The International Growth Managed Account strategy seeks to produce long-term, excess returns vs. the MSCI All Country World ex-USA Index on a risk-adjusted basis over a full market cycle (at least 5 years) through bottom-up stock selection

Portfolio Management

Aziz Hamzaogullari, CFA

Primary Benchmark:

MSCI ACWI ex-USA Index

Secondary Benchmark:

MSCI ACWI ex-USA Growth Index

Strategy Highlights

• Active management with a long-term, private equity approach to investing
• Seven-step research framework focuses on quality, growth and valuation
• High-conviction portfolio of typically 30 to 45 stocks
• Low turnover: 0-25% annualized
• High active share: typically greater than 90%*
• Top 10 holdings: typically 40% - 50%
• Up to 20% holdings to US companies
• Looks to identify high-quality companies – those with difficult-to-replicate business models
• Team must view cash flow growth as sustainable and profitable
• Stock values are modeled and regularly updated based on our four valuation scenarios: Best, Base, Bear and Worst
• Seeks to create a margin of safety by investing only when the company is selling meaningfully below the team’s estimate of intrinsic value
• Active risk management defines risk as a permanent loss of capital, not tracking error or short-term relative underperformance
• Bottom-up stock selection drives excess returns