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For Institutional Investors in the US

Global Alpha Equity

By investing in global companies across the market-cap and style spectrum, we seek to deliver consistently good risk-adjusted returns, not sporadically great results

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Overview

ABOUT THIS STRATEGY

We believe investing in companies where the market underestimates free-cash-flow growth and using risk efficiently drives excess returns.

INVESTMENT APPROACH

Consistently Good, Not Sporadically Great
The portfolio invests in companies where we believe free cash flow growth is underestimated by the market. We invest with no persistent style bias; we strive to be consistently good, not sporadically great.

Global, High-Conviction, Country Agnostic Approach
The portfolio manager's investment style is based on high-conviction, disciplined and opportunistic decisions that are unconstrained by market cap or geography.

Maximize Risk/Reward Trade-Offs
This portfolio seeks to maximize risk adjusted return by focusing on stock selection risk and managing and mitigating all other sources of portfolio risk.

Portfolio Management

Julian McManus
Julian McManus

Portfolio Manager

Industry since 1994. Joined Firm in 2004.

Christopher O'Malley, CFA
Christopher O'Malley, CFA

Portfolio Manager | Research Analyst

Industry since 1998. Joined Firm in 2017.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net MSCI AC World Gross (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/2012)
Composite Gross 2.80 20.73 34.33 10.39 14.53 10.97 12.74
Composite Net 2.61 20.07 33.39 9.66 13.79 10.27 12.03
MSCI AC World Gross (USD) 6.72 19.08 32.35 8.60 12.71 9.94 10.99
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.
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.
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 09/30/2024)
Composite Gross Composite Net MSCI AC World Gross (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/2012)
Composite Gross 2.80 20.73 34.33 10.39 14.53 10.97 12.74
Composite Net 2.61 20.07 33.39 9.66 13.79 10.27 12.03
MSCI AC World Gross (USD) 6.72 19.08 32.35 8.60 12.71 9.94 10.99
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.
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.
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 World Gross (USD)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 18.24 -9.22 17.10 17.06 28.49 -9.02 32.26 4.26 -3.71 7.91
Composite Net 17.50 -9.80 16.36 16.32 27.68 -9.61 31.44 3.64 -4.28 7.27
MSCI AC World Gross (USD) 22.81 -17.96 19.04 16.82 27.30 -8.93 24.63 8.49 -1.84 4.70
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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