- Portfolio outperformed the MSCI ACWI ex USA Index but lagged the MSCI ACWI ex USA Growth Index
- Companies with higher growth prospects rebounded on expectations of the monetary tightening cycle nearing its end. Technology stocks performed best led by Semis; Real Estate and Energy stocks performed worst
- A new position in Experian was initiated while the position in Adidas was liquidated. Several positions were trimmed on strength, and several positions were added to on weakness
- Portfolio remains well-positioned to deliver attractive, above-average growth in earnings and cash flows over the next three years with greater predictability
The opinions expressed herein reflect the opinions of Sustainable Growth Advisers, LP and are subject to change without notice. Past performance is no guarantee for future results. This information is supplemental and complements a GIPS Report that can be found with composite performance. The securities referenced in the article are not a solicitation or recommendation to buy, sell or hold securities. This commentary is provided only for qualified and sophisticated institutional investors.
Results are presented gross and net of management fees and include the reinvestment of all income. The Net Returns are calculated based upon the highest published fees. The net performance has been reduced by the amount of the highest published fee that may be charged to SGA clients, 0.85%, employing the International Growth equity strategy during the period under consideration. Actual fees charged to clients may vary depending on, among other things, the applicable fees schedule and portfolio size. SGA’s fees are available upon request and also may be found in Part 2A of its Form ADV. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Upon request, free of charge, SGA can provide a list of all portfolio holdings held in SGA’s International portfolio for the past twelve months. Past performance is not indicative of future results. SGA’s earnings growth forecast data is based upon portfolio companies’ Non-GAAP operating earnings.