| Strategy |
 |
Primary Benchmark |
|
Track Record |
|
Approx. Positions |
|
Approx. Turnover |
|
Investment Vehicles |
|
|
| International Value |
|
MSCI EAFE |
|
2000 |
|
35-50 |
|
30-60% |
|
|
|
|
| The International Value portfolio uses a rigorous bottom-up research approach
to identify intrinsically undervalued non-U.S. companies with strong and/or
improving franchise quality. The process utilizes foreign equities in the form
of ordinary shares ("ORDs") and American Depository Receipts ("ADRs"). The
universe of stocks includes those companies whose capitalizations are $1
billion and up. The strategy is typically benchmarked to the MSCI EAFE Index.
Risk controls include limiting position weightings to 5%, at cost. Industry and
sector weights generally are less than 25% and 30%, respectively. Country
weights typically are less than 35%, with emerging markets exposure generally
less than 20%.
|
|
| Our research team performs extensive bottom-up research on companies and
industries focusing on qualitative factors such as restructuring, management
strength, shareholder orientation and the ability to capitalize on improving
industry fundamentals. In addition, a broad range of fundamental valuation
metrics are utilized—price-to-cash flow, price-to-book, price-to-earnings and
liquidation/replacement value. The portfolios are well diversified across 35-50
companies representing strong risk/return characteristics.
|
|
|
|
|
|
|
|
|
|
| Strategy |
|
Primary Benchmark |
|
Track Record |
|
Approx. Positions |
|
Approx. Turnover |
|
Investment Vehicles |
|
|
| International Value (ADR) |
|
MSCI EAFE |
|
1999 |
|
35-50 |
|
30-60% |
|
 |
|
SMA |
|
|
Institutional |
|
|
|
|
|
|
|
|
| The International Value (ADR) portfolio uses a rigorous bottom-up research approach to identify
intrinsically undervalued non-U.S. companies with strong and/or improving franchise quality. The process
utilizes foreign equities in the form of American Depository Receipts ("ADRs"). The universe of stocks
includes those companies whose capitalizations are $1 billion and up. The strategy is typically benchmarked
to the MSCI EAFE Index. Risk controls include limiting position weightings to 5%, at cost. Industry and
sector weights generally are less than 25% and 30%, respectively. Country weights typically are less than
35%, with emerging markets exposure generally less than 15%. |
|
| Our research team performs extensive bottom-up research on companies and industries focusing on qualitative
factors such as restructuring, management strength, shareholder orientation and the ability to capitalize
on improving industry fundamentals. In addition, a broad range of fundamental valuation metrics are
utilized—price-to-cash flow, price-to-book, price-to-earnings and liquidation/replacement value. The
portfolios are well diversified across 35-50 companies representing strong risk/return characteristics. |
|
|
|
|
|
|
|
|