For Financial Professionals in the US

Concentrated Growth Managed Account

We believe our differentiated view from the market drives growth where growth is scarce, positioning our investments to outperform the index over time

Overview

ABOUT THIS PORTFOLIO

Concentrated large-cap growth portfolio, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Portfolio seeks to add excess returns over the long term. Given its concentrated nature, the Portfolio may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS PORTFOLIO 

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s portfolio designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht

Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 03/31/2023)
Composite Pure Gross* Composite Net Russell 1000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/01/1994)
Composite Pure Gross* 13.66 13.66 -14.14 14.43 11.76 14.28 14.07
Composite Net 12.86 12.86 -16.69 11.12 8.52 10.98 10.75
Russell 1000® Growth Index 14.37 14.37 -10.90 18.58 13.66 14.59 10.25

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 04/30/2023)
Composite Pure Gross* Composite Net Russell 1000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/01/1994)
Composite Pure Gross* 5.02 13.76 -0.96 9.56 11.84 13.99 14.03
Composite Net 4.26 12.68 -3.86 6.38 8.60 10.70 10.71
Russell 1000® Growth Index 6.61 15.49 2.34 13.62 13.80 14.46 10.39

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 (%)
Concentrated Growth Managed Account Russell 1000® Growth Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Concentrated Growth Managed Account -32.90 23.06 39.54 37.10 2.25 29.44 3.02 11.92 10.95 31.28
Russell 1000® Growth Index -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05 33.48

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-BASED STATISTICS (Composite As of 03/31/2023)

RISK / REWARD
VS. Russell 1000® Growth Index		 3YR 5YR
Information Ratio -0.92 -0.49
Alpha -3.02 -1.17
Tracking Error 4.51 3.94
Beta 0.97 0.96
R-squared (%) 96.19 96.48
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index		 3YR 5YR
Up Capture Ratio 89.14 90.90
Down Capture Ratio 99.05 95.76
STANDARD DEVIATION 3YR 5YR
Concentrated Growth Managed Account 22.81 20.47
Russell 1000® Growth Index 23.06 21.00
SHARPE RATIO 3YR 5YR
Concentrated Growth Managed Account 0.59 0.51
Russell 1000® Growth Index 0.76 0.58

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 04/30/2023)
% of Rep Account
Microsoft Corp 10.72
Apple Inc 8.72
Mastercard Inc 6.62
Amazon.com Inc 6.62
Workday Inc 4.15
Advanced Micro Devices Inc 3.70
CoStar Group Inc 3.17
Deere & Co 3.07
NVIDIA Corp 3.03
UnitedHealth Group Inc 2.97
Total 52.77
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 35 509
Market Capitalization
Weighted Average		 $730.05B $835.33B
Portfolio Turnover Rate
(1-year trailing)		 44.46% -
Price/Earnings Ratio
(1-year forward)		 25.39 23.72
Price/Book Ratio
 7.06 9.29
Earnings Growth Rate
(1-year forward)		 33.36% 26.80%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Regional Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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