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International Equity Strategy

The strategy seeks to outperform the MSCI EAFE Index over a full market cycle with an emphasis on higher returns on capital, growing revenues, low debt, and attractive valuations. 

  • Emphasis on high-quality businesses with growing revenue, low debt, and attractive valuation
  • Bottom-up security selection with a long-term investment horizon
  • Team averages 25 years of experience
  • All cap and concentrated with a long-term investment horizon
  • Analytical framework based on sources of stock returns with an emphasis on high quality 
International / High Conviction
STYLE
MSCI EAFE
BENCHMARK
Jan. 1, 2018
INCEPTION

Philosophy

The International Equity team believes short-term focus by the market creates opportunities to outperform by investing in businesses that can consistently grow their cash flows. The strategy seeks to manage risk through country and sector diversification while maintaining a high conviction portfolio by limiting the number of holdings.

Strategy Facts

As of 9/30/2019
Assets Under Management
$140 million
Morningstar Category U.S. Fund Foreign Large Blend
Investment Vehicles Separate Account
Mutual Fund

Core Beliefs

Belief Result
Investing
Share prices follow earnings power

Own high quality businesses that will grow earnings per share with reasonable risk
The market is focused on the short term, allowing patient investors to benefit from time horizon arbitrage
Own businesses for the longer term 
Investors are overly quantitative and precise in predicting the future
Focus research on mostly qualitative criteria that tie directly to sources of returns
Risk Management
Stock price volatility mainly reflects uncertainty about future intrinsic value

Manage risk by identifying the underlying drivers of uncertainty
Country and sector diversification are important for managing risk 
Maintain consistent exposure to >10 countries and <35% in any one country or sector
Beyond a few dozen securities, the benefits of further diversification rapidly approach zero
Own 30 – 50 stocks

Management

Andrew Boczek

Andrew A. Boczek

Vice President, Senior Portfolio Manager

Career Summary
Sentinel Group Funds
Legend Capital Management, LLC
Seacliff Capital, LLC
Artisan Partners LP

Education 
BA - Cornell University
MBA - University of Chicago

Meet Andrew Boczek