International Value

Defensive International Value Equities

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Overview

Client Commitment

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

Investment Approach

    Attractive Reward / Risk

  1. Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.
  2. High-Conviction Process

  3. The portfolio will typically hold between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.
  4. Different Than the Benchmark

  5. The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Featured Insights

Performance

For a summary of performance for our strategies, please click here.

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stock markets began 2019 in white-hot fashion with the MSCI EAFE Index gaining 10% in the first quarter.
  • Most of the gains were driven by valuation multiple expansion, not growth in earnings.
  • We believe now is a time for caution, that avoiding losses will prove more important than maximizing gains in the coming years.