We are as concerned with the return of our clients' capital as we are with the return on clients' capital.


US Equity / ADR

Investment Strategy

Established in 1975, the US Equity/ADR strategy seeks long-term capital appreciation by investing in a diversified portfolio consisting primarily of US equity securities and American depositary receipts, which represent shares of non-US companies that trade in the US financial markets. The minimum account size for a separately managed account in the US Equity/ADR strategy is $1 million.


  • Multi-capitalization approach focused on investment in US equities and American Depository Receipts (ADRs).
  • Epicenter of the approach is to seek to exploit discrepancies between the price that a dividend paying 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, and market capitalization.