Separately Managed Accounts Commentary

We are constructive about the outlook for international markets in 2021. While the bounce in Value versus Growth and a number of other underperforming markets may have a ways to run, we believe a balanced but flexible core stance is still the best one in this market.

We retain a long-term focus in our investment horizon and remain true to our core set of repeatable investment principles of finding high-quality stocks that can sustainably create business value over the long run and a general avoidance of trying to time or trade around short-term shifts in investor positioning or sentiment.

We believe our exposure to idiosyncratic, secular growth themes are well positioned to benefit from our new normal environment of working and entertaining from home or at a distance. Market dislocation can be a driver of disruption and innovation as well as providing great opportunities to invest in or add to excellent businesses at attractive valuations.

As we have seen in the past, market dislocations can be a driver of disruption and innovation and a provider of great opportunities to invest. We stand ready to take advantage of whatever the market provides.