Investment Objective
The goal of the International Equity ADR Strategy is to consistently deliver relative outperformance over a full market cycle (three to five years) with less than commensurate risk.
Philosophy
We believe superior, risk-adjusted relative performance can be achieved through long-term ownership of a diversified portfolio of typically 65 to 85 securities that represent industry-leading companies with sustainable competitive advantages.
Investment Process
Top-down analysis:
- Macro perspective: The team conducts a global analysis of prevailing economic, market and political conditions to identify countries with favorable long-term growth themes.
Bottom-up approach:
- Fundamental analysis: The team identifies industry leading companies with dominant market share, sustainable competitive advantages, product or cost structure advantages, low debt, sound liquidity, a strong capital position, sustainable sales and revenue growth.
- Country selection criteria: We invest in countries with a bias toward regions with characteristics that include political stability and general economic freedom.
Portfolio Managers
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Michael Stack, CFA
Lead Portfolio Manager
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Angel Lupercio
Co-Portfolio Manager
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Michael Cumming, CFA
Senior Investment Analyst
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Tayyib Shah, CFA
Senior Investment Analyst
Composite
assets as of 12/31/2018 for the Scout International ADR Equity Strategy were
$200.46 million