east sussex pension fund...risk disclosures equity securities the value of equity securities...

East Sussex Pension Fund

22 November 2019

Portfolio Review

Alexander Philipps: Research Analyst, Partner

Marina Lund: CEO and Head of Institutional Clients, Partner

LONGVIEWPARTNERS

Table of Contents

1

Longview Partners Update

Portfolio Performance

Longview Investment Process

Appendix

LONGVIEWPARTNERS

Longview Partners Update

2

LONGVIEWPARTNERS

Longview Partners Background

3

Specialist global equity asset management firm

Founded in 2001

Based in London and Guernsey

LONGVIEWPARTNERS

Longview Partners - Client Base AUM 31 October 2019: £23,239 million 68 institutional accounts

Client Base

North America

United Kingdom

Europe ex UK

Asia

ROW

Australia

Client Type

Corporate PensionPlan

US State

Govt Owned PensionPlan

Public Corporation

UK Govt - LocalAuthority

High Net Worth

Charity, Foundation& Endowment

Sub-Advisory

Insurance

Sovereign WealthFund

Superannuation

Source: Longview Partners. Includes Segregated and Fund Entities. Data as of close, 31 October 20194

LONGVIEWPARTNERS

Stuart Tostevin

Will FishNeil Laine

Brett McFarlaneDouce Neilson

Kate CampbellEmma Barrett

Michael HuntStuart TostevinKate Campbell

The People

Source: Longview Partners. Data as of close, 31 October 2019.Members of Longview Partners LLP and equity owners identified in bold. These Members may be referred to as Partners.

Executive Committee(Guernsey)

Marina Lund (CEO and Head of Institutional Clients)Dan Langan (CFO)

Ken Campbell (Head Trader)

Stephen BurgessPaul Crinion Katie Moran Alex PhilippsLuke TaylorJim Sellars

TradingResearch Operations

Dan LanganSheila TicknerAimee Foster

Institutional Clients

Compliance

Finance / Admin

Board of Directors - Longview Partners (Guernsey) Limited

Risk & Portfolio Analysis

Board of Directors - Longview Partners (UK) Limited

Information Technology

Mark ChapmanJames Williams

Murat GuncKen Campbell

Ben WelsherRobert Dobberson

Ed NixGreg Wiles

Paul Jones

Marina LundMaryse MedawarNatasha Fletcher

Alex Hamilton

Dan LanganEmma Davies

Rebecca McMenaminSarah WilliamsEmma Lindsey

Group Risk(Guernsey)

Client Services (Guernsey) Executive Committee

Group Compliance (Guernsey)

Group Finance (Guernsey)CIO

Alistair Graham

Michael Hunt

5

LONGVIEWPARTNERS

Longview

Research Team

Source: Longview Partners. Data as of close, 31 October 2019.*Members of Longview Partners LLP and equity owners. These Members may be referred to as Partners. 6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Luke Taylor*

Paul Crinion*

Stephen Burgess*

Research Analyst

Research Analyst

Research Analyst

Longview

Alex Philipps*

Research Analyst Sloane Robinson Longview

LongviewPutnam

KatieMoran*

Research Analyst Rothschild Longview

Sceptre Investment Management

Lancaster IM

Linklaters

Alistair Graham* CIO Longview

Schro-ders

Gartmore Investment Management

Jim Sellars Research Analyst Fidelity GCP LLPKPMG

LONGVIEWPARTNERS


7

LONGVIEWPARTNERS

Risk Disclosures

Equity Securities

The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations can be dramatic over the short as well aslong term, and different parts of the market and different types of equity securities can react differently to these developments. Issuer, political, or economicdevelopments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financialcondition of a single issuer can impact the market as a whole. Geo-political risks have led, and may in the future lead, to increased short-term market volatility andmay have adverse long-term effects on world economies and markets generally.

Issuer-Specific Changes

Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of issuer and changesin general economic or political conditions can affect a security's or instrument's value. The value of securities of smaller, less well-known issuers can be morevolatile than that of larger issuers. Smaller issuers can have more limited product lines, markets, or financial resources.

Non-Base Currency Securities

Foreign securities, foreign currencies and securities issued by entities with substantial foreign operations can involve additional risks relating to political, economic orregulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial and otheroperational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments,especially those in emerging markets, more volatile and potentially less liquid than domestic investments. In addition, foreign markets can perform differently fromthe domestic market.

