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Overseas ADR Managed Account

Invests in select international companies across market-cap and style spectrum where we believe the market underestimates free-cash-flow growth

Overview

About This Portfolio

An international equity portfolio seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio managers believe the market underestimates free-cash-flow growth. The Portfolio considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of prevailing market conditions.

Why Invest

High-conviction, best ideas:
International stock portfolio with no persistent style bias.

Independent & Uncorrelated Insights:
An investment strategy seeking to capitalize on the dislocation between market expectations and our assessment of free-cash-flow growth.

Disciplined Portfolio Construction:
The integration of traditional investment analysis, behavioural finance and a multi-dimensional view of portfolio construction.

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 30/09/2024)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 3.03 14.80 24.12 6.58 12.40 9.08
Composite Net 2.28 12.32 20.56 3.48 9.15 5.92
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. 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 (%) (As of 30/09/2024)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 3.03 14.80 24.12 6.58 12.40 9.08
Composite Net 2.28 12.32 20.56 3.48 9.15 5.92
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. 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.

Calendar Year Returns (%)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
2023 2022 2021 2020 2019 2018 2017 2016
Composite Pure Gross 11.59 -7.94 14.30 17.49 27.92 -14.65 31.93 -6.19
Composite Net 8.36 -10.65 10.99 14.10 24.26 -17.18 28.16 -8.95
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. 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.

Portfolio

Index represents the MSCI All Country World ex-U.S. Index℠

Top Holdings (As of 31/10/2024)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd (ADR) 6.01
BAE Systems PLC (ADR) 4.52
Liberty Media Corp-Liberty Formula One 4.32
Deutsche Telekom AG (ADR) 4.09
Teck Resources Ltd 3.82
Dai-ichi Life Holdings Inc (ADR) 3.62
NatWest Group PLC (ADR) 3.56
BNP Paribas SA (ADR) 3.54
Toyota Motor Corp (ADR) 3.53
Sanofi SA (ADR) 3.50
TOTAL 40.51
View full holdings
Portfolio Characteristics (As of 31/10/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 37 2094
Market Capitalization
Weighted Average		 $114.77B $89.67B
Portfolio Turnover Rate
(1-year trailing)		 34.87% -
Price/Earnings Ratio
(1-year forward)		 14.10 13.30
Price/Book Ratio
 1.67 1.92
Earnings Growth Rate
(1-year forward)		 15.37% 14.33%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 31/10/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights primarily based on Bloomberg classifications.
Regional Allocation % 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 31/10/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
21 Nov 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
28 Oct 2024
Timely & Topical

How government reforms are driving investment opportunities in India

A recent trip to India highlighted the country’s progress in building out key infrastructure, setting the stage for future growth.

5 min read

Global Perspectives: Non-U.S. stocks begin to make their case
6 Sep 2024
Features & Outlooks

Global Perspectives: Non-U.S. stocks begin to make their case

After years of underperformance, non-U.S. equity markets look poised for better returns.

20 min read

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