About us

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MEET OUR PEOPLE

Directors

Paul Cartmill
Paul Cartmill

DIRECTOR

Paul is a CFA Charterholder and lawyer with over 20 years’ experience in financial markets. He spent 15 years in financial services in New York and was a Director of Merrill Lynch on the fixed income trading desk before becoming an Executive Director of fixed income trading at Morgan Stanley. Paul returned to Australia and formed Thesan Asset Management to administer the Thesan Income Fund, a fixed income fund aimed at providing a reliable income flow for members together with stability of capital. Paul holds an LLB (Hons), a Bachelor of Economics (Hons) and a Graduate Diploma of Applied Finance and Investment.
Steven Everett
Steven Everett

DIRECTOR

Steven has spent the past 5 years providing first-class financial services and delivering results to the clients of Belvedere Share Managers. Steven’s ability to understand and analyse companies is enhanced by his interest and aptitude for technology. When looking for growth prospects, Steven’s insights into company strategies and performance are further deepened by his real-world work experience in a diverse range of industries – agriculture, building and construction, real estate and automotive. Complementing his practical experience, Steven holds a bachelor’s degree in finance from Queensland University of Technology and is currently studying for an LLB.
Kylie
Kylie Davidson

OPERATIONS & COMPLIANCE

Kylie brings her wealth of experience in financial services and law to her role as Compliance and Operations Manager. After obtaining a Bachelor of Economics, she began her career at Bankers Trust in Sydney then spent time in London working for Cantor Fitzgerald in equity operations and as an accounting assistant on the Sumitomo Bank repo desk. Kylie is also an experienced lawyer with an LLB from UNSW. Kylie passed the New York Bar exam and worked for almost a decade in the litigation department of Milbank, a premier international law firm, where she was an attorney specialising in complex high-stakes securities and accounting fraud litigation.

Investment Philosophy

Our Investment Philosophy is founded on our core beliefs. It defines who we are as managers, what we believe in and what clients can expect from us. Our philosophy revolves around 5 key tenets:
Risk-adjusted Return is paramount

We do not aim for superior performance relative to other asset managers. Instead, we aim for superior risk-adjusted performance relative to other asset managers.  Most asset managers will show positive return numbers during bull markets as the rising tide lifts all boats.  What sets a good asset manager apart from the pack is attention paid to Buffett’s golden rule – ‘never lose money’.  We believe in preventing losses first and foremost and ensuring that solid returns are achieved through the prism of risk rather than simply outsized return objectives.

Client objectives demand flexibility

The investment style must be based upon the client’s investment beliefs, needs and objectives.  For some of our clients ESG parameters are important, for others income is more relevant than growth, while for other clients a particular market sector or geographical exposure is of more concern.  The bottom line is that individual client objectives matter and must be factored into consideration by the asset manager.  We view our clients as individuals who deserve to get exactly what they want. We work with you to ensure you achieve your objectives in the way that sits most comfortably with you.

Top-down approach

Some asset managers take a bottom-up approach while others follow a top-down approach. We are a top-down manager. Macroeconomics, interest rates, government policy and flexible well-regulated securities markets are integral in understanding the risk adjusted returns available to our clients. An individual company may employ a business strategy that appears to make good sense, but if the industrial environment or government policies do not support such a plan, the company will inevitably struggle. We believe asset managers need to assess macroeconomic conditions and risks before evaluating company specific opportunities.

Management matters
When assessing individual stocks, we pay special attention to the people who are leading the firms. Although valuation, balance sheet and cash flow are inherently important in estimating investment performance, track record of the management is indicative of the future trend of earnings growth. Our ideal stock is a company governed by management with a record of consistently solid performance, in a sector that is a beneficiary of emerging trends and economic tailwinds supported by a productive balance sheet.
Asset allocation matters more than market timing
We believe that the strategic asset allocation is far more important than attempting to time the market. We believe that we are employed to invest client money to achieve the highest risk-adjusted return available to meet their required objectives over time. We treat client money like we treat our own money – get the asset allocation right and focus on the longer term.

MEET OUR PEOPLE

Investment Committee

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