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 Equity Commentary (PDF)

International / High Conviction
STYLE

MSCI EAFE
BENCHMARK

July 1, 2014
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 12/31/2023
Assets Under Management	$147 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

Meet the Team

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

Jamie Chui, CFA

Assistant Vice President, Senior Equity Research Analyst

Career Summary
Sentinel Asset Management, Inc.
Newport Asia LLC
Newport Pacific Management
Columbia Management
Jackson Square Partners
Putnam Investments
Loomis, Sayles & Company

Education
BA - Smith College

Meet Jamie Chui

Lawrence Lee, CFA, CMT, CAIA

Assistant Vice President, Senior Equity Research Analyst

Career Summary
Sentinel Group
SinoPac Securities
Wells Capital Management
Union Bank of California

Education
BA - Syracuse University

Meet Lawrence Lee

Meet Public Equity Team

Resources

International Equity Commentary (PDF)