The following risks are associated with a Global Equity Strategy.

8

LONGVIEWPARTNERS


Q3 2019Inception to

31-Oct-19

LF ACCESS Global Equity Fund (Gross) 4.64% 10.04%

LF ACCESS Global Equity Fund (Net) 4.52% 9.67%

MSCI World (GBP)(TRNet) 3.83% 13.15%

Difference (Net) 0.69% -3.48%

Gross returns are gross of management fees and net of dealing expenses. Net returns are net of management fees and dealing expenses. Net returns are calculated on a daily asset-weighted accrual basis, using the management fee for the relevant period. Over periods for which a management fee has not yet been accounted for, the most recent management fee is used as a proxy. As such, net returns for these periods are subject to change.

Source: Longview Partners and Bloomberg using WM/Reuters FX Rates. Data as of close, 31 October 2019

03 February 2019 - 31 October 2019

Account Value as at 31 October 2019 : £818,630,110

9

Past performance is not a reliable indicator of future results. Performance data is calculated by Longview Partners.

LONGVIEWPARTNERS

Contribution to Relative Performance

Equity Performance 0.88% Equity Performance -2.76%

Currency Effect 0.07% Currency Effect -0.03%

Cash Effect -0.14% Cash Effect -0.33%

Fees -0.12% Fees -0.37%

Total 0.69% Total -3.48%

Benchmark is M SCI World (GBP)(TRNet).

Q3 2019 Inception to 31-Oct-2019Contribution to Relative Performance Contribution to Relative Performance

Total relative performance is shown net of fees and dealing expenses. Net returns are calculated on a daily asset-weighted accrual basis, using the management fee for the relevant period. Over periods for which a management fee has not yet been accounted for, the most recent management fee is used as a proxy. As such, net returns for these periods are subject to change.




LONGVIEWPARTNERS

Relative Contributors / Detractors – Q3 2019

30 June 2019 - 30 September 2019

Source: Longview Partners and Bloomberg using WM/Reuters FX Rates. Data as of close, 30 September 2019

Compass 0.41% HCA Healthcare -0.55%WW Grainger 0.38% Henry Schein -0.41%Medtronic 0.35% Continental -0.39%Sanofi 0.35% UnitedHealth -0.38%Fidelity Natl Info Services 0.29% Whitbread -0.27%US Foods 0.29% Oracle -0.20%Wells Fargo 0.27% ISS -0.19%Sysco 0.23% Lloyds -0.14%State Street 0.20% Omnicom -0.12%Parker Hannifin 0.20% AON -0.05%

Contributors to and detractors from performance relative to the M SCI World (Local)(TRNet) Index, local currency terms, for the period shown.

Top 10 DetractorsTop 10 Contributors

11


LONGVIEWPARTNERS

Performance Attribution (Sector) – Q3 2019

Source: Longview Partners and Bloomberg using WM/Reuters FX Rates. Data as of close, 30 September 2019

30 June 2019 - 30 September 2019

Longview Index Difference Selection Allocation Total Energy 0.00% 5.30% -5.30% 0.00% 0.34% 0.34%

Materials 0.00% 4.43% -4.43% 0.00% 0.14% 0.14%

Industrials 12.83% 11.05% 1.77% 0.50% -0.02% 0.48%

Consumer Discretionary 13.14% 10.53% 2.62% -0.11% -0.01% -0.12%

Consumer Staples 8.55% 8.75% -0.20% 0.51% -0.04% 0.47%

Healthcare 21.99% 12.54% 9.45% -0.26% -0.18% -0.44%

Financials 26.13% 15.59% 10.53% 0.33% 0.00% 0.33%

IT 10.58% 16.54% -5.96% 0.09% -0.05% 0.04%

Communication Services 6.78% 8.49% -1.71% -0.03% 0.00% -0.03%

Utilities 0.00% 3.45% -3.45% 0.00% -0.21% -0.21%

Real Estate 0.00% 3.33% -3.33% 0.00% -0.11% -0.11%

Total 100.00% 100.00% 0.00% 1.03% -0.15% 0.88%

The Index used to calculate performance attribution is the M SCI World (Local)(TRNet). Sub-Indices are M SCI Sector Indices.

