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For Financial Professionals in the US

Overseas ADR Managed Account

Invests in select international companies across market-cap and style spectrum where we believe the market underestimates free-cash-flow growth

Overview

ABOUT THIS PORTFOLIO

An international equity portfolio seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio managers believe the market underestimates free-cash-flow growth. The Portfolio considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of prevailing market conditions.

WHY INVEST

  • High-conviction, best ideas: International stock portfolio with no persistent style bias.
  • Independent & Uncorrelated Insights: An investment strategy seeking to capitalize on the dislocation between market expectations and our assessment of free-cash-flow growth.
  • Disciplined Portfolio Construction: The integration of traditional investment analysis, behavioural finance and a multi-dimensional view of portfolio construction.

PORTFOLIO MANAGEMENT

Julian McManus

Julian McManus

Portfolio Manager

Industry since 1994. Joined Firm in 2004.

Christopher O'Malley, CFA

Christopher O'Malley, CFA

Portfolio Manager | Research Analyst

Industry since 1998. Joined Firm in 2017.

Performance

RETURNS (%)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 1.64 11.42 14.76 5.05 11.38 8.98
Composite Net 0.89 9.81 11.44 1.99 8.15 5.82
MSCI All Country World ex USA IndexSM 1.17 6.04 12.17 0.97 6.05 6.94

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 (%)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 4.79 13.45 13.64 6.17 12.30 9.12
Composite Net 4.03 11.54 10.36 3.09 9.05 5.95
MSCI All Country World ex USA IndexSM 5.35 8.53 10.28 2.31 6.79 7.16

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 (%)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
2023 2022 2021 2020 2019 2018 2017 2016
Composite Pure Gross 11.59 -7.94 14.30 17.49 27.92 -14.65 31.93 -6.19
Composite Net 8.36 -10.65 10.99 14.10 24.26 -17.18 28.16 -8.95
MSCI All Country World ex USA IndexSM 16.21 -15.57 8.29 11.13 22.13 -13.77 27.77 5.01

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.

Portfolio

Index represents the MSCI All Country World ex-U.S. Index℠

Top Holdings (As of 08/31/2024)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd (ADR) 5.62
BAE Systems PLC (ADR) 4.93
Dai-ichi Life Holdings Inc (ADR) 4.28
Teck Resources Ltd 4.17
Deutsche Telekom AG (ADR) 4.08
Toyota Motor Corp (ADR) 4.07
Liberty Media Corp-Liberty Formula One 3.98
ASML Holding NV 3.86
BNP Paribas SA (ADR) 3.49
Canadian Natural Resources Ltd 3.34
TOTAL 41.82
View full holdings
Portfolio Characteristics (As of 08/31/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 36 2156
Market Capitalization
Weighted Average		 $129.30B $92.59B
Portfolio Turnover Rate
(1-year trailing)		 35.10% -
Price/Earnings Ratio
(1-year forward)		 14.84 13.29
Price/Book Ratio
 1.80 1.92
Earnings Growth Rate
(1-year forward)		 12.24% 14.78%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 08/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 08/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 08/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 08/31/2024

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