December 15, 2015
With a long-term track record, stretching back into the mid-1990s, our non-U.S. mandates represent some of our flagship products. These mandates are all-cap, allow the purchase of any non-U.S. security with a market cap of $100 million or greater, with sufficient liquidity and analyst coverage to allow for the purchase of the security in institutional quality portfolios, and to allow the firm to implement its qualitative overview. Currently, depending on the specific mandate, the firm owns securities domiciled in Canada, developed Europe, and the Far-East, as well as in many emerging market countries. All non-U.S. long-only mandates are invested using our earnings-based process. We offer several versions of our non-U.S. strategy to meet the varied needs of our customers. The main options include non-U.S. Growth usually benchmarked against the MSCI All Country World ex US Growth Index, non-U.S. Core benchmarked against the MSCI All Country World ex US Index, and non-U.S. Developed benchmarked against either the MSCI EAFE or MSCI EAFE Growth Indexes. Each of these major mandates is offered as a separate account or co-mingled product. Customized portfolios are available to accommodate factors like SRI and home country restrictions, and opportunistic emerging market positions within an otherwise developed portfolio. Within its non-U.S. offerings, the firm also offers a non-U.S. Developed 130/30 portfolio, and a risk neutral long-short developed portfolio with a special focus on the momentum factor. For U.S. RIAs, the firm offers an ADR only version of the non-U.S. Growth strategy. Finally in 2013, the firm launched a non-U.S. Small Cap product, which is usually benchmarked against the MSCI World ex US Small Cap-Net Index.