Team Highlights

The team has a differentiated approach to international small- and mid-cap investing that emphasizes long-term ownership in high-quality companies with structural tailwinds and idiosyncratic drivers of value, a contrarian approach to valuation and prudent risk management.

• The portfolio manager has over two decades of investment experience, including more than a dozen years managing an international small- and mid-cap equity strategy with the same investment approach.
• The team also has 4 dedicated research analysts, who possess deep industry expertise and are broad-minded with the ability to think like a portfolio manager.
• The team has a labor- and travel-intensive research process, and values collegiality, intellectual curiosity and hard work.
• The team is located in New York.

Investment Process

The team seeks long-term investments in high-quality businesses that are led by excellent management teams, are exposed to structural growth themes and can be acquired at sensible valuations in a contrarian fashion.

Investing with Tailwinds

The team looks for companies that are backed by long-term tailwinds and whose success is less dependent on a cyclical backdrop. Portfolio companies operate at the intersection of growth and change, where ingenuity can drive disruption within industry value chains.

High-Quality Businesses

The team seeks to identify smaller companies on a journey to becoming much larger, globally relevant industry leaders within their respective niches. Characteristics of companies the team looks for include differentiated and defensible business models, talented management teams, unique assets, strong balance sheets, healthy cash flow generation, the ability to self-fund growth, pricing power and structurally high or improving returns on invested capital.

A Contrarian Approach to Valuation

The team seeks to invest in high-quality businesses in a contrarian fashion. Mismatches between stock price and long-term business value are created by market dislocations, temporary slowdowns in individual businesses or misperceptions in the investment community. The team also examines business transformation brought about by management change or restructuring.

Manage Unique Risks of International Small- and Mid-Cap Equities

International small- and mid-cap equities have unique investment risks. The team manages these risks by maintaining a long-term orientation, understanding the direct and indirect security risks for each business and, most importantly, assessing the probability of permanent capital impairment. They do not equate risk with short-term share price volatility. Other risk management tools include constructing a well-diversified portfolio across industries, geographies and themes and sizing positions according to the magnitude of opportunity, assessment of an individual business’ risk, and level of conviction.

In-depth Investment Process

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