The firm’s three-step stock selection formula helps its International Equity Fund resist the outflow from the sector.
November 13, 2013
By Robert Stowe England
Colruyt makes a virtue of simplicity. The Belgian supermarket chain operator stocks the shelves of its warehouse-style outlets high with private label and branded goods and operates with a tight balance sheet that enables it to keep prices low and volumes high. “They pass on their low operational costs to their customers in terms of lower prices and, because of this, they continually take market share every year,” says Tony Cousins, chief executive officer and chief investment officer of the $3.64 billion Pyrford International (EAFE, or Europe, Australasia and Far East) Equity Fund. And Pyrford invests in Colruyt.
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