Our Non-US strategy seeks to generate superior long-term investment returns and minimize the risk of permanent capital loss by investing primarily in a concentrated number of global companies that meet our Business, People, Price investment criteria.
We invest with a three-to-five-year investment horizon and take advantage of short-term volatility to own high quality businesses, run by capable management teams, whose stock prices we believe are trading temporarily at a discount. Our extensive, global network allows us to engage with our management partners to help drive long-term value creation.
Total Non-US assets at 9/30/23
minimum account size
The Portfolio's objective is long-term capital growth. Current income is not an objective.
We generally invest in companies with market capitalizations over $1 billion.
Portfolio construction is benchmark-agnostic, and sector, industry and country weights are a by-product of bottom-up investment decisions.
Country weightings are a by-product of the location of qualifying investments.
If we cannot find qualifying investment opportunities, we will hold cash.
Portfolios normally contain 18-22 securities.
We do not hedge currency exposure.
If size begins to inhibit our ability to manage Non-US mandates, we will close to new investors.