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United States

Our U.S. Equity portfolios aim to deliver long-term returns that exceed their benchmarks through disciplined bottom-up stock selection.

We offer a range of U.S. Equity strategies across the risk/return spectrum and across four distinct investment styles – Growth, Value, Core and Behavioral – designed to meet a broad range of investor needs.

Quarterly U.S. Equity Review

Our approach to Growth

Our Growth approach is based on fundamental, bottom-up stock selection focused on finding companies whose growth rates are underappreciated by the market. Our investment philosophy is based on the premise that the market often underappreciates a growth company's true earnings power. We offer growth strategies across large, mid, small and all-cap ranges.

Our approach to Value

Our Value approach focuses on a bottom-up, fundamentally-driven investment with an aim to buy undervalued cash flow streams. Our investment philosophy is based on the premise that stock selection focused on companies whose cash flow potential is underappreciated by the market can deliver strong returns over time. Value strategies range from benchmark-focused to less-constrained, across mid, large and all-cap.   

Our approach to Core

Our Core investment philosophy is rooted in the belief that a company’s stock price should reflect the present value of its long-term future cash flows. Our approach exploits short-term mis-pricings of securities, by focusing on the “normalized” earnings and long-term growth rate of a company. The Core process has been in place since 1986 and is the foundation of strategies ranging from enhanced index and managed volatility to long-only, 130/30, Market Neutral and REITs.

Our approach to Behavioral Finance

Blending the best of quantitative and qualitative research, our approach to Behavioral Finance utilizes an investment process that seeks to identify and capitalize on market anomalies created by irrational investor behaviour. Our disciplined and dispassionate investment process targets attractive stocks based on Value, Momentum and/or Quality attributes. We build portfolios across all styles – Growth, Value and Core, including Small Cap and 130/30.


Quarterly U.S. Equity Review

Our quarterly letter provides insights into our performance and discusses our market views

1Q19 U.S. Equity Review

April 15, 2019

It was another rollercoaster ride for equity markets but this time ending on a high note, with the S&P 500 Index delivering a thrilling 13.6% return in the first quarter, the best start to a year since 1998. If we average in the 14% decline in Q4 2018, we are just about back to where we were this past September, both in levels and valuation. Growth again resumed the leadership it has held since late 2016. Mid and small outpaced large caps and every industry sector posted positive returns, led by technology and industrials.

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4Q18 U.S. Equity Review

January 22, 2019

From a business standpoint, 2018 was a good year for our team, with solid investment performance and flows which surpassed our expectations. We were especially gratified to see the increasing reception for our newer strategies, Hedged Equity and Opportunistic Equity Long/Short, both of which are designed to give investors a smoother ride in volatile markets.

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3Q18 U.S. Equity Review

October 8, 2018

While the debate rages on as to how close we are to the “end of the cycle”, the acceleration in U.S. earnings growth, expected to grow at over 20% again this quarter, has been the fuel behind this market appreciation. We are entering the final quarter of the year with U.S. markets again setting new highs.

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years with
J.P. Morgan