International Growth
Strategy Facts as of 9/30/2024
- Strategy Inception 1/1/2020
- Strategy Assets $52.3 million
The International Growth strategy seeks to produce long-term, excess returns vs. the MSCI All Country World ex-US Index on a risk-adjusted basis over a full market cycle (at least 5 years) through bottom-up stock selection.
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Primary Benchmark
MSCI AC World ex USA Index Gross -
Secondary Benchmark
MSCI AC World ex USA Growth Index Net -
Portfolio Management
Aziz V. Hamzaogullari, CFA
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 30 to 45 stocks
- Low turnover: 0-25% annualized
- High active share: typically greater than 90%*
- Top 10 holdings: typically 40% – 50%
- Up to 20% holdings to US companies
- 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 the 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
*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 International 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 MSCI ACWI (ex-USA) and generally within the market capitalization range of the Index. The Composite inception date is January 1, 2020. The Composite was created in 2020.
Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
| Cumulative | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 13.39% | 13.18% | 8.17% |
| Year-To-Date | 20.23% | 19.53% | 14.71% |
| Average Annualized Return | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 35.87% | 34.82% | 25.97% |
| 3 Years | 6.92% | 6.07% | 4.67% |
| Since Inception 1/1/2020 | 9.23% | 8.37% | 6.60% |
| Year | Gross | Net | Index |
|---|---|---|---|
| 2023 | 22.27% | 21.31% | 16.21% |
| 2022 | -16.65% | -17.32% | -15.57% |
| 2021 | -3.06% | -3.83% | 8.29% |
| 2020* | 28.07% | 27.07% | 11.13% |
* Since Inception 1/1/2020
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.
