Past performance is not a reliable indicator of future performance.
The Europe Smaller Companies Equity Composite seeks long-term capital appreciation primarily through investment in small- and mid-cap companies traded in European markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The average market cap of holdings within these portfolios will typically be <$5 billion.
Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints.
- Invests in European small- and mid-cap companies capable of sustaining above-average, long-term earnings growth and selling at reasonable prices.
- Benchmark-unconstrained approach exploits diverse opportunities across Europe.
- Exposure to companies at different stages in the growth cycle offers the potential for more consistent performance across market cycles.
- Long-term investment horizon emphasizes bottom-up stock selection as the primary source of excess return.
- Dedicated London-based research team seeks companies with:
- Attractive industry structure.
- Compelling business models.
- Strong growth prospects.
- Solid management teams.
- Reasonable valuations.
- Typically 70-100 stock portfolio
- Diversification at the security, country, region, and sector levels offers the potential for attractive risk-adjusted returns
- Bias toward high-quality stocks provides the potential for downside risk protection
- Risk parameters
- Emerging Europe exposure: maximum 10%
- Typical position size: 0.50% to 5.00%
- Low turnover expected
- Expected tracking error: 3% to 7%
|3 MonthsData as of 30-Sep-2021||Year to DateData as of 30-Sep-2021|
|Composite Gross %||2.38%||15.48%|
|Composite Net %||2.22%||14.92%|
|Excess Return (Gross) %||-0.14%||-2.89%|