Equity

Intrinsic Emerging Markets Small Cap Equity Strategy

The strategy seeks long-term outperformance of the MSCI Emerging Markets Small Cap Index with managed levels of risk. Through a bottom-up, fundamental research–driven approach, the team invests in quality small-cap companies at compelling prices.

Products offered

Separate Account
- Intrinsic Emerging Markets Small Cap Equity

Exclusive focus, stable leadership

A dedicated portfolio management team leads a disciplined, process-driven strategy with a track record spanning more than 25 years.

Quality pool: heart of the investment process

The team’s sequential approach—quality first, then valuation—provides a clear framework for identifying and investing in quality companies.

High-quality risk-adjusted returns

The team generates shareholder value via stock selection with a focus on protecting capital and participating in the long-term growth of emerging markets.

Investment approach

Quality at a compelling price

The team’s strict sequential process starts by looking for quality.

The team distills the overall emerging market universe to a pool of approximately 300 companies that best meet its quality criteria.

The team’s valuation analysis assesses each company’s long-term intrinsic value.

Companies in the quality pool are taken through multiple valuation techniques and scenario analyses to identify long-term value.

Diversified portfolio construction is based on a rigorous risk/reward framework.

The team builds quality portfolios through bottom-up stock selection and adherence to diversification, country, and sector guidelines.

The team exercises a rigorous monitoring and sell discipline.

The team monitors fundamental developments and price movements for each holding, justifies active risk exposures, and makes adjustments as appropriate.

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Composite performance

Average annual returns

(as of 3/31/2024)

	1M	3M	YTD	1Y	3Y	5Y	Inception
Composite (Gross)	-1.14	-1.13	-1.13	20.98	-4.22	8.06	4.61
Composite (Net)	-1.17	-1.22	-1.22	19.84	-5.26	6.87	3.44
Benchmark	0.08	1.05	1.05	20.56	4.23	8.51	3.65

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year

	2023	2022	2021	2020	2019	2018
Fund	22.65	-28.69	3.94	46.55	16.47	-19.62
Benchmark	23.92	-18.02	18.75	19.29	11.50	-23.05

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Our team

Meet the investment team

To provide clients high-quality risk-adjusted returns, the team uses a strict sequential process to identify quality companies with the potential to create intrinsic value.

View Team