Focused Global Value

Long Term Composite Performance (%) Average Annual Total Returns for periods greater than one year

As of 12/31/2023
Gross of Fees13.2129.0029.0014.31  26.17
Net of Fees13.2028.5028.5013.60  25.38
MSCI World Index11.4223.7923.797.27  17.16
MSCI World Value Index9.3011.5111.518.33  15.55

Net of fee performance in the “Long Term Composite Performance” chart is preliminary through the latest time period.  Past performance is not a reliable indicator or a guarantee of future results.

Calendar year performance for the Focused Global Value strategy, including index performance, and other important disclosures are included in the strategy’s GIPS Report. The value disciplines used in managing the accounts in the Composite may prevent or limit investment in major stocks in the indexes and returns may not be correlated to the indexes. It is not possible to invest directly in an index.

Valuations and returns are stated in U.S. dollars. Investment returns include reinvestment of dividends, interest, capital gains, and are net of withholding taxes. Gross performance results are presented before management and custodial fees but after all trading expenses. Net performance results are presented after actual management fees and all trading expenses but before custodial fees. An account’s size, timing of transactions, and market conditions at the time of investment may lead to different performance results among accounts.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. See Index definitions for full disclaimer.

All investments contain risk and may lose value. The strategy may be viewed as a non-diversified strategy, which may concentrate its assets in fewer individual holdings. The strategy may be exposed to more individual stock volatility than a more diversified strategy and may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Index definitions