Chautauqua International Growth Strategy
Overview
The Chautauqua International Growth Equity strategy invests in equity securities of non-U.S. companies with large market capitalizations and strives to consistently outperform its benchmark index over an investment cycle. The differentiated and focused strategy is normally diversified among at least 10 countries, investing in developed and emerging markets. The portfolio contains high-quality companies that employ better governance and disclosure, more conservative accounting, less financial leverage, and “best-in-class” management, reducing the risk of negative surprises. In addition to generating high risk-adjusted returns, this approach creates upside market participation and downside protection.
Portfolio Construction
- Concentrated portfolio of generally 25-35 stocks
- Positions are typically 1-6% at the time of purchase
- Market caps typically in excess of $5 billion at the time of purchase
- Sector weights limited to 50% of portfolio
Performance
ALL DATA AS OF 3/31/2024
| QTR | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| International Growth (Gross) | 5.39 | 5.39 | 7.00 | 1.79 | 10.73 | 7.90 | 11.23 |
| International Growth (Net) | 5.21 | 5.21 | 6.26 | 1.07 | 9.90 | 7.08 | 10.37 |
| MSCI AC World Index ex-U.S. | 4.69 | 4.69 | 13.26 | 1.94 | 5.97 | 4.25 | 6.95 |
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| International Growth (Gross) | 13.31 | -17.56 | 8.74 | 38.68 | 27.15 | -17.28 | 37.57 | -0.09 | 5.15 | 0.01 |
| International Growth (Net) | 12.52 | -18.14 | 7.91 | 37.59 | 26.14 | -17.95 | 36.49 | -0.89 | 4.31 | -0.79 |
| MSCI AC World Index ex-U.S. | 15.62 | -16.00 | 7.82 | 10.65 | 21.51 | -14.19 | 27.19 | 4.50 | -5.66 | -3.87 |