![]() ![]() Tesla can grow into its multiple over time, and the current valuation stands up if those assumptions are realised. “So one of those P/Es is wrong, but the truth is, it’s probably somewhere in the middle.” It trades, on some estimates, at just seven times earnings Tesla’s multiple is more than 100. But we also own Daimler.”ĭaimler, the maker of Mercedes-Benz cars, is in her opinion asserting itself as the one to watch from the generation of incumbent auto manufacturers, some of which will be relegated to dinosaur status. So in the sustainable fund, we do own Tesla because its sustainability credentials are obviously very, very well known. ![]() “This is something which is going to be really important in the next 20 to 25 years. “I almost don’t even want to say it because it’s like a lightning rod,” such is Tesla’s ability to polarise investors of all pedigrees. Simply, the auto sector had not been updated in over 100 years, “and then Elon Musk came in and single-handedly has just revolutionised the whole industry”. The arrival of electric vehicles is of “industrial revolution” scale in its significance, and the fund manager believes everyone should have a position on the EV world, even if they do not own EV trailblazer Tesla. (She does not cover the hardware component of technology, which is under separate research coverage at Alphinity). Manning’s two sectors, perhaps more than any others in the market, are becoming more entwined. “Those are like definitely cockroaches in the kitchen, and they’re going to keep missing for quite a long time.” Where there’s one, more will follow. “By the time it’s getting to 12 o’clock, you want to be selling or taking profits.”īy the same logic, a fund manager’s worst nightmare is owning a stock in a downgrade cycle. She has oversight of technology and consumer discretionary stocks in her role on two strategies, the global fund and the global sustainable fund, at the $18 billion investment manager. “You want to buy when you’re very confident or relatively confident that you’re in an earnings upgrade cycle, and on our clock that’s between seven o’clock and 11 o’clock,” says portfolio manager Mary Manning. The Calgary-born investor is grateful for the lifestyle afforded by living in Australia. Mary Manning pictured last week at Balmoral Beach. In the parlance of investing, it's about sifting through the world's best and sometimes least-known businesses for those that have "earnings leadership", one of the guiding principles of the process deployed at Alphinity. Timing is everything in investing, and no more so than in the intensely competitive world of global equities, where one wrong move can mean the difference between owning a growth trap and a genuine winner. ![]()
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