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Global Multi Cap Growth

Overview

The strategy invests in companies we believe will gain a greater share of global growth due to long-term economic drivers and focuses on intellectual property-based areas of the market.

Strategy Inception Date
October 22, 1990
Composite Inception Date
December 31, 2007
Composite AUM
(as of 11/30/2017)
$6.90 BN
Composite Benchmark
MSCI ACWI
Available Vehicles
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2017
as of 09/30/2017

Cumulative
Annualized
3 mo ytd as of 2017-09-30
1 yr 3 yr 5 yr since inception
Global Multi Cap Growth (gross of fees)
7.29% 34.62% 32.00% 21.45% 19.22% 11.76%
Global Multi Cap Growth (net of fees)
7.10% 33.92% 31.08% 20.59% 18.37% 10.97%
MSCI ACWI
5.18% 17.25% 18.65% 7.43% 10.20% 4.18%
MSCI ACWI
5.18% 17.25% 18.65% 7.43% 10.20% 4.18%
Cumulative
Annualized
3 mo ytd as of 2017-11-30
1 yr 3 yr 5 yr since inception
Global Multi Cap Growth (gross of fees)
18.41% 53.05% 57.34% 24.65% 23.23% 13.01%
Global Multi Cap Growth (net of fees)
18.21% 52.08% 56.25% 23.77% 22.36% 12.20%
MSCI ACWI
6.06% 22.01% 24.64% 8.01% 10.94% 4.52%
MSCI ACWI
6.06% 22.01% 24.64% 8.01% 10.94% 4.52%

Year Global Multi Cap Growth (gross of fees) Global Multi Cap Growth (net of fees) MSCI ACWI
2008 -41.23% -41.67% -42.19%
2009 77.83% 76.61% 34.63%
2010 14.10% 13.29% 12.67%
2011 -8.13% -8.79% -7.35%
2012 11.59% 10.80% 16.13%
2013 42.35% 41.36% 22.80%
2014 -2.27% -2.98% 4.16%
2015 15.27% 14.45% -2.36%
2016 12.02% 11.22% 7.86%

Date Global Multi Cap Growth (gross of fees) Global Multi Cap Growth (net of fees) MSCI ACWI
11/30/2012 0.00 0.00 0.00
12/31/2012 3.34 3.28 2.27
1/31/2013 7.93 7.80 6.98
2/28/2013 5.99 5.80 6.96
3/31/2013 11.19 10.93 8.91
4/30/2013 12.82 12.49 12.03
5/31/2013 17.02 16.61 11.72
6/30/2013 17.57 17.09 8.45
7/31/2013 24.19 23.61 13.65
8/31/2013 25.59 24.93 11.28
9/30/2013 35.84 35.05 17.03
10/31/2013 35.30 34.43 21.73
11/30/2013 43.67 42.67 23.45
12/31/2013 47.11 46.00 25.58
1/31/2014 47.75 46.55 20.56
2/28/2014 55.85 54.49 26.38
3/31/2014 49.66 48.27 26.95
4/30/2014 42.42 41.00 28.15
5/31/2014 44.69 43.16 30.88
6/30/2014 49.94 48.27 33.34
7/31/2014 38.95 37.31 31.73
8/31/2014 47.14 45.33 34.64
9/30/2014 39.51 37.70 30.27
10/31/2014 41.60 39.69 31.19
11/30/2014 46.70 44.63 33.38
12/31/2014 43.76 41.65 30.81
1/31/2015 43.53 41.34 28.76
2/28/2015 50.44 48.05 35.93
3/31/2015 46.62 44.20 33.83
4/30/2015 44.14 41.68 37.71
5/31/2015 51.68 49.01 37.53
6/30/2015 54.42 51.61 34.29
7/31/2015 57.60 54.65 35.46
8/31/2015 46.68 43.84 26.17
9/30/2015 44.31 41.42 21.60
10/31/2015 51.12 48.01 31.14
11/30/2015 64.93 61.45 30.06
12/31/2015 65.72 62.13 27.72
1/31/2016 47.33 44.03 20.01
2/29/2016 44.36 41.05 19.19
3/31/2016 58.89 55.16 28.02
4/30/2016 65.58 61.60 29.91
5/31/2016 72.83 68.58 30.07
6/30/2016 65.57 61.40 29.29
7/31/2016 80.54 75.89 34.86
8/31/2016 83.66 78.83 35.31
9/30/2016 89.32 84.23 36.14
10/31/2016 76.16 71.31 33.83
11/30/2016 80.58 75.51 34.85
12/31/2016 85.64 80.32 37.76
1/31/2017 92.88 87.24 41.53
2/28/2017 101.35 95.35 45.50
3/31/2017 120.49 113.81 47.28
4/30/2017 124.09 117.17 49.57
5/31/2017 134.64 127.27 52.87
6/30/2017 132.93 125.47 53.57
7/31/2017 143.55 135.62 57.86
8/31/2017 139.95 131.99 58.47
9/30/2017 149.90 141.48 61.53
10/31/2017 153.98 145.27 64.88
11/30/2017 184.12 174.24 68.07
Portfolio