Average Weight Outperformance Source

12


LONGVIEWPARTNERS

Relative Contributors / Detractors – Since Inception



Charter Communications 0.97% Whitbread -0.97%Compass 0.56% Bank of New York Mellon -0.89%Medtronic 0.45% Continental -0.88%Fidelity Natl Info Services 0.44% HCA Healthcare -0.76%Allergan 0.40% UnitedHealth -0.62%Sysco 0.23% State Street -0.57%frontdoor 0.17% Lloyds -0.40%AON 0.15% Henry Schein -0.29%US Foods 0.15% Omnicom -0.21%IQVIA 0.13% WW Grainger -0.20%

Contributors to and detractors from performance relative to the M SCI World (Local)(TRNet) Index, local currency terms, for the period shown.

Top 10 DetractorsTop 10 Contributors

13


LONGVIEWPARTNERS

Performance Attribution (Sector) – Since Inception



Longview Index Difference Selection Allocation Total Energy 0.00% 5.60% -5.60% 0.00% 1.04% 1.04%

Materials 0.00% 4.48% -4.48% 0.00% 0.17% 0.17%

Industrials 13.10% 11.12% 1.98% -0.60% 0.00% -0.60%

Consumer Discretionary 13.86% 10.49% 3.37% -1.11% 0.05% -1.06%

Consumer Staples 7.31% 8.62% -1.31% 0.39% -0.12% 0.27%

Healthcare 23.58% 12.56% 11.02% 0.50% -0.65% -0.15%

Financials 25.31% 15.80% 9.51% -1.43% -0.10% -1.53%

IT 10.11% 16.19% -6.08% -0.74% -0.68% -1.42%

Communication Services 6.72% 8.43% -1.71% 0.66% -0.01% 0.65%

Utilities 0.00% 3.40% -3.40% 0.00% -0.11% -0.11%

Real Estate 0.00% 3.30% -3.30% 0.00% -0.02% -0.02%

Total 100.00% 100.00% 0.00% -2.33% -0.43% -2.76%

The Index used to calculate performance attribution is the M SCI World (Local)(TRNet). Sub-Indices are M SCI Sector Indices.

Average Weight Outperformance Source

14


LONGVIEWPARTNERS

Longview Investment Process

15

LONGVIEWPARTNERS

Investment Philosophy

16

Concentrated Global Portfolio

– Typically 35 stocks

– Stock selection driven approach

– Generalist analyst focus

– Index agnostic

– Highly diversified

Disciplined and Objective Investment Process

– Superior quality, positive business fundamentals and attractive cash based valuations

– Portfolio construction driven by research process

– Strict sell discipline based on preset, absolute price targets

– Sell on deterioration of Quality or Fundamentals, to unattractive

Predictable Businesses

– Strive to invest in predictable companies

– Avoid companies sensitive to factors beyond management’s control

– Macro factors viewed as risks and not opportunities

LONGVIEWPARTNERS

Investment Criteria

17

Redeployment of Capital Clear framework required No pre-determined preference:

- Internal investments- M&A- Dividends- Buy-backs

Sustainable Returns Industry structure Competitive advantages

Recurring Revenues Maintenance revenues Consumables Long-term contracts Spare parts

AStocks Scored 1-3 Predictable Business Model – Fiserv

Quality

Source: Longview Partners and Bloomberg. Data as of close, 30 September 2019

Past performance is not a reliable indicator of future results.

0.00

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100

110

Stock Price (LHS)

Earnings Per Share (RHS)

Fiserv$ $

Lehman'sBankruptcy

LONGVIEWPARTNERS

Investment Criteria

18

Is the Business Improving or Weakening in Relation to Expectations? Sales Margins Cash flows EPS EBIT Orders Subscribers Drug approvals Dispute resolution Credit rating Use of capital Management changes

Stocks Scored 1-3

Fundamentals

Source: Goldman Sachs research and company data

Fundamentals 3 – Bed Bath and Beyond

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13

Same Store Sales (SSS) Furnishings Retail Sales Difference

10%

11%

12%

13%

14%

15%

16%

17%

18%

FY 2/11 FY 2/12 FY 2/13 FY 2/14 FY 2/15 FY 2/16 Est.

