International Growth Managed Account
The International Growth Managed Account strategy seeks to produce long-term, excess returns vs. the MSCI ACWI ex-US Index Gross 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 ACWI ex-US Index Gross -
Secondary Benchmark
MSCI ACWI ex-US Growth Index Gross -
Portfolio Management
Aziz V. Hamzaogullari, CFA
Strategy Highlights
- Highly selective 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: 7.4% annualized since inception 1/1/2020*
- High active share: typically greater than 90%**
- Top 10 holdings: typically 40% – 60%
- 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
*As of March 31, 2026.
**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 Manager uses a proprietary approach to classify securities as U.S. or non-U.S., considering factors such as trading markets, headquarters location, country of organization, revenue sources, and third-party data. No single factor is decisive, and weightings may vary by fund or geographic strategy.
****Holding all else equal, the larger the discount between market price of a particular security and our estimate of its intrinsic value, the greater we view our margin of safety. Margin of safety is not an indication of the strategy’s safety as all investments carry risk, including risk of loss.
IMPORTANT INFORMATION ON RISK: Investing involves risk, including possible loss of principal. Equity securities are volatile and can decline significantly in response to broad market and economic conditions. Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations. Currency exchange rates between the U.S. dollar and foreign currencies may cause the value of the portfolio’s investments to decline.
The MSCI ACWI ex-US Index Gross is a global equity index that captures the performance of large and mid-cap stocks in both developed and emerging markets, excluding the United States. The “Gross” in its name signifies that the index’s performance includes the reinvestment of dividends, making it a total return index. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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.
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