Investment Philosophy
JCM3 International Core Equity, ICE
Investment Philosophy - Relative Value
- Create a portfolio of about 60 international stocks from an initial opportunity set of 1000+.
- Top Down - Identify dislocations and relative valuation opportunities of market segments (countries or industries) or factors (such as value vs growth or large cap vs small cap). Make a fundamental determination as to whether the discrepancy is an investment opportunity.
- Bottom Up – identify individual stocks that are expected to exploit the macro-opportunity through valuation and fundamental analysis. Selected stocks may be independent of some over arching macro theme.
- Controlling risk primarily through constraints on aggregate cyclical and stable sector weightings as well as avoiding the riskiest stocks (highly levered cyclicals and speculative growth) in the market.
- We strive to outperform in both up and down markets.