- Earnings growth drives stock prices.
- Investing in international markets is best suited by a combination of top-down and bottom-up analysis.
- Limited geographic, sector, or market capitalization constraints allow international investors to capture the best investment ideas.
Benchmark: MSCI ACWI ex USA Growth Index
By integrating top-down country allocation analysis
with bottom-up security analysis, we:
Aim to identify companies with
- robust and sustainable growth rates
- high-quality balance sheets
- management teams with clearly defined growth strategies
In countries that have
- reasonable valuations
- low risk (including currency)
- strong economic growth