Skip to Main Navigation Skip to Main Content

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 
Investment Style
International / High Conviction
STYLE
Benchmark
MSCI EAFE
BENCHMARK
Light bulb
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 12/31/2018

 Assets Under Management (AUM)  $147 million
 Morningstar Category  U.S. Fund Foreign Large Blend
 Investment Vehicles  Separate Account
 Mutual Fund

Core Beliefs

  • 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
  • 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

Ready to Continue?

You have clicked a link to access information on a new website, so you will be leaving westernsouthern.com

Because this new site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content. 

Are you ready to move forward?