Actual Operating Margin Consensus Operating Margin Longview Operating Margin

LONGVIEWPARTNERS

Investment Criteria

19

DCF Analysis Strict constraints Forecast explicitly for 5 years Limit horizon to 40 years Long term growth rate usually

capped at nominal GDP Disciplined accounting

adjustments

Base Discount Rate 10 year bond yields plus a 3.75%

Equity Risk Premium, with a floor of 8.0%

Adjusted for EM exposure Adjusted for cash flow volatility

not stock price volatility

Valuation Analysis Based onDiscounted Cash Flows

Quality 1

Quality 2

Quality 3

Fundamentals 1 25% 30% x

Fundamentals 2 30% 35% x

Fundamentals 3 x x x

Discount Rate Adjustment Based on Cash Flow Volatility:

-0.5% Base Rate +0.5% +1.0% Quality 3

25% - 35% Valuation Upside Required, Determined by Quality and Fundamentals Rating:

Less Volatile

More Volatile

Valuation

LONGVIEWPARTNERS

Decision-Making Process

20

IDEA GENERATION INVESTMENT ANALYSIS

Independent Sourcing

• Meeting Companies

• Team Experience

• Quantitative Screens

• Brokers

Team Discussion

• Previous Analysis

• Comparable Companies

• Potential Issues

• Discussion of Approach to Analysis

In-Depth Analysis

• Deeper Understanding of Industry

• Deeper Understanding of the Company

• Meeting / Contacting Management

• Valuation Model

• Rating Business on Quality and Fundamentals

Investment Meetings

• Challenges

• Evidence

• Scenario-Test

• Guidance & Advice

• Criticism

• Omissions

• Reality-Check

Performed By:

INDIVIDUAL ANALYST

RESEARCH TEAM

CIOINDIVIDUAL ANALYST

RESEARCH TEAM

CIOCIO

PORTFOLIO CONSTRUCTION

• Confirmation that process was implemented in a disciplined and diligent way

• Risk Cluster Analysis

• Liquidity Analysis

• Client Restrictions

COMPLIANCE

LONGVIEWPARTNERS

Free Cashflow Yield

Source: Data from Bloomberg and WM/Reuters FX Rates as of close, 31 October 2019. Longview Partners data from Longview research models.

2.9%

4.2%

4.2%

4.3%

4.3% 4.4%

4.4% 4.5% 4.7%

4.8% 5.

4% 5.7%

5.7% 5.9% 5.9% 6.

3% 6.7%

6.7% 6.8%

6.8% 6.9% 7.0% 7.

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7.7% 8.

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21

LONGVIEWPARTNERSSource: Data from Bloomberg and WM/Reuters FX Rates as of close, 31 October 2019. Longview Partners data from Longview research models.

Upside to Price Targets

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22

100% 132%

LONGVIEWPARTNERSSource: Longview Partners and Bloomberg using WM/Reuters FX Rates. Data as of close, 31 October 2019

Category Allocation

58%

22%

20% Stable

AllerganAONAsahi GroupCharter CommunicationsCompassFidelity Natl Info ServicesFiservfrontdoorHCA HealthcareHenry ScheinISSMedtronicOracleSanofiSyscoTJX CompaniesUnitedHealthUS FoodsWillis Towers Watson

Both

Bank of New York MellonHenkelOmnicomState StreetWhitbreadWW Grainger

Cyclical

Arrow ElectronicsContinentalEmerson ElectricLloydsParker HannifinWells Fargo

23

LONGVIEWPARTNERS

Geographic Allocation

Source: Longview Partners and Bloomberg using WM/Reuters FX Rates. Data as of close, 31 October 2019. Revenue Breakdown reflects Longview estimates.

23%

76%

2%

Europe

CompassContinentalHenkelISSLloydsSanofiWhitbread

North America

AllerganAONArrow ElectronicsBank of New York MellonCharter CommunicationsEmerson ElectricFidelity Natl Info ServicesFiservfrontdoorHCA HealthcareHenry ScheinMedtronicOmnicomOracleParker HannifinState StreetSyscoTJX CompaniesUnitedHealthUS FoodsWells FargoWillis Towers WatsonWW Grainger

Japan

Asahi Group

Europe23%

North America

60%

Japan3%

Emerging Markets

11%

Pacif ic ex Japan2%

Revenue Breakdown

24

LONGVIEWPARTNERS

Sector Allocation


10%

26%

10%

7%

22%

12%

13%

Consumer Staples

Asahi GroupHenkelSyscoUS Foods

Financials

AONBank of New York MellonLloydsState StreetWells FargoWillis Towers Watson

IT

Arrow ElectronicsFidelity Natl Info ServicesFiservOracle

Communication Services

Charter CommunicationsOmnicom

Healthcare

AllerganHCA HealthcareHenry ScheinMedtronicSanofiUnitedHealth

Consumer Discretionary

CompassContinentalfrontdoorTJX CompaniesWhitbread

Industrials

Emerson ElectricISSParker HannifinWW Grainger

25

LONGVIEWPARTNERS

Current Holdings

Source: Data from Bloomberg and WM/Reuters FX Rates as of close, 31 October 2019. Longview Partners data from Longview research models.

