Global Equity

Investment Philosophy

The Global Equity strategy seeks capital preservation and long-term capital growth primarily through investment in publicly traded equity securities on a global basis. Our philosophy is grounded in the belief that market inefficiencies may be exploited to grow capital with limited risk via disciplined, well-researched investment in undervalued securities. We think about risk primarily in terms of the potential for permanent capital loss, as well as the effects of inflation. We believe that a bottom up, benchmark agnostic approach to portfolio construction is compatible with the goal of positive absolute returns. Our primary investment objective is to outpace inflation, and we expect to generate above average returns with lower than market risk over an investment cycle.

Investment Strategy

Our approach is value-oriented security selection on a global basis. We seek securities of good businesses that are out of favor with investors and misunderstood, causing them to trade at a substantial discount to intrinsic value. We invest primarily in equity securities but may also invest in equity-linked and debt securities when they offer attractive risk / reward characteristics. Our fundamental analysis emphasizes the durability of a business franchise, its normalized earnings power, balance sheet strength, and the track record of management in capital allocation. In identifying and valuing securities, we are focused on measures of cash flow and, when appropriate, replacement or liquidation.