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SMA Inception Date: 7/1/2007
Objective: Seeks long-term capital appreciation through large-cap global equity exposure

Why Choose This SMA?

  • For exposure to large-cap US and international stocks.
  • As an actively managed, value-oriented, global equity holding.

Investment Strategy

  • Strict, value-oriented approach that seeks out substantially underpriced companies with strong business fundamentals and proven shareholder-oriented management teams.
  • Bottom-up selection process leads to the selection of 30-60 attractive large-cap companies from our approved list of US and international stocks.
  • Market capitalization focus is greater than $5 billion at time of initial purchase.
  • There are no specific country, sector or industry targets, as allocations are determined entirely through the stock selection process.
  • Typically, portfolios have no more than 30% invested in a single country (except the US) and no more than 25% in any industry.
  • Position sizes are held to a 10% maximum at the time of initial purchase.
  • Foreign currency exposure may be hedged defensively for any currencies deemed significantly overvalued.
  • Investment in emerging market securities is permitted only in countries that meet specific legal standards.

Portfolio Managers

David Herro, CFA®

Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer – International Equities

Tony Coniaris, CFA®

Partner, Co-Chairman and Portfolio Manager

Eric Liu, CFA®

Partner, Portfolio Manager and Senior International Investment Analyst

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