Management team
Erik Becker, CFASenior Portfolio Manager
The US Large Cap Core Equity strategy applies a growth mindset to the core investment universe, seeking to create a focused portfolio of quality businesses with underappreciated growth drivers at reasonable valuations.
Core focus
Focused portfolio invests primarily in US companies across the valuation and large- to mid-cap spectrum
Disciplined discovery
Stock selection results from uncovering underappreciated earnings catalysts in companies with competitive advantages
High conviction
Seeks to deliver alpha by investing in the team’s strongest investment convictions in select, quality businesses
Strategic emphasis on idiosyncratic and thematic/macro drivers, rather than targeting efficiently valued large-cap companies, has the potential to offer significant opportunity for alpha generation.
A focused portfolio of 40–50 holdings allows the team to avoid companies undergoing competitive disruption while owning businesses with improving fundamentals.
The strategy seeks companies exhibiting key characteristics: fundamental catalysts driving earnings, competitive moats for potential downside protection, and reasonable valuations.
Universe and idea generation begins with the 1,500 largest US companies before an analyst screening process generates a focused universe of around 250 names.
Selection criteria apply due diligence to identify companies with 2-3 year forecastable change, quality characteristics, and earnings or valuation upside.
Portfolio construction maintains 40–50 stocks across stable growth (45–55%), cyclical growth (10–25%), and rapid growth (25–30%), with comprehensive risk management across multiple levels.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
A fund or strategy that holds a limited number of securities may be more sensitive to the price fluctuations of a single security in its portfolio and may be more volatile than a fund or strategy that holds a greater number of securities.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
High portfolio turnover rates may increase transaction costs and lower returns.
Diversification may not protect against market risk.
A "value stock" is a stock that is believed to be undervalued. Investments in value stocks are subject to the risk that the stocks are appropriately valued or that the stocks may decline in value.
Market risk is the risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.
Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.
Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund's share price may not rise as much as the share prices of funds that focus on smaller capitalization companies.
Active management and selection risk is the risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Equity securities are subject to price fluctuation and possible loss of principal.
Issuers in the information technology sector may be impacted by intense competition; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.