Offered since 1992, the International Equity Strategy seeks long-term capital appreciation by investing primarily in foreign equity securities (companies that are located or derive a large portion of their revenues from activities outside the United States) that we believe are undervalued. The strategy may also invest in US equity securities to a limited extent when opportunities appear attractive. 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 for their accounts. The minimum account size for a separately managed account in the International Equity Strategy is $10 million.

• 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.