Funda- FCF P/E P/EName Sector Price Target Quality mentals Upside Yield Current Year Next Year

Allergan Healthcare 176.11 189.00 2 2 7.3% 8.9% 10.5 10.4AON Financials 193.16 220.03 1 2 13.9% 4.8% 21.2 18.7Arrow Electronics IT 79.28 116.00 2 2 46.3% 8.3% 10.9 9.9Asahi Group Consumer Staples 5,430.00 7040.00 2 2 29.7% 7.0% 16.5 14.3Bank of New York Mellon Financials 46.75 65.50 2 2 40.1% 6.9% 11.3 11.2Charter Communications Communication Services 467.86 444.00 2 2 -5.1% 2.9% 69.3 35.1Compass Consumer Discretionary 20.56 21.54 1 2 4.8% 4.2% 22.5 21.0Continental Consumer Discretionary 119.88 240.00 3 2 100.2% 8.3% 14.2 10.1Emerson Electric Industrials 70.15 89.50 2 2 27.6% 5.7% 18.8 17.0Fidelity Natl Info Services IT 131.76 132.48 1 2 0.5% 4.4% 23.8 20.9Fiserv IT 106.14 106.49 1 2 0.3% 4.3% 27.3 22.2frontdoor Consumer Discretionary 48.23 60.50 2 2 25.4% 4.4% 26.9 23.6HCA Healthcare Healthcare 133.54 180.00 2 2 34.8% 6.8% 12.7 11.5Henkel Consumer Staples 93.18 119.94 1 2 28.7% 5.7% 16.9 16.2Henry Schein Healthcare 62.59 85.52 1 2 36.6% 5.9% 18.1 16.8ISS Industrials 175.30 406.34 1 2 131.8% 7.7% 13.2 12.3Lloyds Financials 0.57 0.89 2 2 56.3% 10.5% 7.7 7.9Medtronic Healthcare 108.90 119.60 1 2 9.8% 4.2% 19.6 18.1Omnicom Communication Services 77.19 108.00 2 2 39.9% 9.4% 12.9 12.3Oracle IT 54.49 80.80 2 2 48.3% 7.7% 14.0 12.9Parker Hannifin Industrials 183.49 228.00 2 2 24.3% 6.7% 15.9 14.8Sanofi Healthcare 82.62 98.00 2 2 18.6% 4.7% 14.1 13.2State Street Financials 66.07 93.00 2 2 40.8% 7.5% 11.4 10.5Sysco Consumer Staples 79.87 89.85 1 2 12.5% 4.3% 21.0 19.2TJX Companies Consumer Discretionary 57.65 60.59 1 2 5.1% 4.5% 22.1 20.3UnitedHealth Healthcare 252.70 314.00 2 2 24.3% 6.8% 16.9 15.3US Foods Consumer Staples 39.67 54.10 2 2 36.4% 5.9% 17.2 15.3Wells Fargo Financials 51.63 58.70 2 2 13.7% 6.7% 11.6 11.9Whitbread Consumer Discretionary 40.61 56.10 2 2 38.1% 7.4% 19.9 17.0Willis Towers Watson Financials 186.90 216.00 2 2 15.6% 5.4% 17.1 15.5WW Grainger Industrials 308.84 380.00 2 2 23.0% 6.3% 17.7 16.5

Average: 6.2% 15.5 14.3

26

LONGVIEWPARTNERS

Consistent and Disciplined Process

Longview’s Global Equities (ex Cash) Cumulative Performance relative to the Index.Index is 100% MSCI World (Local)(TRNet) from 1 January 2006. 60% S&P 500 (Local)(TRNet), 40% MSCI Europe (Local)(TRNet) prior. This material is intended for information purposes only, does not constitute investment advice, or a recommendation, or an offer of solicitation, and is not the basis for any contract to purchase or sell any security, or other instrument, or to enter into or arrange any type of transaction as a consequence of any information contained herein. Although the information herein has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Past performance is not necessarily indicative of future performance.

