Strategy
Investment Approach
- Seeks long-term growth by investing primarily in the common stocks of companies that generate the majority of revenues from the development, advancement, and use of technology.
- Stock selection is driven by rigorous research and analysis of companies, sectors, and industry trends.
- The Strategy invests in the common stocks of technology companies or companies enabled by technology across the entire market capitalization spectrum. We seek companies which can successfully weather economic cycles and deliver sustainable growth through product development and innovation, at a reasonable valuation.
- While our primary emphasis is on a company’s prospects for future growth, valuation is also an important consideration, particularly when valuation reaches extreme levels.
Portfolio Construction
- Typically 30-80 stock portfolio
- Non-U.S. companies typically make up over 20-30% of the portfolio
- Portfolio consists of highest conviction ideas from a global perspective
- Diversification across sectors, countries/currencies, and end markets is a risk management tool
- Bottom-up stock picking is used to capitalize on rapid and extreme changes in technology trends
Past performance is not a reliable indicator of future performance.
Risks
- Country risk (China)
- Issuer concentration risk
- Sector concentration risk
- Small and mid-cap risk
- Stock Connect risk
- Style risk
- Capital risk
- Equity risk
- ESG and Sustainability risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk