Goodhart Partners LLP (“Goodhart”) has announced that Richard Tennant is joining its global equity team from Capital Group to lead the launch of a global small-cap capability. Richard will rejoin former Fidelity colleague, Russell Champion, who joined the firm alongside Andrew Heap earlier this year.

The addition of Richard brings the total number of investment professionals in the firm’s global equity team to 10.

Gary Tuffield, Partner at Goodhart commented: “We are thrilled to have been able to attract another investor of Richard’s calibre and experience to Goodhart. As both an analyst and portfolio manager, he has an outstanding reputation among his peers for identifying companies with the ability subsequently to generate significantly outsized returns. I have no doubt that this will result in highly differentiated, forward-looking portfolios.

“We have been saying for some time that we have entered an investment environment that is fundamentally different from the one in which we have been for the last 15 years. Demographic, technological, security and environmental forces look set to exert a powerful influence on market and interest rate cycles, significantly shortening both, and in the process driving clear challenges and uncertainty for economic growth.”

He added: “For many asset owners, there is a rapidly dawning recognition that the environment the world has entered will necessitate a more agile investment approach, focusing on identifying opportunities and risks wherever and whenever these may occur, and being willing and able to implement change when warranted. This implies the need for a very different mindset and approach from the ones that have prevailed over the last 15 years, which themselves have led to the huge regional and sectoral valuation distortions we see today.

“Regardless of the specific nature of an investment mandate, we believe that the art of portfolio management over the coming decade and beyond will be to focus portfolios on the best ideas, and not to define risk in the context of the composition of market indices. Executing this well requires deep specialism and experience – not to mention the ability and willingness to develop new specialisms – of exactly the kind that Richard is bringing to Goodhart.”

Commenting on his appointment, Tennant said: “I’ve had the great fortune to build my career over the last 20 years in two large, global firms. Throughout this time, I have had the privilege of working with, and learning from, some of the most respected equity investors in the world. As I look at markets now, I see enormously attractive opportunities in stocks that I believe have the potential to generate extraordinary long-term returns. I am excited by the opportunity to apply my process and philosophy to a broader investment universe, and to do so in the context of a truly entrepreneurial firm, with a clear commitment to aligning its interests with, and to adding meaningful value to, its clients. Goodhart’s highly collegiate environment provides just that.”

Richard began his investment career as an equity analyst at Fidelity in 2005. As one of just 12 analysts chosen to be mentored by Anthony Bolton, in 2012 he assumed management responsibilities for mid- and small-cap pan-European equity portfolios, working alongside veteran small-cap specialist Colin Stone. Over the six years prior to taking on portfolio management responsibilities, Richard was consistently ranked among the firm’s top analysts, out of a pool of approximately 65, with his stock recommendations generating very material outperformance for the firm’s portfolios. Since 2018 he has worked at Capital Group, managing a concentrated portfolio of small- and mid-cap European and North American companies, with analyst research oversight responsibility for a portfolio representing a meaningful portion of a ~$75 billion strategy.

Tuffield concluded: “Richard’s appointment is another strong signal that we are creating a highly distinctive asset management firm, specifically designed both to capitalise on opportunities, but also to address the challenges and risks we see investors facing in the years ahead. We look forward to making further announcements about some extremely exciting developments at Goodhart over the coming months.”

About Goodhart Partners LLP

Founded in 2009, Goodhart Partners LLP (“Goodhart”) is an independent, London-based global equity investment boutique that offers a range of strongly differentiated investment strategies, concentrated on public markets.

The firm is focused on developing investment strategies for an economic and market landscape that it believes will bear little, if any, resemblance over the coming decade and beyond to the one that has prevailed over the last 15 years.

Goodhart holds a minority stake in Asset Value Investors (“AVI”), a UK-based boutique with a distinctive, long-only, value approach focused on good quality, neglected securities trading at a discount to their NAV. AVI manages £1.8bn in AUM as at 31/01/25.

In 2023, Goodhart announced a strategic relationship with Global Opportunities Trust plc ("GOT"), through which Goodhart provides investment sub-advisory services to assist GOT in managing its global listed equity exposure. Goodhart has AUM of £552m as at 31/01/25, and is authorised and regulated by the Financial Conduct Authority.