Top Issuers

(41.2% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap
Country Global Multi Cap Growth MSCI ACWI Overweight / Underweight
United States 37.2% 52.6% -15.4%
United Kingdom 11.2% 5.8% 5.5%
Germany 8.4% 3.2% 5.2%
Japan 7.3% 8.0% -0.6%
Denmark 5.7% 0.6% 5.1%
France 4.8% 3.5% 1.3%
Italy 2.9% 0.8% 2.1%
Spain 2.5% 1.1% 1.4%
Belgium 1.6% 0.4% 1.2%
Israel 0.8% 0.1% 0.6%
Canada 0.6% 3.1% -2.5%
Norway 0.6% 0.2% 0.4%
Sweden 0.6% 0.9% -0.3%
Finland 0.6% 0.3% 0.2%
Portugal 0.4% 0.1% 0.4%
China 0.4% 3.5% -3.1%
New Zealand 0.4% 0.0% 0.3%
Argentina 0.2% - -
Developed Markets Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Europe 39.2% 20.9% 18.4%
Americas 37.8% 55.7% -17.9%
Asia Pacific 7.7% 11.7% -4.0%
Middle East 0.8% 0.1% 0.6%
Emerging Markets Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Asia Pacific 0.4% 8.5% -8.1%
Americas 0.2% 1.4% -1.2%
Equity Sector Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Health Care 29.2% 10.9% 18.3%
Information Technology 27.8% 18.2% 9.6%
Consumer Discretionary 14.8% 12.0% 2.8%
Industrials 12.3% 10.7% 1.6%
Materials 3.8% 5.3% -1.6%
Consumer Staples 3.7% 8.7% -5.0%
Financials 2.6% 18.6% -16.1%
Real Estate 0.8% 3.1% -2.3%
Telecommunication Services 0.4% 3.0% -2.6%
Broad Market -9.2% - -
Industry Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Pharmaceuticals 13.4% 4.9% 8.4%
Semiconductors & Semiconductor Equipment 8.8% 3.1% 5.7%
Software 8.0% 3.4% 4.5%
Biotechnology 6.9% 1.8% 5.1%
Electronic Equipment Instruments & Components 6.1% 1.1% 4.9%
Health Care Equipment & Supplies 4.7% 1.9% 2.8%
Machinery 3.5% 1.9% 1.5%
Internet & Direct Marketing Retail 3.3% 1.6% 1.6%
Chemicals 3.0% 2.8% 0.2%
Life Sciences Tools & Services 2.8% 0.5% 2.3%
Textiles Apparel & Luxury Goods 2.5% 1.0% 1.5%
Aerospace & Defense 2.5% 1.7% 0.8%
Electrical Equipment 2.3% 0.8% 1.5%
Capital Markets 2.1% 2.7% -0.6%
Household Durables 2.1% 0.8% 1.3%
Internet Software & Services 2.1% 4.0% -1.9%
Media 2.0% 2.2% -0.2%
Specialty Retail 2.0% 1.5% 0.5%
Commercial Services & Supplies 1.9% 0.4% 1.5%
Personal Products 1.6% 0.8% 0.8%
Asset Allocation Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Equity 86.1% 100.0% -13.9%
Net Cash and Equivalents 13.9% - -
Market Cap Global Multi Cap Growth MSCI ACWI Overweight / Underweight
Mid 52.6% 12.3% 40.3%
Large 21.5% 87.5% -66.1%
Small 21.1% 0.1% 21.0%
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
5Y
Alpha
14.48
10.97
Beta
1.12
1.04
Information Ratio
1.33
1.03
R-Squared
47.38
42.67
Sharpe Ratio
1.36
1.40
Standard Deviation
17.19
15.81
Upside Capture
167.71
142.40
Downside Capture
75.35
72.15
Sortino Ratio
0.72
0.73
Win Ratio
64.00
63.00
Loss Ratio
36.00
37.00
Margin of Outperformance
3.24
2.94
Margin of Underperformance
-2.18
-2.50
Tracking Error
12.51
11.96
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$12.70 B
$128.80 B
Median Market Cap (weighted)
$7.40 B
$54.70 B
P/E Ratio (NTM)
37.59
16.44
P/E Ratio (LTM)
28.15
19.31
Price/Book
5.00
2.35
Return on Equity
11.35%
14.54%
EPS Growth Rate 3Y
12.49%
6.00%
EPS Growth Rate 5Y
4.71%
7.20%
Sales Growth Rate 3Y
6.94%
4.33%
Sales Growth Rate 5Y
8.59%
4.70%
Turnover Ratio
18.00%
-

    Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations and tend to have lower trading volumes than large-cap securities, creating potential for more erratic price movements. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.

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