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SMA Inception Date: 11/1/1995
Objective: Seeks long-term capital appreciation through small-cap international equity exposure

Why Choose This SMA?

  • For investors seeking long-term appreciation through an allocation to small-cap international stocks.
  • As an actively managed, value-oriented, international small-cap 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 35-70 attractive small-cap companies from our approved list of international stocks.
  • Market capitalization focus is less than $7.5 billion at the 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 and no more than 25% in any industry.
  • Position sizes are subject to a 7% 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

Michael Manelli, CFA®

Partner, Portfolio Manager and Senior International Investment Analyst

Justin Hance, CFA®

Partner, Portfolio Manager and Director of International Research

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