For Institutional Investors in the US

Global Alpha Equity

By investing in global companies across the market-cap and style spectrum, we seek to deliver consistently good risk-adjusted returns, not sporadically great results

View Related Mutual Fund

Overview

ABOUT THIS STRATEGY

We believe investing in companies where the market underestimates free-cash-flow growth and using risk efficiently drives excess returns.

INVESTMENT APPROACH

Consistently Good, Not Sporadically Great
The portfolio invests in companies where we believe free cash flow growth is underestimated by the market. We invest with no persistent style bias; we strive to be consistently good, not sporadically great.

Global, High-Conviction, Country Agnostic Approach
The portfolio manager's investment style is based on high-conviction, disciplined and opportunistic decisions that are unconstrained by market cap or geography.

Maximize Risk/Reward Trade-Offs
This portfolio seeks to maximize risk adjusted return by focusing on stock selection risk and managing and mitigating all other sources of portfolio risk.

PORTFOLIO MANAGEMENT

Julian McManus

Julian McManus

Portfolio Manager | Research Analyst

Industry since 1994. Joined Firm in 2004.

Performance

RETURNS (%) (As of 09/30/2023)
Composite Gross Composite Net MSCI AC World Gross (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/2012)
Composite Gross -2.36 6.26 21.55 10.40 8.05 9.21 10.97
Composite Net -2.52 5.76 20.79 9.70 7.37 8.53 10.28
MSCI AC World Gross (USD) -3.29 10.49 21.41 7.39 6.98 8.11 9.24
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.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 10/31/2023)
Composite Gross Composite Net MSCI AC World Gross (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/2012)
Composite Gross -8.06 4.03 10.74 9.71 9.47 8.61 10.67
Composite Net -8.21 3.48 10.04 9.02 8.78 7.94 9.98
MSCI AC World Gross (USD) -9.52 7.19 11.05 7.18 8.00 7.35 8.87
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.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net MSCI AC World Gross (USD)
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Composite Gross -9.21 17.09 17.05 28.48 -9.02 32.26 4.25 -3.70 7.90 28.22
Composite Net -9.80 16.36 16.32 27.68 -9.60 31.44 3.63 -4.28 7.26 27.47
MSCI AC World Gross (USD) -17.96 19.03 16.82 27.29 -8.93 24.62 8.48 -1.84 4.70 23.44

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Why Japan’s market rebound could have staying power
Jul 26, 2023
Timely & Topical

Why Japan’s market rebound could have staying power

After a decade of seemingly little progress, Japan’s efforts at market reforms may have reached a tipping point – to the potential benefit of investors.

5 min read

European stocks come from behind
May 25, 2023
Timely & Topical

European stocks come from behind

Amid a period of higher rates and inflation, European equities could exceed expectations.

6 min read

Global Perspectives: For equity investing, a global rebalancing
May 15, 2023
Features & Outlooks

Global Perspectives: For equity investing, a global rebalancing

Why economic shifts could keep upward pressure on inflation – and make the case for a global approach to equity investing.

35 min read