Global Portfolio Strategy

Our global portfolio strategy services extend our U.S. efforts to the rest of the world. We aim to find and capitalize on a wide range of investable abnormalities in order to find stocks that will outperform their peers. While we rely on empirical evidence, the interpretation of it requires judgement. One constant in our work is the effect of human nature, which results in cycles of fear and greed that we continue to experience today. Our investment philosophy recognizes that the challenges to success have increased over time because more participants are trying to exploit the same anomalies. We believe having an arsenal rather than a single bullet is preferable in dealing with this additional complexity. Paying attention to misvaluation as well as extreme actions of corporate managements and investors is critical.

Our approach is data intensive by design, drawing upon a proprietary database that contains decades of historical stock-level data for companies located outside the U.S. and more than 80 years of data for U.S. issues. When analyzing stocks from different locales, we take into account the economic, legal, accounting, cultural and historical differences within each region as well as the broad range of issues affecting stocks and markets globally. At times, as macroeconomic concerns move into the spotlight, we do comprehensive work on higher-level issues, such as fiscal austerity, the impact of bank recapitalizations, commodities super-cycles and financial crises.

Our work fits into four categories: