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For Institutional Investors in the US

Concentrated Europe Equity

For investors seeking long-term capital growth from an actively managed concentrated portfolio of mainly large and mid-cap European companies.

Overview

About this Strategy

We believe investment opportunities can be captured through correctly anticipating change in companies and industries. We aim to determine the cash return on capital as a key determinant of value creation. Opportunities arise from growth and value stocks resulting in a blended portfolio that can exhibit deliberate tilts depending on the market opportunity. We seek to add value at two levels: idiosyncratic stock selection and, more sparingly, sector theme selection.

Investment Approach

High conviction

  • Seeks to generate alpha from a concentrated portfolio of around 30 to 50 of the managers' highest conviction stock ideas.

Style-agnostic, all-weather approach

  • Actively invests wherever the most compelling opportunities exist across European equities, regardless of market style.

Experienced team

  • Experienced European equities franchise, focused on company engagement, active stock selection and disciplined risk management.

Portfolio Management

Robert Schramm-Fuchs: Portfolio Manager
Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

Marc Schartz, CFA: Portfolio Manager
Marc Schartz, CFA

Portfolio Manager

Industry since 2004. Joined Firm in 2016.

Performance

RETURNS (%) (As of 03/31/2025)
Composite Net Composite Gross MSCI Europe U$ - Total Return Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/01/1999)
Composite Net 10.37 10.37 3.22 7.21 15.16 4.99 8.58
Composite Gross 10.63 10.63 4.25 8.48 16.57 6.33 9.92
MSCI Europe U$ - Total Return Index 10.64 10.64 7.53 8.00 13.83 6.31 5.15
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
RETURNS (%) (As of 05/31/2025)
Composite Net Composite Gross MSCI Europe U$ - Total Return Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/01/1999)
Composite Net 13.11 24.09 13.30 13.29 14.33 5.55 9.02
Composite Gross 13.38 24.58 14.43 14.60 15.72 6.89 10.37
MSCI Europe U$ - Total Return Index 9.32 21.18 14.11 13.13 13.53 6.88 5.49
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Calendar Year Returns (%)
Composite Net Composite Gross MSCI Europe U$ - Total Return Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Composite Net 1.98 17.74 -16.51 18.32 26.38 31.46 -27.85 16.12 -7.27 2.73
Composite Gross 3.00 19.28 -15.39 19.87 28.02 33.16 -26.87 17.64 -6.03 4.08
MSCI Europe U$ - Total Return Index 2.43 20.66 -14.53 16.97 5.93 24.59 -14.33 26.24 0.22 -2.34
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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