Investment Strategies

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.

¹Source: FactSet as of 3/31/2018; International small cap defined as companies with a market cap between $250mn and $2.5bn; international mid cap: between $2.5bn and $5bn; international large cap: greater than $5bn.

²Source: Brandes Investment Partners via Morningstar as of 3/31/2018. <sup>.

3</sup>Sources: Worldscope via FactSet, The Brandes Institute, as of 6/30/2016. Using data from 1980 to 2016, the study showed that over the long term, a value premium was evident across regions. The non-U.S. sample consisted of publicly traded companies domiciled in 22 developed markets outside the United States (excluding the smallest 50% of companies). We grouped the largest 30% of the companies in our sample in a large-cap segment and assigned the remaining 70% to a small-cap segment. Stocks were first divided into 10 deciles based on price-to-book. Aggregate performance of each decile was tracked over the next five years. This process was then repeated each year. Within the non-U.S. small-cap segment, decile 10 value stocks outperformed decile 1 glamour stocks by an average annualized rolling five-year return of 7.85%. Past performance is not a guarantee of future results.

The MSCI EAFE Index with net dividends captures large and mid cap representation of developed market countries excluding the U.S. and Canada. 

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.  

The S&P Developed Ex U.S. SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States. Data prior to 2001 is gross dividend and linked to the net dividend returns.

The S&P 500 Index with gross dividends measures equity performance of 500 of the top companies in leading industries of the U.S. economy.

International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility.

Stocks of small companies usually experience more volatility than mid and large sized companies.

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.