Global Systematic Investors (GSI) is an asset management firm based in London, UK which is authorised and regulated by the Financial Conduct Authority (FRN 572537)(“FCA”). GSI was founded by Garrett Quigley and Bernd Hanke in 2011. We provide clients with diversified core equity exposure both on a global and regional basis. GSI uses a disciplined investment approach that systematically captures a diverse set of return factors in global equity markets.

Please remember that past performance is not necessarily a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invested. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. Fees and expenses are deducted from capital, so whilst this maintains the level of income it may restrict the level of capital growth and could lead to a reduction in capital value.

GSI does not provide investment advice. If you are unsure whether an investment is suitable for your needs or circumstances you should seek independent professional advice. Before investing in a fund please read the Key Investor Information Document, Prospectus and Fund Supplement for full information.

Global Systematic Investors LLP was set up by highly experienced individuals with complementary skill sets and coming from leading asset managers.

Garrett Quigley
Managing Partner, Co-Chief Investment Officer

Prior to founding GSI, Garrett was formerly the Investment Director at Dimensional Fund Advisors Ltd, London (DFAL). He served as Chairman of the London Investment Committee which had overall oversight of the investment management process in the London office of Dimensional and of portfolio management services provided by other Dimensional offices. As a key member of the investment team at DFAL, where he worked for 18 years, he helped build the European business to over $10 billion by 2010. He has presented widely on investment strategy and research at conferences and seminars. Prior to his role as Investment Director he served as Portfolio Manager managing a variety of portfolios with a focus on value and small cap strategies in developed and emerging markets. He co-authored papers with Rex Sinquefield, JAM 2000 and with Dimson and Nagel FAJ 2003. He was formerly Director of DFA UK Ltd and Dimensional Funds plc Ireland. Garrett holds an MSc in Finance from London Business School.

Bernd Hanke
Managing Partner, Co-Chief Investment Officer

Prior to founding GSI, Bernd was a strategist and asset manager for GSA Capital in London focusing on quantitative equity research and portfolio management. Before that Bernd was a Vice President in Quantitative Investment Strategies (QIS) at Goldman Sachs Asset Management in New York for almost 5 years where he focused on systematic equity return and risk modelling to manage long-only and hedge fund portfolios. At the time QIS was one of the thought leaders in the systematic investment management business with almost $200 billion of AUM. Bernd joined Goldman Sachs in 2003 after finishing his PhD in Finance at London Business School where his research focused on empirical asset pricing and the impact of liquidity on asset prices. He co-authored several papers on asset pricing and investments and has presented widely on systematic investment strategies. Bernd became a CFA charter holder in 2003.

Andrew Cain
Managing Partner

Prior to joining GSI, Andrew was the CEO at Dimensional Fund Advisors Ltd, London. In his role as CEO, Andrew was responsible for building and developing the firm, which, during his tenure, increased its locally sourced assets from £7.5 billion to £13.5 billion. Before returning to London, Andrew was COO and Senior Portfolio Manager in Dimensional’s Australian office, based in Sydney. Andrew has over 20 years of experience in funds management, both in Europe and Asia, and has had responsibility for global, regional, and local equity and fixed income portfolios. Andrew holds a CFA designation and has an MBA from London Business School.

  • A sensible investment approach is one that is supported by robust academic research and empirical evidence.
  • The best way to implement such an approach is through a systematic and disciplined process.
  • Over the long-term, portfolios can deliver higher returns than market weighted indices by gaining exposure to well researched factors.
  • By paying more attention to diversification, portfolios can be designed to have better risk and return profiles than market weighted indices while preserving high capacity, low turnover and low transaction costs.
  • To design and deliver scalable portfolios in a transparent and straightforward manner with higher returns than market weighted indices after transaction costs at a similar level of risk
  • We achieve this objective by incorporating the following goals in our process:
    • Capture a diversified set of excess return sources in a risk-controlled framework;
    • Deliver higher levels of diversification across stocks and sectors than market weighted indices;
    • Keep trading costs low through flexible trade implementation;
    • Preserve high capacity, low turnover and low transaction costs; and
    • Use intuitive and transparent portfolio construction.

GSI has developed a unified investment framework which rests on two main pillars – integrated portfolio construction and explicit factor capture in a straightforward and transparent manner.

