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All Cap Growth

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Strategy Facts as of 6/30/2024

  • Composite Inception 7/1/2006
  • Strategy Assets $3.5 billion

The All Cap Growth strategy seeks to produce long-term, excess returns vs. the Russell 3000® Growth Index on a risk-adjusted basis over a full market cycle (at least 5 years) through bottom-up stock selection.

Strategy Highlights
  • Active management with a long-term, private equity approach to investing
  • Seven-step research framework focuses on quality, growth and valuation
  • High-conviction portfolio of typically 35 to 45 stocks
  • Low turnover: 14.2% annualized since inception 7/1/2006*
  • High active share: typically greater than 80%**
  • Top 10 holdings: typically 40% – 50%
  • Up to 25% holdings in ADRs
  • Looks to identify high-quality companies–those with difficult-to-replicate business models
  • Team must view cash flow growth as sustainable and profitable
  • Stock values are modeled and regularly updated based on our four valuation scenarios: Best, Base, Bear and Worst
  • Seeks to create a margin of safety by investing only when company is selling meaningfully below the team’s estimate of intrinsic value
  • Active risk management defines risk as a permanent loss of capital, not tracking error or short-term relative underperformance
  • Bottom-up stock selection drives excess returns

*As of June 30, 2024.

**Active share indicates the proportion of the portfolio’s holdings (by market value) that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

The portfolio manager for the All Cap Growth Composite joined Loomis Sayles on May 19, 2010, and performance prior to that date was achieved at his prior firm. As required by GIPS, the prior performance is being included as part of the Loomis Sayles All Cap Growth Composite.

The All Cap Growth Composite includes all discretionary accounts with market values greater than $1 million managed by Loomis Sayles that seek to produce long-term excess returns at or below benchmark risk over a full market cycle relative to the Russell 3000® Growth Index and generally within the market capitalization range of the Index. The Composite inception date is July 1, 2006. The Composite was created in 2010.

Quarter-End Performance as of 6/30/2024
Cumulative Gross Net Index
3 Months 4.51%4.34%7.80%
Year-To-Date 17.57%17.18%19.90%
Trailing Performance as of 6/30/2024
Average Annualized Return Gross Net Index
1 Year 29.32%28.47%32.22%
3 Years 8.56%7.92%10.33%
5 Years 15.63%15.00%18.55%
10 Years 16.09%15.49%15.75%
Since Inception 7/1/2006 14.49%13.91%12.82%
Period Performance
Year Gross Net Index
2023 45.14%44.19%41.21%
2022 -27.20%-27.58%-28.97%
2021 17.52%16.94%25.85%
2020 32.16%31.51%38.26%
2019 32.66%32.00%35.85%
2018 -1.90%-2.40%-2.12%
2017 35.79%35.12%29.59%
2016 7.94%7.40%7.39%
2015 12.63%12.10%5.09%
2014 10.55%10.13%12.44%
2013 37.46%36.78%34.23%
2012 18.64%18.34%15.21%
2011 -1.33%-1.53%2.18%
2010 17.82%17.30%17.64%
2009 43.70%42.76%37.01%
2008 -26.78%-27.29%-38.44%
2007 12.82%12.07%11.40%
2006* 10.69%10.32%9.81%

* Since Inception 7/1/2006

The portfolio manager for the All Cap Growth Composite joined Loomis Sayles on May 19, 2010, and performance prior to that date was achieved at his prior firm. As required by GIPS, the prior performance information is being included as part of the Loomis Sayles All Cap Growth Composite.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.

There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.