% owned by Jupiter Asset Management as part of a strategic partnership established in early 2020.
Brad Slingerlend, CFA, and Brinton Johns are the lead portfolio managers for the Global Equity Growth Unconstrained Strategy. Two other investors, Jon Bathgate and Joe Furmanski, joined NZS in March 2020. Jon and Joe began their investing career at Janus Henderson working alongside Brad and Brinton, thus the team members have spent most of their careers working together. In addition, Jim Goff is a Senior Advisor offering insight and perspective gained from his 30+ year investment career. Jim was formerly the Director of Research at Janus Henderson and served as both manager and mentor to the team during this tenure.
Brad Slingerlend, CFA – Co-founder and Investor
Brad is a co-founder and investor at NZS Capital, LLC. Previously Brad was the portfolio manager of the Janus Henderson Global Technology products from May 2011 to November 2018. Prior to that he held various roles as an analyst, sector team leader, and portfolio manager at Janus Henderson Investors in Denver for most of the period starting as a summer intern in 1998 up until the end of 2018. Brad received his Bachelor of Arts in Economics and Astrophysics from Williams College. Brad is a CFA® Charterholder.
Brinton Johns – Co-founder and Investor
Brinton is a co-founder and investor at NZS Capital, LLC. Brinton started in the investment industry at Janus Henderson Investors in Denver in 2000 in retail client support before becoming a research associate in 2003. Brinton became a research analyst in 2006 and later became leader of the global technology sector team and co-portfolio manager of the Janus Henderson Global Technology products with Brad until June 2017.
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The fund can invest in emerging markets, which carry increased liquidity and volatility risks. This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that invest only in bonds and/or cash. Quarterly income payments will fluctuate. All of the fund’s expenses are charged to capital, which can reduce the potential for capital growth. The KIID and Prospectus are available from Jupiter on request. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state.
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