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For Financial Professionals in the US

Concentrated All Cap Growth Managed Account

We believe our differentiated view from the market drives growth where growth is scarce, positioning our investments to outperform the index over time

Overview

About This Portfolio

Concentrated all-cap growth portfolio, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Portfolio seeks to add excess returns over the long term. Given its concentrated nature, the Portfolio may exhibit moderately higher volatility than its benchmark.

Why Invest

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 50 of our best all-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s portfolio designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

Portfolio Management

Doug Rao
Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht
Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Pure Gross Composite Net Russell 3000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2005)
Composite Pure Gross 5.07 24.96 44.04 6.71 16.17 16.08 13.75
Composite Net 4.30 22.28 39.96 3.61 12.82 12.73 10.46
Russell 3000® Growth Index 3.42 24.00 41.47 11.31 19.08 16.04 12.08

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 09/30/2024)
Composite Pure Gross Composite Net Russell 3000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2005)
Composite Pure Gross 5.07 24.96 44.04 6.71 16.17 16.08 13.75
Composite Net 4.30 22.28 39.96 3.61 12.82 12.73 10.46
Russell 3000® Growth Index 3.42 24.00 41.47 11.31 19.08 16.04 12.08

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Pure Gross Composite Net Russell 3000® Growth Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Pure Gross 39.65 -33.03 20.09 39.33 35.78 6.20 28.09 2.99 11.08 11.05
Composite Net 35.68 -35.06 16.63 35.36 31.92 3.11 24.43 -0.02 7.86 7.83
Russell 3000® Growth Index 41.21 -28.97 25.85 38.26 35.85 -2.12 29.59 7.39 5.10 12.44

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Returns-Based Statistics (As of 10/31/2024)

RISK / REWARD
VS. Russell 3000 Growth TR		 3YR 5YR
Information Ratio -0.62 -0.46
Alpha -2.85 -1.68
Tracking Error 4.59 4.51
Beta 1.03 0.97
R-squared (%) 95.48 95.12
UP/DOWN MARKET CAPTURE (%)
Russell 3000 Growth TR		 3YR 5YR
Up Capture Ratio 96.74 94.56
Down Capture Ratio 105.88 101.67
STANDARD DEVIATION 3YR 5YR
Concentrated All Cap Growth Managed Account 21.34 20.58
Russell 3000 Growth TR 20.28 20.56
SHARPE RATIO 3YR 5YR
Concentrated All Cap Growth Managed Account 0.06 0.64
Russell 3000 Growth TR 0.21 0.76

Portfolio

Index represents the Russell 3000® Growth Index

Top Holdings (As of 10/31/2024)
% of Fund
Microsoft Corp 9.12
NVIDIA Corp 8.59
Amazon.com Inc 6.54
Apple Inc 6.08
Meta Platforms Inc 5.30
Mastercard Inc 5.24
Alphabet Inc 4.30
Oracle Corp 3.28
UnitedHealth Group Inc 3.15
Booking Holdings Inc 3.07
TOTAL 54.67
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 39 1508
Market Capitalization
Weighted Average		 $1,146.96B $1,440.06B
Portfolio Turnover Rate
(1-year trailing)		 38.59% -
Price/Earnings Ratio
(1-year forward)		 27.51 27.38
Price/Book Ratio
 9.89 11.40
Earnings Growth Rate
(1-year forward)		 27.24% 22.97%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 10/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

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