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US Large Cap Growth Equity
“Shoot-the-lights-out” stocks with explosive earnings growth rates may capture the markets’ attention, but they are rarely long term winners. Identifying companies that have the potential for durable high growth demands research that goes beyond the day-to-day headlines.
Three reasons to consider this strategy
Durable growth:
We focus our research on finding companies that we believe can generate real and sustainable double-digit earnings growth.
Right side of change:
We favour competitively advantaged businesses harnessing innovation and change to drive rapid growth in earnings and cash flow.
Diversified growth:
A portfolio of both secular and cyclical growth opportunities, that we believe can deliver strong returns in a variety of market environments.
US Large Cap Growth Equity
An actively managed portfolio of 60-75 US large cap stocks seeking to invest in competitively-advantaged businesses, leveraging innovation and change to drive rapid growth in earnings and cash flow.
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General Portfolio Risks. Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different. Equity risk – in general, equities involve higher risks than bonds or money market instruments. Geographic concentration risk – to the extent that a portfolio invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area. Hedging risk – a portfolio's attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment portfolio risk – investing in portfolios involves certain risks an investor would not face if investing in markets directly. Management risk – the investment manager or its designees may at times find their obligations to a portfolio to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably). Operational risk – operational failures could lead to disruptions of portfolio operations or financial losses.
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- What investors can learn from past election cycles
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- Could 2024 prove to be a turning point for US small caps?
Concentration and dispersion in the market is actually, you know, pretty intense.0:17
You look at the performance in the first quarter: About 70% of the performance of the growth benchmark was down to four stocks. In terms of dispersion, within the Mag 7, there's some really high-flyers: the top performer, NVIDIA, up over 80%; Tesla down over 30 So, seeing that differentiation come through in Mag 7 is also very healthy. I think that, coupled with earnings expectations in the S&P broadening out to other areas of the market, gives us a fair chance that we should see some broadening out as you look forward from here. To put it into perspective, 2023 was a huge year in U.S. growth, and it's getting more difficult to find idiosyncratic ideas that you can really have conviction in. Having said that, we're finding really interesting ideas in fintech, particularly those payment companies where you see this move from cash into online. In health care, we really like orthopaedics, robotic surgery, your GLP-1s. So, we find that area very interesting. And then finally, even in energy, we're finding an increased investment in offshore drilling, which we think will bode really, really well for those companies that service that industry.
Two questions on US equities with…Julian Cook
Portfolio Specialist Julian Cook discusses his outlook and expectations for US growth companies
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