Single Manager Solutions
Global Equities
overview
The strategy aims to deliver superior real returns over the long term, with a strong focus on capital preservation. The approach centres on durability, investing in a concentrated global portfolio of businesses built to last.
Durability – The foundation of long-term investing
Durability is the foundation of the team’s investment philosophy. The focus is on companies with the resilience to withstand competition, the adaptability to evolve with change, and the capacity to deliver sustainable long-term returns. The team invests with a business-ownership mentality and is prepared to hold businesses indefinitely, provided durability and value remain intact.
To assess durability, the team applies first-principles thinking through three mental models – scarcity (‘fulcrum assets’), scale (‘symbiotic loops’), and stewardship (‘outlier management’) and anchors valuations on a conservative estimate of distributable cashflow (“owner earnings”). This disciplined approach ensures durability is not only identified, but also purchased at an attractive long-term margin of safety.
About Pacific Tourbillon Global Equity team
The Pacific Tourbillon Global Equity strategy is led by portfolio managers Ben Beneche and Ramesh Narayanaswamy, who are the co-founders of Tourbillon Partners. Pacific established its partnership with Tourbillon in the summer of 2025.
Ben Beneche and Ramesh Narayanaswamy
Both Ben and Ramesh are experienced investors. Ben spent over a decade at Pictet Asset Management as Senior Portfolio Manager and Co-Lead of International Equities, managing portfolios with a focus on Japan and Asia-Pacific. Ramesh was a Partner and Portfolio Manager at Veritas Asset Management, where he spent eleven years; after five years at Fidelity Investments in equity research and portfolio management.
three simple ideas, taken seriously
A first-principles approach to identifying durable businesses through three mental models
FULCRUM ASSETS
SCARCITY
SYMBIOTIC LOOPS
SCALE
OUTLIER MANAGEMENT
STEWARDSHIP
Preserving Capital
Managing what matters most
For the Global Equity team, risk is not about short-term volatility but the possibility of a permanent loss of capital. The best protection comes from durability itself – owning resilient businesses with mission-critical products, strong stakeholder dynamics, and owner-minded leadership. This disciplined approach ensures capital is preserved and compounded over time, aligning portfolio outcomes with the durability of the underlying businesses.
Risk is managed through:
Why Now?
1
Higher Interest Rates
Focus on value, buying durable businesses at the right price.
2
Capital crowded in certain sectors, regions and company sizes
Global unconstrained approach in less crowded areas.
3
Short-term focus
Long-term view (5–10 years).
4
Passive and one-size-fits-all investing
Hands-on approach, engaging with management.
5
Industry lacks differentiation
Concentrated portfolios of unique, durable businesses.
Why Now?
TWO
Focus on value, buying durable businesses at the right price.
Global unconstrained approach in less crowded areas.
Long-term view (5–10 years).
Hands-on approach, engaging with management.
Concentrated portfolios of unique, durable businesses.
Why Now?
Focus on value, buying durable businesses at the right price.
TWO
Global unconstrained approach in less crowded areas.
why invest?
A unique strategy in global equities, offering the strength of growing, high quality businesses, with the margin of safety of attractive valuations
An experienced Portfolio Manager and investment team with a proven history of delivering strong returns in Global Equities
The fund strategy is designed to maximise alpha through a concentrated, all-cap approach which is benchmark-agnostic and focusses on discovering investment opportunities with asymmetric return profiles biased to the upside
With a highly active, stock-picking focus, the strategy is rooted in deep bottom-up analysis, deliberately avoiding distractions from macroeconomic trends.
The portfolio is crafted from a diverse array of high-conviction ideas, resulting in a composition that stands apart from any global equities index.
The team undertakes a meticulous and thorough evaluation of each investment opportunity, focusing on businesses with a clear and compelling path toward predictable future success.
Portfolio team
Ben beneche
Co-Portfolio Manager
RAMESH NARAYANASWAMY
Co-Portfolio Manager
Aurimas Martinkevicius
Research Analyst
DOCUMENTS
See below for the latest Longevity and Social Change documents:
find out more:
Contact us
Speak to a member of the client team to find out more:
Mary Murphy
Head of Distribution
(Single Manager Strategies)
