Edinburgh, Scotland
Founded 1983
Assets Under Management: $29.7 billion (9/30/08)

Walter Scott & Partners Limited (WSPL) is a classical, fundamental and long-term global equity investment management firm. It was founded in 1983 in Edinburgh, Scotland. Its focus is upon managing global and international (i.e. world ex the client's own country) equity portfolios for institutional clients drawn from around the world. In addition it offers regional, single country and emerging markets mandates.

WSPL's core conviction is that the return to a shareholder can, over the long term, be no more than the wealth generated by the underlying business. Thus the heart of WSPL's investment process is research, to identify companies capable of sustained high rates of wealth generation. This is the firm's primary value-adding activity. It recognizes that the most important investment decision is 'what to buy'.

WSPL's portfolios are characterized by a long term 'buy & hold' approach to stock picking with commensurately low turnover. In this way the investment process largely ignores the input of 'street' research which is necessarily compromised by its objective of generating turnover and thereby commissions. The resultant portfolios reflect the firm's independent investment judgment, directed by internal research. They are not in any way dictated by the structure of indices.

The firm recruits and trains its global equity managers. Research and portfolio management are two elements of the same role at WSPL. Each investment decision involves the firm's entire investment staff operating as a team.

Walter Scott & Partners Limited (an Investment Company)
One Charlotte Square, Edinburgh, EH2 4DZ.
Place of Registration: UK.
Company No. SC093685.

The term "investment company" is used here in an English law context and it does not necessarily signify that the relevant company is an investment company as that term is defined or used in any jurisdiction outside England and Wales.