Fundamental, Bottom-Up Research

We constantly search far and wide for the best stock ideas — within the U.S. and around the globe. Potential investments that may deserve a deeper look are thoroughly analyzed using both quantitative and qualitative criteria. But the vast majority are discarded. Those that ultimately make it into our highly selective portfolios are continually monitored to determine whether our investment theses unfold as expected. We know what we own and why we own it.

A Stock-by-Stock View Informs Macro Perspectives

Trade DeskOur processes are inveterately bottom-up, informed at the security level. We reject the practice of making broad calls on the future performance of sectors, economies or interest rates, and positioning portfolios according to a particular "macro" view. Rather, in constructing portfolios on a security-by-security basis, we seek to ensure optimal diversification and return characteristics. At the same time, as ideas are communicated across the entire investment team, they facilitate the development of nuanced macroeconomic viewpoints. But these viewpoints aren't the primary drivers in any of the portfolios.

Disciplined, Valuation-Focused

As disciplined, long-term investors, we won't compromise on the rigorous, time-tested standards we follow in our portfolios. We take a broad, comprehensive view of value, which for us spans a variety of metrics designed to ascertain whether the market has appropriately priced a stock’s worth relative to the prospects we see. We tend to be strict about selling as price targets are met, investment theses break down, or more compelling opportunities arise.

Focused Portfolios, Flexibly Managed

Our equity portfolios are largely concentrated and diversified, aimed at achieving healthy, risk-adjusted, sustainable returns. Every position in every portfolio matters, given its meaningful individual impact on risk diversification and return. We exploit broad, but well-defined mandates to search out the best relative-value opportunities. Our equity funds tend to look strikingly different from their benchmarks.

Home Cooking

We eat our own cooking. All our portfolio managers invest in the portfolios they manage and manage with tax-efficiency in mind.

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy’s investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.