Investment Strategies

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.

¹Source: IMF Data Mapper “World Economic Outlook” April 2015. There is no assurance that a forecast will be accurate. Because of the many variables involved, an investor should not rely on forecasts without realizing their limitations.

²Sources: Worldscope via FactSet, The Brandes Institute, as of 6/30/2014 “Value vs. Glamour: A Long-Term Worldwide Perspective,”

Using data from 1980 to 2014, the study showed that over the long term, a value premium was evident across regions. The emerging markets sample consisted of publicly traded companies domiciled in countries not categorized as developed countries (excluding the smallest 50% of companies). Stocks were first divided into 10 deciles based on price-to-book.  Aggregate performance of each decile was tracked over the next five years. This process was then repeated each year. For emerging markets stocks decile 10 value stocks outperformed decile 1 glamour stocks by an average annualized rolling five-year return of 15.13% as measured by their price-to-book ratios. Past performance is not a guarantee of future results.

The MSCI Emerging Markets Index with net dividends captures large and mid cap representation of emerging market countries. Data prior to 2001 is gross dividend and linked to the net dividend returns.  

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility; such risks are increased when investing in emerging markets. Additional risks associated with emerging markets investing include smaller-sized markets, liquidity risks, and less established legal, political, social, and business systems to support securities markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar.

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.