International Multi Cap Equity

Investment Philosophy

The International Multi Cap Equity (IMCE) product seeks to achieve capital preservation and growth through long-term investment in equity and equity-related securities of non-U.S. issuers. Our objective is to produce above average returns and limit risk through careful selection of undervalued securities. We construct portfolios through a bottom-up selection process based on fundamental security analysis, and we do not seek to replicate a benchmark. Security selection is based on intensive proprietary research and a disciplined investment process.

Investment Strategy

Our approach is contrarian and value oriented, and seeks securities that are depressed in price, out of favor with investors, and trading at a substantial discount to intrinsic value. Security analysis and valuation emphasize free cash flow generation and balance sheet quality, as well as the fundamental strength of a business franchise. Our International Multi Cap Equity strategy seeks to identify the most attractive risk/reward proposition for our investors across the spectrum of market capitalizations. The portfolio typically contains 40-60 positions.