Our New York City-based investment management team manages the international equity strategy. Our style is opportunistic with a bias towards quality and relative value, and portfolios are constructed around the highest conviction ideas. Our experienced team and flat structure allow us to focus on process and performance. We feel that our disciplined investment process combined with a pragmatic approach to capital markets is one of the keys to our success.
The strategy employs a top-down bottom-up approach that integrates macro-economic views with fundamental company research. Macro-economic analysis is used to establish views on markets, geographies and sectors which inform in-depth fundamental research on each company.
We believe International developed markets offer compelling return and diversification potential. International markets often trade at an attractive valuation relative to domestic markets, and we seek to take advantage of these global inefficiencies.
We believe that valuation always matters. During a market cycle, we will hold value stocks and growth stocks, but regardless feel that valuation must play some part in the analysis. An investor can never completely ignore valuation; conversely, we never buy something just because it is cheap. So, valuation cannot be excluded nor be the sole driver.
We believe in a high conviction portfolio where our best ideas are not diluted. We are not afraid to sell a name that is acting in a way that is detrimental to the strategy. We operate at the intersection of discipline and flexibility and have found – with experience – this has been the most effective manner in which to invest and allocate capital.