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27


There are inherent risks associated with investing in Global Equities. Please refer to the full description on slide 8.

LONGVIEWPARTNERS

Appendix

28

LONGVIEWPARTNERS

The Team

29

Marina Lund – CEO and Head of Institutional Clients, PartnerPrior to joining Longview in 2007, Marina had eighteen years’ experience inInstitutional Asset Management including twelve years as a Portfolio Manager. Inher prior role as Managing Director at Tribeca Global Management, she was also amember of the Investment Committee and the Executive Management Committee.Prior to that, she was Head of Distribution at BlueCrest Capital Management.Previously, Marina was Head of Global and EAFE Equities at Deutsche AssetManagement, a board member of Deutsche Asset Management UK and DeutscheAsset Management Investment Services and member of the UK ManagementCommittee. During her years at Deutsche Asset Management, and previously atFlemings Investment Management and Mercury Asset Management, Marina wasan Equity Portfolio Manager within a number of different equity markets. Marinaholds a BSc Hons in Economics from University College, London, is a member ofthe CFA Institute and a graduate of the London Business School Foundation andEndowment Asset Management.

Alistair Graham – CIO, PartnerPrior to joining Longview in 2003, Alistair worked for Schroders InvestmentManagement as an Associate Director. Before that, Alistair worked for StandardLife Investments as an Investment Manager for 4 years and at Scottish WidowsInvestment Partnership as a Senior Investment Manager for 4 years. Alistairobtained his BCom in Accountancy and Business Studies from the University ofEdinburgh.

LONGVIEWPARTNERS

The Team

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Stephen Burgess – Research Analyst, PartnerPrior to joining Longview in 2010, Stephen was a Partner and Equity Analyst atLancaster Investment Management and previously worked at Putnam as aResearch Analyst. Before that he was an Equity Analyst at Gartmore for 8years. Prior to joining Gartmore, Stephen was an Accountant at Schroders for2 years. Stephen obtained a BSc in Chemistry from Durham University and is aCFA Charterholder.

Paul Crinion – Research Analyst, PartnerPrior to joining Longview in 2002, Paul worked for a year at Oxford Analytica asa Consultant. Paul obtained his MSci in Physics from Imperial College, Londonand studied Economics as a postgraduate at Magdalen College, Oxford. Paul isa CFA Charterholder.

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Luke Taylor – Research Analyst, PartnerBefore joining Longview in 2010, Luke worked as a Research Analyst andInvestment Manager at Sceptre Investment Management for 5 years. Prior tojoining Sceptre, Luke gained experience working at Citigroup on the LeveragedFinance desk in London and obtained his degree in Theoretical Physics fromImperial College London.

Alexander Philipps – Research Analyst, PartnerPrior to joining Longview in 2012, Alexander spent 4 years working as aResearch Analyst at Sloane Robinson, focusing on Asian equities. Alexanderobtained an MEng in Engineering Science from Christ Church, Oxford, and is aCFA Charterholder.

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Katie Moran – Research Analyst, PartnerPrior to joining Longview in 2014, Katie spent 3 years working as an EquityResearch Analyst at Rothschild. Prior to that, she spent 2 years in the FinancialInstitutions M&A team at Rothschild and 2 years at Linklaters, on a legaltraining contract. Katie obtained a double first class honours degree in Lawfrom St Edmund Hall, Oxford University. Katie is also a CFA Charterholder.

Jim Sellars – Research AnalystPrior to joining Longview in 2018, Jim spent 3 years at GCP, a private equityfund. Before this, Jim worked at Fidelity Investments for 3 years as a FixedIncome analyst. Prior to joining Fidelity Investments, Jim trained as anaccountant at KPMG. Jim obtained his MBA from INSEAD and his BA in Historyand French from Durham University. Jim is also a CFA Charterholder.

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Ken Campbell – Head Trader, PartnerKen has been a Trader at Longview since its inception. Prior to Longview, Kenspent 4 years as an Associate and a Financial Analyst at Goldman Sachs,Private Wealth Management. Prior to that, Ken spent 2 years in currencytrading at Bank of Ireland. Ken obtained his Masters in Finance and hisBCOMM from University College Dublin.

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