  • Extends existing portfolio construction approaches in a way that is superior on a conceptual level as it takes return, risk and trading costs into account in an integrated way.
  • Allows us to create well-diversified portfolios that are efficient and scalable.
  • Is more transparent than many alternative strategies as it incorporates return drivers (factors) explicitly rather than implicitly, allowing straightforward and intuitive performance attribution. Explicit capture of return drivers also allows a clearly defined investment objective which is conceptually appealing.
  • Lends itself to flexible trade implementation such as patient trading, substituting illiquid stocks and opportunistic trading as liquidity arises. The ability to do so helps to keep trading costs low and is crucial in a small/mid cap universe.
  • Can be applied to a broad universe of stocks including less liquid market segments such as small caps, increasing portfolio efficiency, diversification and scalability.

More information on our investment process is available upon request (

The investment objective of the Global Diversified Value Fund is to deliver higher returns than the market weighted index after fees and transaction costs at similar levels of risk.

The investment policy of the Fund is to hold a well-diversified portfolio of marketable shares of global companies domiciled in developed markets and traded principally on major exchanges. The Fund invests across the entire market capitalisation spectrum but tends to have a larger emphasis on small and mid-cap companies than a market weighted index. Stock positions in the Fund are weighted to achieve better diversification than a market weighted index both on an individual stock, sector and country level.

The Fund will be generally overweighted in stocks considered to be value stocks and underweighted in growth stocks. To determine fundamental value we use a valuation composite, which captures book values, earnings, operating cash flows and net cash distributions to shareholders.

Detailed fund information can be found using the following link to Gemini Investment Management, our fund umbrella provider.

Will Value Investing Make a Comeback?

Value as an investment style has underperformed Growth for a number of years. We illustrate that the valuation spread between Value and Growth is at a historically high level now. In the past, a high valuation spread has contributed to a higher subsequent relative return for the Value style. Patient investors will be rewarded for sticking with Value in the longer run.

How Smart is Factor Investing and Smart Beta?

We give a brief overview of factor investing and smart beta as well as pros and cons associated with these approaches.

A Simple Diversified Portfolio Strategy

We present a simple portfolio construction approach which is a blend of market weights and equal stock and sector weights. Our approach results in a highly diversified portfolio both on a stock level and on a sector level and generates higher portfolio returns at slightly lower risk than a market weighted index. We demonstrate that the higher returns of our diversified portfolio originate both from mitigating the link with market weights and from its higher return benefit due to diversification which we are able to capture because we rebalance our portfolio on a regular basis. Our diversified portfolio is highly implementable and has very high investment capacity.

Other Media Mentions
Sorry, Active Managers — Indexing will get even better

This article summarises recent empirical evidence on equal sector weighted portfolios in the UK.

Specialist – Value Investing

This article discusses value as an investment style relative to growth in the current market environment.

Capturing the Key Return Drivers, Investment & Pensions Asia

This article discusses alternatives to traditional market weighted approaches to global equity investing.

Small & Mid-Caps: The small-cap dilemma, Investment & Pensions Europe

This article examines the benefits of small caps as an asset class as well as the challenges associated with it for institutional investors.

Educational Videos
GSI – Beyond the Cap-Weighted Index

Dr. Nick Motson of Cass Business School discusses issues that arise with investing in market weighted index portfolios. Market weighted portfolios tend to be heavily concentrated in a small number of mega-cap stocks which makes them sub-optimal. In contrast, some alternative indexing approaches are more diversified and have generated superior risk-adjusted returns in the past, mostly due to their exposure to a value and a size factor.

A Dummy’s Guide to Smart Beta, part three*

The term “beta” was first introduced by Nobel Laureate William Sharpe in the 1960s. In simple terms, it denotes the risk of the stock market. But in the intervening half a century, several other risk factors have been identified and quantified. The third part of our series explores these developments, with contributions from Garrett Quigley and Bernd Hanke of Global Systematic Investors, whose model increases diversification in a cap-weighted portfolio to smooth out the highs and lows.

Passive Investing Theory, part two: The Random Walk*

Part two of a four-part series exploring the foundations of passive investing and the men who have brought it to global significance. Part two describes the Random Walk theory: the belief that share prices are not predictable as they are based on reaction to information that is being fed into the market completely randomly. The observations of Jules Regnault and Louis Bachelier in the late 19th century, built upon by figures such as Paul Samuelson and Burton Malkiel still hold true in our 21st century economy. Featuring contributions from Bernd Hanke, Prof Patricia Chelley-Steeley and Jeffrey Molitor.

