45%
Continental Europe
Focus on German industrials and French luxury or consumer cyclicals.
Equity Strategy
International Value.
A high-conviction approach to developed ex-US markets, focused on quality franchises trading below intrinsic value.
All Strategies Strategy Architecture
Contrarian value, with quality controls.
The strategy seeks durable non-US companies where market sentiment has disconnected from cash flow, balance sheet strength, and long-term franchise value.
8.4%
5-Year CAGR
0.78
Sharpe Ratio
$5M
Minimum
2008
Inception
Investment Discipline
The mandate, in plain terms.
International markets, particularly Europe and Japan, often suffer from structural inefficiencies where sentiment disconnects from fundamentals.
Unlike traditional value traps, the process focuses on cash-flow return on investment and catalysts for re-rating, avoiding industries in secular decline.
Geographic Exposure
Discounted franchises across developed markets.
25%
Japan
Corporate governance reform plays in trading houses and financials.
15%
United Kingdom
Deep value opportunities in energy and defensive healthcare.
Performance Record
Performance History
Compared with the MSCI EAFE Value benchmark.
| Period | Strategy | Benchmark | Alpha |
|---|---|---|---|
| YTD 2025 | +9.1% | +7.4% | +1.7% |
| 1 Year | +11.5% | +9.2% | +2.3% |
| 3 Years Ann. | +8.8% | +7.1% | +1.7% |
| 5 Years Ann. | +8.4% | +6.5% | +1.9% |
| Since Inception | +7.9% | +6.2% | +1.7% |
Operating Standard
Value investing without value traps.
The mandate pairs valuation discipline with business quality, governance review, and a catalyst framework so cheapness alone is never enough.
- Cash-flow return on investment and balance-sheet review
- Governance and capital-allocation catalyst mapping
- Currency and regional concentration monitored at portfolio level
IMPORTANT DISCLOSURES: International investing involves special risks including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. Value investing carries the risk that the market may not recognize intrinsic value for a long time.