International ADR

International ADR

  • Overview

    Overview

    Eagle Asset Management's International ADR team employs a consistent and repeatable investment process that capitalizes on their deep knowledge of the markets and long-term investing experience.

    Philosophy

    The manager’s philosophy centers on two core beliefs about investing. First, all things (e.g., companies, industries, sectors and economies) cycle. Second, most people forget or inefficiently react to this first thing. The manager focuses on identifying companies that surprise the market by their participation in an earnings growth cycle. The team seeks to earn excess return as corresponding investor cynicism about this participation declines from elevated levels.

    Initial investments are focused on companies that have recently entered or are extending an earnings cycle. They tend to have an improving foundation of earnings, cash flow, sales, etc., and are typically surrounded by some level of cynicism or investor neglect.

    The selection process is built on the idea that good investing discipline starts with an explicit identification of what one is looking for combined with the willingness and ability to look broadly for it. The manager believes quantitative tools are particularly good at addressing both these requirements. They force the investor to clearly identify the type of investment opportunity he or she seeks while allowing the investor to objectively look across a broad universe for those opportunities.

    Starting the process with quantitative tools provides confidence that opportunities fit within the team’s philosophy but the manager believes that the subjective nature of investing requires the steady hand of an experienced professional. The manager’s long-tenured investment professionals use their judgment and expertise to confirm potential investment ideas uncovered by the process. The final decision is theirs to make.

    Goals

    Take advantage of the breadth provided by quantitative tools and the depth of qualitative analysis to identify both the rewards and the risks associated with potential investments

    Maximize portfolio diversification through explicit early identification of the risks associated with each potential investment idea

    Earn excess return by buying companies that “surprise” the market as they overcome negative or cynical sentiment

    Portfolio Characteristics

    Typical Market Capitalization

    $4 billion or greater

    Benchmark

    MSCI EAFE Index

    Account Minimum

    $100,000

    Typical Turnover

    40%-80%

    Typical Number of Holdings

    60 to 100

  • Investment Team

    International ADR Investment Team

    David Vaughn

    David Vaughn, CFA

    Lead Portfolio Manager

    22 Years Of Industry Experience

    12 Years With ClariVest Asset Management

    Alex Turner

    Alex Turner, CFA

    Portfolio Manager

    13 Years Of Industry Experience

    10 Years With ClariVest Asset Management

    Priyanshu Mutreja

    Priyanshu Mutreja, CFA

    Assistant Portfolio Manager

    9 Years Of Industry Experience

    9 Years With ClariVest Asset Management

    Stacey Nutt

    Stacey Nutt, Ph.D.

    Lead Portfolio Manager

    25 Years Of Industry Experience

    12 Years With ClariVest Asset Management

    Robert Zimmer

    Robert Zimmer, CFA

    Client Portfolio Manager

    22 Years Of Industry Experience

    6 Years With ClariVest Asset Management

  • Performance

    Performance1 as of September 30, 2018

        Current
    Quarter
    Year
    to Date
    One
    Year
    Three
    Year
    Five
    Year
    Since Inception
    (Jan. 1, 2013)

    Eagle International ADR

    Gross

    2.35%

    -1.95%

    1.97%

    7.29%

    5.30%

    6.94%

    Eagle International ADR

    Net

    2.16%

    -2.48%

    1.23%

    5.95%

    3.81%

    5.62%

    MSCI EAFE Index (Net of dividend)

     

    1.36%

    -1.42%

    2.75%

    9.23%

    4.42%

    6.57%


    Compounded, Annualized Rates of Return Net of Fees as of September 30, 2018

    Year Percentage $100,000 Compounded

    1

    1.23%

    $101,234

    3

    5.95%

    $118,936

    5

    3.81%

    $120,563

    Since Inception (Jan. 1, 2013)

    5.62%

    $136,954


    Risk Information
    The risks associated with International investing are based on the expectation of positive price performance due to continued earnings growth or anticipated changes in the market or within the company itself. However, if a company fails to meet that expectation or anticipated changes do not occur, its stock price may decline. Moreover, as with all equity investing, there is the risk that an unexpected change in the market or within the company itself may have an adverse effect on its stock. Investing in growth-oriented stocks involves potentially higher volatility and risk than investing in income-generating stocks. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.

    Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested.

    Disclosures
    (1)The definition of the accounts included in the International ADR Composite is as follows:
    The International ADR Composite includes retail accounts benchmarked to the MSCI EAFE® index that seek capital appreciation primarily from investing in equity issues - such as, but not limited to, American Depository Receipts (ADRs) - trading in the United States that have international exposure.

    Past performance does not guarantee or indicate future results. No inference should be drawn by present or prospective clients that managed accounts will achieve similar performance in the future. Investment in a portfolio, investment manager or security should not be based on past performance alone. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated. Individual portfolio/performance results may vary due to market conditions, trading costs and certain other factors, which may be unique to each account. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Investing in equities may result in a loss of capital. Investing involves risk and you may incur a profit or a loss. Investment returns and principal value will fluctuate so that an investor’s portfolio, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against a loss.

    The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Calculations include reinvestment of all income and gains. Gross performance presented is "pure gross" and is shown before deduction of any fees. Net returns have been reduced by the entire bundled/wrap fee. The bundled/wrap fee will typically include trading, investment management, portfolio monitoring and other administrative fees charged by the sponsor. Eagle's fees are set forth in Eagle's ADV, Part II. Over a period of five years, an advisory fee of 1% could reduce the total value of a client's portfolio by 5% or more.

    Eagle Asset Management, Inc. ("Eagle") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Eagle has been independently verified for the periods from January 1, 1982 to December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The verification and performance examination reports are available upon request.

    Eagle Asset Management, Inc. is an investment adviser registered with the Securities and Exchange Commission and is engaged in providing discretionary management services to client accounts. The benchmark is the MSCI EAFE® Index, which has been derived from published sources and has not been examined by independent accountants. The composite creation date for GIPS purposes was Jan. 1, 2013.

    Currency: all monetary amounts displayed on this website are in U.S. dollars.

    To obtain a compliant presentation and/or the firm's list of composite descriptions, please contact Eagle Asset Management at 1.800.237.3101.

  • Literature

    Documents available for download

     

    You will need Adobe Acrobat Reader Adobe PDF document in order to view the PDF files linked above. If you do not have Acrobat Reader installed on your computer, you may obtain it free of charge at the Adobe Web site. Click here to go to the Adobe Web site (link will open in new window).