Passive Investing Theory, part four: Portfolio Theory*

The final part of a four-part series exploring the foundations of passive investing and the men who have brought it to global significance. Diversification has been called ‘the only free lunch in investing’ and is the driver behind Portfolio Theory, developed in 1952 by Harry Markowitz and later expanded upon by the work of William Sharpe in his Capital Asset Pricing Model, and Eugene Fama and Kenneth French in their Three Factor Model. Portfolio Theory doesn’t have all the answers but undoubtedly has had a big impact on how we all invest. Featuring comment from Garrett Quigley and Bernd Hanke from Global Systematic Investors.

* Copyright remains with

Global Systematic Investors LLP is located in Central London

Global Systematic Investors LLP
75 King William Street
London EC4N 7BE
United Kingdom
+44 (0)20 7717 5578
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Information about us is a site operated by Global Systematic Investors LLP, a limited liability partnership, registered in England and Wales under limited liability partnership number OC370686 and having its registered office at 75 King William Street, London, EC4N 7BE.

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This acceptable use policy sets out the terms between you and us under which you may access our site. This acceptable use policy applies to all users of our site

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For the purpose of the Data Protection Act 1998 (the Act), the data controller is Global Systematic Investors LLP. We are registered with the Information Commissioner, registration number PZ3477558.

Information we may collect from you

We may collect and process the following data about you:

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We use information held about you in the following ways:

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We may also use your data to provide you with information about services which may be of interest to you and we or they may contact you about these by post or telephone.

We will only contact you by electronic means (e-mail or SMS) with information about products or services similar to those which we believe were the subject of a previous interest to you.

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We may disclose your personal information to third parties:

  • In the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets.
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Access to information

The Act gives you the right to access information held about you. Your right of access can be exercised in accordance with the Act. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

Changes to our privacy policy

Any changes we may make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to

Each time you use this Website, a condition of use is that you comply with the terms of this Disclaimer as amended from time to time.

The information contained in this Website relates to investment funds which are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act“). The promotion of these funds to, and access to this Website by, persons in the United Kingdom is accordingly restricted by law.

By agreeing to the terms of this Disclaimer and accessing this Website beyond this point you confirm your status as a professional client or eligible counterparty (an “Eligible Investor”) as defined in the handbook of rules and guidance issued from time to time by the Financial Conduct Authority of the United Kingdom or its successor entity (“FCA“) and (the “FCA Rules“) and you warrant as such.

Accordingly, the protections afforded to retail clients under the FCA Rules may not be available to you if you become a client of Global Systematic Investors LLP (“GSI”). You will not be able to sue GSI under sections 71 or 150 of the United Kingdom Financial Services and Markets Act 2000. Please consult your legal adviser or visit FCA for further explanation.

This Website is issued inside and outside the United Kingdom by GSI which is authorised and regulated by the FCA and is directed only at Eligible Investors.

This Website is exempt from the scheme promotion restriction (in Section 238 of the Act) on the communication of invitations or inducements to participate in unrecognised collective investment schemes on the grounds that it is directed only at Eligible Investors. Accordingly investment in the funds and participation in any other investment activity to which the Website relates are only available to Eligible Investors and this Website must not be relied or acted upon by any other persons.

This Website and the information contained in it constitute a financial promotion for the purposes of the Act and the distribution of the information contained in this Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions.

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This Website is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person. Information contained herein is believed to be reliable but no warranty is given as to its accuracy or completeness and views and opinions, whilst given in good faith, are subject to change without notice. The information contained in this Website is not intended to constitute, and should not be construed as, investment advice. Potential investors in the funds that are described, or referred to, in this Website should seek their own independent financial advice. GSI neither provides investment advice to, nor receives and transmits orders from, investors in the funds described, or referred to, in this Website, nor does it carry on any other activities with or for such investors that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules.

Where an unauthorised link to a non-GSI Website exists, to the extent permitted by the Rules of the Financial Conduct Authority (FRN 572537), GSI does not accept responsibility for the content of such site nor the products, services or other items offered through that site.

Please remember that past performance is not necessarily a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invested. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. Fees and expenses are deducted from capital, so whilst this maintains the level of income it may restrict the level of capital growth and could lead to a reduction in capital value.

GSI does not provide investment advice. If you are unsure whether an investment is suitable for your needs or circumstances you should seek independent professional advice. Before investing in a fund please read the Key Investor Information Document, Prospectus and Fund Supplement for full information.

You should note that, if you choose to invest in any fund described or referred to in this Website, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest.