Perkins Chief Investment Officer Gregory Kolb shares his equity market insights.
Defensive International Value Equities
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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.
- Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.
- The portfolio will typically hold between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.
- The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.
Attractive Reward / Risk
Different Than the Benchmark
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.