Global Securities Portfolio

Objective

Seeks to outperform the Global Securities Market Index (a broadly diversified global strategy) by 1.5% annually over a full market cycle (typically 3-5 years).

Benchmark

Global Securities Markets Index, a proprietary index

Concept

A relative return strategy that seeks excess return through active portfolio management decisions across capital markets (at the asset class, country, and currency levels), and within capital markets (through sector, sub-sector, and individual security selection).

Investment philosophy

Intrinsic value is determined by the fundamentals that drive a security’s future cash flow.
Discrepancies between market price and intrinsic value arise from market behavior and market structure providing opportunities to outperform.
A truly integrated global approach produces superior research.
Seeks to generate returns from the correction of significant discrepancies between price and fair value.

Investment process

Combines active top-down asset allocation and currency management with active bottom-up security selection.
Employs a fundamental price to intrinsic value investment process to asset classes, currencies, and security selection.
Uses market behavior analysis to understand reasoning in the marketplace for prevailing levels of market pricing.
Actively manages risk with the objective of achieving returns that properly compensate for risk taken.

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