The International Core Equity strategy is a style-agnostic international equity portfolio that seeks quality companies suitable for long-term investment purchased at attractive valuations, with the goal of benchmark-like risk and above-benchmark returns.
Style-agnostic
Style-agnostic approach built to perform in most market environments
Fundamental
Breadth of a centralized research team with a truly global perspective
Risk-focused
Process designed to minimize unintended factor risks, with a focus on pure stock selection
Companies with superior, self-sustaining business models have the potential to deliver attractive returns over the long term.
Such models can have their sustainability questioned over the shorter term, for either structural or cyclical reasons.
The resulting dislocation creates opportunities for the strategy to own them at attractive valuations.
Screening narrows the universe from approximately 1,500 mid- to large-cap international stocks to approximately 250 companies through liquidity, quantitative, and fundamental screens monitored daily.
Fundamental analysis evaluates high-quality businesses across three broad categories – growth compounders, quality cyclicals, and unrecognized opportunities – over a three-year time horizon.
Portfolio construction centers on risk to build a concentrated portfolio of 50–65 stocks. The portfolio is managed to have the majority of tracking error derived from stock selection.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
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.
Diversification may not protect against market risk.
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.
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.
Fluctuations in exchange rates between currencies may cause the value of an investment to decline. Some currencies may have low liquidity which may prevent the Strategy from effecting positions at favorable rates, thus subjecting the Strategy to substantial losses.
Equity securities are subject to price fluctuation and possible loss of principal.
Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and
political uncertainties.
Where foreign currency exchange transactions or forward foreign currency contracts are used to hedge certain market risks that do not materialize as anticipated, it is possible that the use of these instruments could result in losses that are greater than if they had not been used.
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.