inter GSV
International Growth, Strategy & Valuationinter GSV is the investment arm of the inter SL group. The letters stand for International Growth, Strategy and Valuation, which is also the order the work happens in.
The starting point is that financial markets are not isolated systems. They are shaped by forces that sit underneath them, and a portfolio built without a view on those forces is a portfolio built on the assumption that tomorrow resembles yesterday.
Visit intergsv.comA worldview first
Before an asset is valued, inter GSV forms a view of the world it has to survive in. That view is built from four drivers, each of which moves slowly enough to be analysed and forcefully enough to matter.
- Hegemony
- Where power sits between states and blocs, and what the transition costs when it moves.
- Culture
- What societies believe they are owed, which sets the political ceiling on any economic adjustment.
- Technology
- Which capabilities are compounding, and which industries they quietly make redundant.
- Demographics
- Ageing populations in the West, and the pressure they put on labour, inflation and public balance sheets.
From worldview to position
A worldview that never reaches a portfolio is commentary. The work of inter GSV is the translation: taking a structural read and converting it into allocation, into what is owned, what is avoided and what is sized down before it is obvious why.
Growth, strategy and valuation are the three tests every position has to pass. Where is the growth actually coming from, does the strategy survive contact with the world as read, and is the price paying for a future that has to go right in order to work.
Horizon
Structural forces do not resolve inside a quarter. inter GSV invests over horizons long enough for demographics and technology to express themselves in earnings, and accepts the periods of looking wrong that this necessarily involves.
At a glance
- Activity
- Investment strategy
- Approach
- Worldview-led, macro to portfolio
- Drivers
- Hegemony, culture, technology, demographics
- Horizon
- Structural, measured in years
- Website
- intergsv.com
Common questions
What does GSV stand for?
International Growth, Strategy and Valuation. Those are also the three tests a position has to pass: where growth comes from, whether the strategy holds, and whether the price is paying for a future that has to go right.
What does worldview-led investing mean in practice?
It means the macro read comes before the security selection. Four structural drivers are analysed first, and the portfolio is the conclusion of that analysis rather than a screen run in isolation from it.
What is the investment horizon?
Long. Demographics and technological displacement take years to reach earnings, so positions are sized to be held through the stretch where the thesis is not yet visible in the price.