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International Equity
The International Equity strategy is a direct extension of our Price to Intrinsic Value methodology. As of 3/31/08, we have $531 million of client assets running in this strategy, which has been in place since third quarter 2005. It is a long only portfolio that contains approximately 75-110 names. The portfolio limits purchase of securities to those with market capitalization of $1 billion or greater and are traded on the U.S. exchanges. The strategy follows the same basic disciplines as our other longer standing investment products. Incorporating a strict sell discipline as well as a buy side methodology, we are able to identify securities selling at significant discounts or premiums to their current intrinsic value. We screen for stocks that possess a market capitalization of $1 billion and above, global diversification, extraordinary quality in the balance sheet and income statement, exceptional internal management, and a catalyst that can force recognition by the market of the intrinsic value. Utilizing both quantitative and qualitative detailed fundamental research, we are able to create a portfolio that seeks to replicate these qualities. We tend to hold on average 75-110 positions balanced across multiple countries and industry sectors. We can also allocate up to 20% of the portfolio outside of EAFE countries. We modify the sector weightings against the EAFE. International Equity Full Description |
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