Non-U.S. Intrinsic Value



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


Al Polit, CFA

Jonathan Veiga, 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.


Investment capabilities are available to institutional clients through separate accounts, sub-advised portfolios and commingled vehicles. Please contact us for availability in your region.



Sources: MSCI Inc., FactSet

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.

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.

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.