Our traditional strategies turn over more slowly than those of most other active managers. We tend to keep individual holdings for five years or longer… We believe our longer holding periods are due to our investment process, which leads us to companies that possess superior growth and profitability that is sustainable over long periods.
We are patient investors and aim not to be influenced by short-term market fluctuations. This patience is reflected in the low turnover of the portfolio; the average holding period for a company is approximately five years.
It is our tendency to move in incremental steps in managing portfolios, something that our low turnover speaks of, so our changes were not wholesale allocation shifts, but more of a whittling away of highly priced stocks and reinvestment into the cheaper companies in our qualified pool of candidates.
PM Discussion: Emerging and Frontier Emerging Markets (2014)
PM Discussion: Risk and Return in Global Equity Markets (2014)
An Analyst's Perspective: Fragrances & Flavors Case Study (2014)
Risk, Return, and the Overthrow of the Capital Asset Pricing Model (2014)
Frontier Emerging Markets (2014)
The Global Auto Industry: What's Driving Growth? (2012)
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