Non-U.S. Intrinsic Value

Summary

STRATEGY FACTS

As of 12/31/2018 tooltip

When Listed:

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Available Vehicles Separate Account
Investment Universe Non-U.S. Large Cap Value
Benchmark MSCI ACWI ex-U.S Index
Inception Date 01/01/2004
Total Assets $1.27 MM

TARGET

Tracking Error 4% - 8%
Excess Return 2% - 4%

INVESTMENT TEAM

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Portfolio managers are not licensed by the Hong Kong Securities and Futures Commission to perform any regulated function in or from Hong Kong. Furthermore, none of the portfolio managers are located in or operate in or from Hong Kong.

Al Polit, CFA

2 Investment Analysts

2 Client Portfolio Managers

Documents & Resources

 

Non-U.S. Intrinsic Value is a bottom-up, absolute, intrinsic value strategy that adheres to the principle of margin of safety in constructing a benchmark agnostic portfolio of approximately 40 to 60 securities.

  • Markets are ruled more by emotions than company fundamentals in the short-term, and the resulting dislocations can potentially be exploited by removing those market psychological misjudgments and view a security as a small piece of a business that is up for sale with rational, sound judgment.
  • History has shown that security prices approach their true worth, or intrinsic value, over time and long-term substantial gain may be realized in investing in undervalued companies when they are out-of-favor by the markets.
  • Downside protection through a margin of safety approach may be achieved by buying a security at a steep discount to its estimated true worth.

Performance

As of 12/31/2018

  COMPOSITE PERFORMANCE IN USD (%)
  QTR YTD 1 YR 3 YR* 5 YR* 10 YR*
Non-U.S. Intrinsic Value (Gross) -12.47% -14.45% -14.45% 13.20% 3.75% 10.90%
Non-U.S. Intrinsic Value (Net) -12.71% -15.12% -15.12% 12.70% 3.32% 10.33%
Standard Deviation --- --- 12.74% 14.86% 15.35% 18.65%
Sharpe Ratio --- --- -1.28 0.82 0.20 0.57
MSCI AC World Index ex USA - Net Return -11.46% -14.20% -14.20% 4.48% 0.68% 6.57%
Excess Return -1.01% -0.25% -0.25% 8.73% 3.08% 4.33%
Tracking Error --- --- 4.99% 8.03% 7.78% 7.54%
Information Ratio --- --- -0.05 1.09 0.40 0.57

*Annualized

Sources: MSCI Inc., FactSet

Data reflects past performance. Past performance does not guarantee future results. The value of investments may fluctuate. Data assumes reinvestment of dividends and capital gains.

For a presentation that complies with the GIPS® standards, click here .

For purposes of compliance with the Global Investment Performance Standards ("GIPS®"), the Firm is defined as American Century Investment Management, Inc. ("ACIM"). ACIM claims compliance with GIPS®. The Non-U.S. Intrinsic Value Equity composite seeks long‐term capital appreciation by investing in the equity securities of non‐U.S. securities in developed and emerging countries utilizing a fundamental, absolute, and bottom-up approach to investing. Returns are calculated and stated in U.S. dollars and may increase or decrease as a result of currency fluctuation.

 

Source: MSCI. Morgan Stanley Capital International (MSCI) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.