Equity

Special U.S. Large Cap Value Equity Strategy

The strategy aims to deliver long-term capital appreciation by investing primarily in large-cap companies with above-average capital appreciation potential and below-average risk.

CPA-based investment process

Through disciplined execution of its unique process, the team seeks to consistently outperform benchmarks and peers while maintaining a low-risk profile.

Rigorous bottom-up research

The bottom-up research process focuses on companies with durable competitive advantages, free-cash-flow generation, and balance sheet flexibility.

Disciplined valuation

The team appraises company reward/risk profiles, investing where this ratio is most favorable and not necessarily where upside is the greatest.

Investment approach

CPA-minded investment strategies help find differentiated sources of alpha.

Accounting expertise and processes guide the team’s decision-making.

The team analyzes companies through a CPA lens to identify meaningful appreciation potential and limited loss of capital in its downside scenarios.

A differentiated approach to security selection can enable long-term capital appreciation.

The team uses a rigorous fundamental approach to identify companies with durable competitive advantages, strong free cash flow, and flexible balance sheets.

Portfolio construction allows security selection to drive compelling returns through a cycle.

Weightings are driven by the best reward/risk opportunities with a culture of risk awareness, reducing downside impacts and minimizing unintended style factor exposures.

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Composite performance

Average annual returns

(as of 3/31/2024)

	1M	3M	YTD	1Y	3Y	5Y	10Y	Inception
Composite (Gross)	5.46	10.17	10.17	27.59	10.67	12.46	10.50	12.22
Composite (Net)	5.41	10.03	10.03	26.91	9.99	11.76	9.80	11.57
Benchmark 1	5.00	8.99	8.99	20.27	8.11	10.32	9.01	10.97
Benchmark 2	3.22	10.56	10.56	29.88	11.49	15.05	12.96	13.68

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	2017	2016	2015	2014
Fund	14.22	-6.10	23.91	2.93	31.08	-4.17	15.47	8.20	-0.38	10.96
Benchmark	11.46	-7.54	25.16	2.80	26.54	-8.27	13.66	17.34	-3.83	13.45
Benchmark	26.29	-18.11	28.71	18.40	31.49	-4.38	21.83	11.96	1.38	13.69

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

The team follows a fundamental approach of identifying companies with competitive advantages, sustainable free cash flow, and flexible balance sheets, helping deliver long-term capital appreciation.

View Team

James Tringas

Co-Head of Special Global Equity

Bryant VanCronkhite