home of Endeavour
home of Endeavour
Powering a way to ‘zero carbon’ future
This briefing is the first in a series in which we explore some of the businesses and industry sectors where we find technology driving transformation and change
“Saving covers our outgoings, and we set aside for a rainy day, but investment is for a lifetime”
Everyone likes the idea of investing, the idea of our money working for us while we get on with the real business of living. But we tend to worry quite a lot about it and the risks of losing our money in the meantime. In fact, most of us are quite reluctant to make investments at all and maybe set off too late on that great long-distance journey of our lifetimes: there’s much danger and uncertainty along the way and all too often we lose faith and get blown off course.
Endeavour is designed and engineered to generate steady, stable returns above inflation and also to withstand the destructive forces of market chaos in times of stress and economic uncertainty. This stability should inspire confidence for investors to commit to the long-distance journey of investment, reassured it should deliver what is needed and resolved to stay the course for the long haul.
Tellsons is a specialist investment firm established to run just one fund, the EF Tellsons Endeavour Fund. Endeavour is a public UCITS V open-ended investment company listed in London and as such, it benefits from the highest standards of transparency and regulation in the UK and affords the protection of the Financial Services Compensation Scheme.
Endeavour is the only fund the partners manage and their money is invested in it. This means the partners are more focused and more aligned with their clients than many investment firms. Our investors in the Fund, no more than a few hundred currently, are private individuals, wealth managers and financial advisors, family offices, private banks, pension funds and other financial institutions.
The objective of Endeavour is to grow capital over the long-term with less of the volatility of the equity markets, less of a bumpy ride. The managers seek to achieve this by investing in public, liquid, listed stocks and bonds globally to generate income and growth while at the same time seeking to protect investors from the worst effects of market stress and volatility. The Fund seeks to hedge much of the noise from foreign currency risk that arises from investing abroad but can also harness it for some of the protection it can offer in times of stock market losses. The steady and stable returns and risks that may come from such a strategy are designed to give investors the reassurance of staying invested, staying the course in their investment commitments: this is what we believe to be the surest and most sustainable source of investment success over the long term.
Sustainability and stewardship
The Fund invests in the bonds and equities of companies that typically lead their industries regionally or globally so they tend to be the larger companies in their markets. These are the kind of companies that give us the confidence they will be able to pay consistent dividends, make the contractual payments on their debts, and grow their earnings ahead of the broad economy in real terms after allowing for inflation. We take these building blocks and try to invest what we think is probable rather than speculate what may be possible.
Some have suggested this approach is more like the stewardship or care and maintenance of wealth rather than the pursuit of outright performance or preservation. We would agree…..the literal meaning of endeavour is just that, ‘prolonged industrious effort’, what society tries to do best everyday in a lifetime’s work. Adam Smith, often considered the father of modern economics, used the word to describe the relentless human instinct to provide, improve and progress in his Wealth of Nations in 1757, putting it at the heart of the prosperity that underpins the wellness of society and the foundation of social justice. Endeavour seeks to capture this innate, constant energy of progress and seeks the companies and combinations of investments most dependable for delivering it over the long -term.
(Tellsons Investors LLP is registered in England & Wales, with number OC377878 at 4 Woodfall Street, London SW3 4DJ, and is authorised and regulated by the Financial Conduct Authority in the UK with firm reference number 596463 (Financial Conduct Authority, 12 Endeavour Square, London E20 1JN). Tellsons is authorised to but does not give investment advice and nothing contained in this description of the firm or its investment beliefs and opinions should be construed as advice or relied upon for an investment decision. All investors should seek professional financial advice prior to making any investment decision.)
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Morningstar's Sustainability Rating: Sustainalytics provides company-level analysis used in the calculation of Morningstar's Sustainability Score. For more detailed information about Morningstar's Sustainability, including its methodology, please go to: https://corporate1.morningstar.com/SustainableInvesting/