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

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 06/30/2021)
Composite Pure Gross* Composite Net Russell 1000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/01/1994)
Composite Pure Gross* 12.48 14.71 44.15 26.53 24.76 18.85 15.92
Composite Net 11.68 13.06 40.06 22.91 21.18 15.43 12.55
Russell 1000® Growth Index 11.93 12.99 42.50 25.14 23.66 17.87 11.26
RETURNS (%) (As of 08/31/2021)
Composite Pure Gross* Composite Net Russell 1000® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/01/1994)
Composite Pure Gross* 12.96 23.09 31.20 26.61 25.34 20.50 16.12
Composite Net 12.16 20.75 27.45 22.98 21.75 17.04 12.75
Russell 1000® Growth Index 13.88 21.08 28.53 24.60 24.35 19.45 11.26

RETURNS-BASED STATISTICS (Composite As of 09/30/2021)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio 0.65 0.30
Alpha 3.04 2.16
Tracking Error 3.33 3.47
Beta 0.94 0.94
R-squared (%) 97.42 95.55
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 95.68 94.45
Down Capture Ratio 85.18 82.80
STANDARD DEVIATION 3YR 5YR
Concentrated Growth Managed Account 19.15 15.71
Russell 1000® Growth Index 20.19 16.40
SHARPE RATIO 3YR 5YR
Concentrated Growth Managed Account 1.20 1.45
Russell 1000® Growth Index 1.03 1.32

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 09/30/2021)
% of Rep Account
Microsoft Corp 8.45
Amazon.com Inc 5.47
Mastercard Inc 5.02
Apple Inc 4.92
Facebook Inc 4.02
Total 27.88
View Full Holdings
Portfolio Characteristics (As of 09/30/2021)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues
38 501
Market Capitalization
Weighted Average
$642.23B $824.02B
Portfolio Turnover Rate
(1-year trailing)
35.56% -
Price/Earnings Ratio
(1-year forward)
40.87 35.97
Price/Book Ratio
(1-year forward)
17.31 17.30
Earnings Growth Rate
(1-year forward)
36.79% 41.64%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 09/30/2021)
Information Technology 37.13 44.41
Communication Services 20.09 12.73
Health Care 13.48 9.23
Consumer Discretionary 10.02 18.40
Industrials 5.41 5.92
Financials 3.55 2.50
Materials 3.07 0.97
Real Estate 2.21 1.67
Consumer Staples 2.04 3.82
Cash & Equivalents 3.00 -
Regional Allocations % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 09/30/2021)
North America 91.10 99.66
Europe 3.61 0.16
Asia/Pacific Ex Japan 1.42 0.01
Africa/Mideast 0.87 0.05
Cash & Equivalents 3.00 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF REP ACCOUNT % OF INDEX % OF REP ACCOUNT % OF INDEX (As of 09/30/2021)
Over $100B 70.32 71.04
$50B to $100B 15.41 10.35
$10B to $50B 11.27 16.27
Developed VS Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 09/30/2021)
U.S. 91.10 99.67
Non-U.S. Developed 4.48 0.21
Non-U.S. Emerging 1.42 0.12
Cash & Equivalents 3.00 -

Documents