INVESTMENT STRATEGY

We have the flexibility to invest in any country, industry or market cap with only one rule: find the most undervalued companies with the strongest business fundamentals.

ALL CAPITALIZATION: We employ an unconstrained pure value equity selection process that is characterized as an active, all-capitalization (multi-cap) global investment strategy. Portfolio construction attempts to balance the capitalization ranges subject to the firm’s value discipline.

GLOBAL DIVERSIFICATION: Global portfolios hold what we consider to be the most undervalued companies in the world, regardless of region or sector. We also have the flexibility to invest in emerging markets, providing an additional avenue for exposure to some of the world’s fastest growing economies. We conduct bottom-up stock selection, which results in portfolio weightings across industry, country and market capitalization that are a function of the companies we identified as the most undervalued in the world. We have focused on global diversification, ensuring that our portfolios have investments in at least 15 different countries and industry groups.

VALUE ORIENTATION: The investment strategy strongly emphasizes valuation over growth. Committed to our global diversification mandate, the companies that typically enter the portfolios come from both developed and emerging markets, with two common elements: the companies generate strong sustainable free cash flows and have conservative balance sheets. These companies may be capable of growing stronger in difficult economic environments, while performing admirably in growth cycles too. We like the growth potential, but don’t want to pay for it.

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