Managed Accounts

Investment is most intelligent when it is most businesslike.

BENJAMIN GRAHAM, The Intelligent Investor

Global Equity

Investment Strategy

Offered since 1993, the Global Equity Strategy seeks long-term capital appreciation by investing primarily in U.S. and foreign equity securities that we believe are undervalued. Separate account clients may request that the Firm hedge perceived foreign currency exposure back into their base currency, where practicable; or may instead maintain an unhedged posture with respect to their accounts. The minimum account size for a separately managed account in the Global Equity Strategy is $10 million.

CORE ATTRIBUTES

  • Multi-capitalization approach focused on investment in US and non-US equities, which may include investments in emerging market companies where opportunities appear attractive.
  • Epicenter of the approach is to seek to exploit significant discrepancies between the price that a company trades for on the stock exchange and our estimate of its underlying intrinsic value.
  • Research and stock selection methodology is generally geared towards the measurement and confirmation of fundamental quantitative and qualitative measures of intrinsic value, that is informed in large part by a knowledge and understanding of prices paid for comparable businesses in actual corporate mergers, acquisitions and liquidations, and stand-alone, absolute valuations.
  • Approach seeks to diversify by issue, industry, country, and market capitalization.
  • Perceived foreign currency exposure can be hedged back into the portfolio’s base currency, where practicable, or remain unhedged at the direction of the client.

Related Documents

Client Letter 2023 Form CRS Form ADV Part 2