Separately Managed Accounts Commentary

Commentary: International ADR Strategy

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.

4th Quarter 2020

      Commentary: International Growth ADR Strategy

      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.

      4th Quarter 2020

          Commentary: Income and U.S. Government Bond Strategies

          We continued the work that began over the summer by fine-tuning risk exposures and shifting allocations as COVID-19 cases rose, election-related volatility increased, and leverage across corporations and governments rose. Our ability to find value helped boost quarterly results despite the concerns over government stimulus and unemployment.

          4th Quarter 2020

              Commentary: Emerging Markets ADR Strategy

              Entering 2021, we believe strong growth opportunities for emerging markets remain intact. A global injection of liquidity, low interest rates and a stable dollar is a very favorable cyclical setup as we recover from the global pandemic.

              4th Quarter 2020

                  Commentary: All Cap Growth Strategy

                  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.

                  3rd Quarter 2020

                      Commentary: U.S. Equity Strategy

                      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.

                      3rd Quarter 2020

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