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For Institutional Investors in the US

Asia Pacific Ex Japan Equity

Focuses on Asian companies with strong franchise positions and enduring track records of execution.

Overview

ABOUT THIS STRATEGY

This is an all-cap, high-conviction Asia Pacific ex Japan strategy focused on companies with strong franchises, high return on equity and management with a proven track record of execution. We believe that high-quality companies, if bought at the right price, should produce outperformance relative to the market over a three- to five-year time horizon.

INVESTMENT APPROACH

Best Ideas Portfolio
We look to create a high-conviction Asia Pacific ex-Japan portfolio without significant constraints at sector or country levels. We seek to achieve a truly active portfolio strategy with a focus on stock picking as the main driver of relative returns, characterized by a low portfolio turnover and a disciplined approach, supported by fundamental in-house research.

Balance between Core and Dynamic Stocks
The strategy seeks to consist of a core of quality stocks, with emphasis on companies with consistently high return on equity, strong franchise position and sustainability of returns, low levels of debt and a proven record of management and governance. The strategy will be supplemented by an allocation to dynamic stocks with the aim to diversify performance drivers and generate strong relative returns across different market conditions and typically includes companies exhibiting “growth at reasonable price” (GARP) characteristics.

Team-Based Approach
Our team comprises a depth of talent, with expertise across Asia Pacific ex Japan. Synergies arise from the collaborative research process, collegial environment and the constructive challenging of existing views.

Portfolio Management

Daniel J. Graña, CFA
Daniel J. Graña, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley
Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net MSCI AC Asia Pacific Free Ex Japan (Gross)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1997)
Composite Gross 1.98 11.82 15.42 -0.58 2.93 7.46 8.54
Composite Net 1.73 11.00 14.29 -1.56 1.91 6.47 7.48
MSCI AC Asia Pacific Free Ex Japan (Gross) 4.33 14.29 18.07 2.29 5.42 7.80 6.76
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 11/30/2024)
Composite Gross Composite Net MSCI AC Asia Pacific Free Ex Japan (Gross)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1997)
Composite Gross 4.02 11.91 14.00 0.22 3.15 6.83 8.49
Composite Net 3.76 10.91 12.88 -0.77 2.13 5.83 7.43
MSCI AC Asia Pacific Free Ex Japan (Gross) 3.79 12.20 16.64 1.91 5.13 7.08 6.65
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net MSCI AC Asia Pacific Free Ex Japan (Gross)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 0.98 -12.42 -8.12 24.86 18.71 -8.39 29.51 26.72 -2.06 8.82
Composite Net -0.02 -13.29 -9.04 23.64 17.69 -9.19 28.41 25.63 -2.93 7.82
MSCI AC Asia Pacific Free Ex Japan (Gross) 1.61 -6.75 -1.75 18.96 14.87 -8.32 25.43 27.70 -3.85 9.50
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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