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For Institutional Investors in the US

International Alpha Equity

Invests in international companies where we believe the market underestimates free-cash-flow growth, with the aim to derive independent and uncorrelated sources of alpha

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Overview

ABOUT THIS STRATEGY

Our focus is to generate excess returns by capitalizing on the dislocation between market expectations and our assessment of free cash flow growth. We believe success depends on incorporating independent and uncorrelated sources of alpha, while executing fundamental and behavioral analyses to identify the most attractive investment opportunities.

INVESTMENT APPROACH

High-Conviction, Concentrated Best Ideas
International stock portfolio with no persistent style bias. We seek to find differentiated insights into the magnitude, duration, quality and/or use of cash flow growth.

Independent & Uncorrelated Insights
Harnesses the intersection of independent viewpoints and differentiated perspectives between the portfolio managers and research analysts.

Disciplined Portfolio Construction
Manages risk exposure and aims to ensure stock selection is the primary determinant of risk and return. Implied Alpha translates a portfolio manager’s conviction into portfolio impact by considering historical volatility and correlation of all portfolio holdings to each other.

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 All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Gross 3.16 13.47 22.78 6.33 12.24 8.99
Composite Net 2.97 12.84 21.88 5.54 11.43 8.24
MSCI All Country World ex USA IndexSM 8.17 14.70 25.96 4.66 8.10 7.70
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.
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 All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Gross -5.25 8.33 14.46 5.86 9.47 8.26
Composite Net -5.43 7.60 13.62 5.07 8.67 7.51
MSCI All Country World ex USA IndexSM -3.12 8.16 13.62 3.40 5.91 6.84
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 All Country World ex USA IndexSM
2023 2022 2021 2020 2019 2018 2017 2016
Composite Gross 11.97 -7.83 14.30 17.49 27.92 -14.65 31.93 -6.19
Composite Net 11.14 -8.52 13.45 16.68 27.11 -15.21 31.10 -6.80
MSCI All Country World ex USA IndexSM 16.21 -15.57 8.29 11.13 22.13 -13.77 27.77 5.01
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

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Policy uncertainty argues for a global, selective approach to stocks
Dec 4, 2024
Features & Outlooks

Policy uncertainty argues for a global, selective approach to stocks

In his outlook for global equities, Julian McManus highlights the importance of a bottom-up approach to stock picking given the potential for new sources of growth—and volatility.

1 min read

How government reforms are driving investment opportunities in India
Oct 28, 2024
Timely & Topical

How government reforms are driving investment opportunities in India

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The overlooked potential of European and Japanese banks
Sep 10, 2024
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The overlooked potential of European and Japanese banks

Why investors looking to diversify equity portfolios may want to consider these long-discounted financials.

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