|1||Consistently Good, Not Occasionally Great: The portfolio invests in companies where we believe free cash flow growth is underestimated by the market. We invest with no persistent style bias, we strive to be consistently good, not occasionally great.|
|2||Global, High-Conviction, Country Agnostic Approach: The portfolio manager's investment style is based on high-conviction, disciplined and opportunistic decisions that are unconstrained by market cap or geography.|
|3||Maximize Risk/Reward Trade-Offs: This portfolio seeks to maximize risk adjusted return by focusing on stock selection risk and managing and mitigating all other sources of portfolio risk.|
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.