The team seeks to invest in companies that possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to the team's estimate of private market value. The team’s investment process focuses on two distinct elements—security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.

Security Selection

The team seeks to identify companies that have franchise characteristics (e.g., low-cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The team also assesses key environmental, social and governance (ESG) issues that could impact future stock returns. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Capital Allocation

Based on the team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. GardenSM investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycles. HarvestSM investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate.

Broad Knowledge

The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to find growth wherever it occurs.

In-depth Investment Process

 

By the Numbers

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  • Photo of Bitzke
    Jessica Bitzke Coordinator
  • Photo of Braid
    Alex Braid, CFA Analyst
  • Photo of Broquin
    François Broquin, CFA Analyst
  • Photo of Brower
    Roderick Brower Analyst
  • Photo of Cepukenas
    Craigh Cepukenas, CFA Portfolio Manager
  • Photo of Dow
    Heather Dow Coordinator
  • Photo of Dukes
    Floyd Dukes, CFA Client Service
  • Photo of Fernandes
    Sally Fernandes Analyst
  • Photo of Griffin
    Cameron Griffin, CFA Client Service
  • Photo of Hamel
    Jim Hamel, CFA Portfolio Manager
  • Photo of Jochmann
    Martin Jochmann Associate Portfolio Manager
  • Photo of Johnson
    Robin Johnson Head of Stewardship
  • Photo of Kaminski
    Kelly Kaminski Coordinator
  • Photo of Kamm
    Matt Kamm, CFA Portfolio Manager
  • Photo of Lemenager
    Matt Lemenager, CFA Analyst
  • Photo of Lieungh
    Cristal Lieungh Coordinator
  • Photo of Maya
    Sridar Maya, CFA Analyst
  • Photo of Mu
    Cindy Mu, CFA Associate Portfolio Manager
  • Photo of Olijar
    Sarah Olijar, CFA Analyst
  • Photo of Patel
    Pratik Patel Chief Operating Officer
  • Photo of Peters
    Jay Peters Trader
  • Photo of Rao
    Aashish Rao Associate Portfolio Manager
  • Photo of Rattanaphasouk
    Ting Rattanaphasouk, CFA Client Service
  • Photo of Ridley
    Chip Ridley, CFA Client Service
  • Photo of Schultz
    Bryan Schultz Trader
  • Photo of Sturm
    Lisa Sturm Client Service
  • Photo of Tochihara
    Ryan Tochihara Analyst
  • Photo of Warner
    Jay Warner, CFA Portfolio Manager
  • Photo of White
    Jason White, CFA Portfolio Manager
  • Photo of Wilson
    James Wilson, CFA Client Service
  • Photo of Wu
    Angela Wu Analyst