Single Manager Solutions
North American Opportunities
The focus is on companies where positive change is already underway, is more consequential than the market appreciates, and can lead to stronger economics, competitive positioning and investor recognition.
The approach is deliberately style-agnostic; Evolving Quality can be found in growth companies with expanding opportunity sets and deepening moats, value companies with improving mix or unit economics, and cyclical businesses that are becoming fundamentally more stable due to either idiosyncratic or industry evolution – all united by a common destination of high and improving quality.
The portfolio is concentrated enough for stock selection to matter, while maintaining deliberate sectoral balance to limit unintended macro, thematic and factor risks.”
About the Pacific North American Opportunities team
The Pacific North American Opportunities Strategy is led by Portfolio Manager John Feeley, supported by Senior Analysts Paul Allison and Preston Park, and Equity Research Analyst, James Pavey. Paul and Preston, who joined in August 2026, bring more than 50 years of combined buy-side investment experience.
The team have previously worked together managing US equities across multiple leading institutions.
The Pacific North American Opportunities Strategy Team
The team have previously worked together managing US equities across multiple leading institutions.
why invest?
A high-conviction, style-agnostic approach that breaks away from the S&P 500 benchmark to target under-appreciated growth in diverse sectors.
An experienced Portfolio Manager and investment team with experience managing across multiple investment cycles.
Rigorous risk management avoiding overcrowded momentum to capture long-term value.
Portfolio team
JOHN FEELEY
Portfolio Manager
PAUL ALLISON
Senior Analyst
Preston Park
Senior Analyst
James Pavey, CFA
Equity Research Analyst
DOCUMENTS
See below for the latest North American documents:
INVESTMENT PHILOSOPHY
The investment philosophy is centred on the belief that great equity returns are very often a function of successful evolution.
The style-agnostic strategy unifies different opportunity sets around a common destination; high and improving quality. Quality can take many forms. At its core, however, it is usually revealed by the attributes that allow a business to earn returns on invested capital above its cost of capital for a sustained period.
To identify companies of evolving quality, the team focuses on a combination of five factors that enhance reward, whilst controlling risk.
The team looks for companies whose quality is concealed, that will be corrected via adaptation over time.
The strategy identifies company-specific and industry-specific developments that can increase quality.
The team assesses both demand side and supply side moats, with a preference for layered or battle tested moats.
The team look for a strong culture, alignment, excellent management execution and capital allocation, with proven ability to adapt.
The strategy seeks tangible and coherent historical signals, not merely forecasted improvement. Critically assessed against the team's disciplined definition of quality.
OBSCURED QUALITY
OPPORTUNITY
MOATS
PEOPLE
HISTORICAL EVIDENCE
DISCIPLINED RISK MANAGEMENT
Risk Management is fully integrated into the investment process. The team employs a four-pillar approach to identify, assess and manage risk throughout the portfolio:
R
Return Skew
The portfolio is organized for strong IRR and attractive return skew.
I
Impairment Risk
Risk is evaluated on a rolling 3YR rather than return on cost-base. A review is triggered if fundamentals decouple from bull or base case.
S
Systematic and Factor Risk
Systematic Risk assessment to avoid unintended macro or commodity bets. Watchful of excess Momentum. Re-stock to 20% laggards following periods of strong portfolio momentum.
Q
Quantitative Analysis
Position sizes are sense checked against a composite score: Quality Score & Delta, 5YR Forward IRR, Resilience Score, Conviction Score.
JOHN FEELEY
Portfolio Manager
PAUL ALLISON
Senior Analyst
Preston Park
Senior Analyst
James Pavey, CFA
Equity Research Analyst
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Contact us
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