U.S. Focused Growth

Sustainable Growth Advisers, LP (“SGA”) was formed in 2003 and is a registered investment advisor under the Investment Advisers Act of 1940. SGA manages portfolios of publicly traded equity assets according to its “Large Cap Growth Equity” investment approach for pooled funds, institutions, trusts and private accounts.  SGA is an operationally independent investment management firm and an affiliate of Virtus Partners, Inc.  SGA U.S. Focused Composite contains fee-paying highly concentrated, usually no more than 15 security positions, large cap growth equity portfolios under full discretionary management of the firm. For comparison purposes the composite is measured against the S&P 500 and Russell 1000 Growth indices.  The U.S. Dollar is the currency used to express performance.

Source: Bloomberg, FactSet, Baseline, and SGA Estimates and Adjustments based upon a representative portfolio. Earnings Growth data is through 12/31/2021 (last full calendar year of reported EPS data) for SGA’s longest tenured account. SGA EPS Growth data is based upon portfolio companies’ non-GAAP operating earnings. EPS calculations exclude companies with earnings going from (i) positive to negative or (ii) negative to positive, year to year. SGA Enterprise Yield projected. Holdings/weights are subject to change without notice. The information set forth herein should not be considered to be investment advice, a recommendation to purchase or sell a specific security, or as indicative of future performance.

Returns (gross and net of fees through 6/30/2022) are those of the SGA U.S. Focused Composite. Returns reflect the reinvestment of dividends, interest and other earnings. For interest and capital gains, SGA does not withhold taxes, for dividends SGA will withhold taxes as reported by the client’s custodian. 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 U.S. Focused 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. SGA U.S. Focused composite inception is 12/1/2007. Past performance does not guarantee future results.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SGA claims compliance with the Global Investment Performance Standards (GIPS®). Disclosures regarding the composite and a complete list and description of the firm’s composites and/or GIPS Reports are available upon request by contacting SGA at (203) 348-4742. SGA U.S. Focused Growth GIPS Report.

Sustainable Growth Advisers, LP (“SGA”) was formed in 2003 and is a registered investment advisor under the Investment Advisers Act of 1940. SGA manages portfolios of publicly traded equity assets according to its “Large Cap Growth Equity” investment approach for pooled funds, institutions, trusts and private accounts.  SGA is an operationally independent investment management firm and an affiliate of Virtus Partners, Inc.  SGA U.S. Focused Composite contains fee-paying highly concentrated, usually no more than 15 security positions, large cap growth equity portfolios under full discretionary management of the firm. For comparison purposes the composite is measured against the S&P 500 and Russell 1000 Growth indices.  The U.S. Dollar is the currency used to express performance.

Source: Bloomberg, FactSet, Baseline, and SGA Estimates and Adjustments based upon a representative portfolio. Earnings Growth data is through 12/31/2021 (last full calendar year of reported EPS data) for SGA’s longest tenured account. SGA EPS Growth data is based upon portfolio companies’ non-GAAP operating earnings. EPS calculations exclude companies with earnings going from (i) positive to negative or (ii) negative to positive, year to year. SGA Enterprise Yield projected. Holdings/weights are subject to change without notice. The information set forth herein should not be considered to be investment advice, a recommendation to purchase or sell a specific security, or as indicative of future performance.

Returns (gross and net of fees through 6/30/2022) are those of the SGA U.S. Focused Composite. Returns reflect the reinvestment of dividends, interest and other earnings. For interest and capital gains, SGA does not withhold taxes, for dividends SGA will withhold taxes as reported by the client’s custodian. 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 U.S. Focused 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. SGA U.S. Focused composite inception is 12/1/2007. Return volatility data presented is standard deviation comparison since inception of the U.S. Focused composite. Past performance does not guarantee future results.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SGA claims compliance with the Global Investment Performance Standards (GIPS®). Disclosures regarding the composite and a complete list and description of the firm’s composites and/or GIPS Reports are available upon request by contacting SGA at (203) 348-4742. SGA U.S. Focused Growth GIPS Report.

Source: Bloomberg, FactSet, Baseline, and SGA Estimates and Adjustments based upon a representative portfolio. Earnings Growth and Volatility data is through 12/31/2021 (last full calendar year of reported EPS data) for SGA’s longest tenured account. Earnings volatility data presented is standard deviation comparison since inception of the U.S. Focused composite. SGA EPS Growth data is based upon portfolio companies’ non-GAAP operating earnings. EPS calculations exclude companies with earnings going from (i) positive to negative or (ii) negative to positive, year to year. SGA Enterprise Yield projected. Holdings/weights are subject to change without notice and should not be considered to be investment advice, a recommendation to purchase or sell a specific security or as indicative of the performance of SGA’s portfolio. Past performance does not guarantee future results.

Source: Bloomberg, FactSet, Baseline, and SGA Estimates and Adjustments based upon a representative portfolio. Earnings Growth data is through 12/31/2021 (last full calendar year of reported EPS data) for SGA’s longest tenured account. SGA EPS Growth data is based upon portfolio companies’ non-GAAP operating earnings. EPS calculations exclude companies with earnings going from (i) positive to negative or (ii) negative to positive, year to year. SGA Enterprise Yield projected. Holdings/weights are subject to change without notice. The information set forth herein should not be considered to be investment advice, a recommendation to purchase or sell a specific security or as indicative of future performance.

Representative portfolio weights as of 6/30/2022. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities. It should not be assumed that investments in the securities were or will be profitable. A complete list of all securities recommended for the strategy can be obtained free of charge by contacting SGA at (203) 348-4742.

Source: Bloomberg, FactSet, Baseline, and SGA Estimates and Adjustments based upon a representative portfolio. Earnings Growth data is through 12/31/2021 (last full calendar year of reported EPS data) for SGA’s longest tenured account. SGA EPS Growth data is based upon portfolio companies’ non-GAAP operating earnings. EPS calculations exclude companies with earnings going from (i) positive to negative or (ii) negative to positive, year to year. SGA Enterprise Yield projected. Holdings/weights are subject to change without notice. The information set forth herein should not be considered to be investment advice, a recommendation to purchase or sell a specific security or as indicative of the performance of SGA’s portfolio.

Representative portfolio weights as of 6/30/2022. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities. It should not be assumed that investments in the securities were or will be profitable. The list provided may not represent all of the securities recommended for advisory clients. A complete list of all securities recommended for the strategy can be obtained free of charge by contacting SGA at (203) 348-4742.

Data is from 12/1/2007 to 6/30/2022. Source is eVestment. Universe is eVestment US Large Cap Growth Equity. Peer size is 222. Peer universe data and SGA data based on monthly gross returns and do not reflect the deduction of investment advisory fees. SGA’s fees are available upon request and also may be found in Part 2A of its Form ADV. Actual fees charged to clients may vary depending on, among other things, the applicable fees schedule and portfolio size.  It should not be assumed that future results will be reflective of past performance.

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 full disclosure presentation 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 U.S. Focused 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. The largest contributors and detractors are determined using a ranking of the absolute contribution to portfolio return by each security held over the period under consideration. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Upon request, free of charge, SGA can provide a list of all portfolio holdings held in SGA’s U.S. Focused portfolio for the past year. SGA’s earnings growth forecast data is based upon portfolio companies’ non-GAAP operating earnings.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SGA claims compliance with the Global Investment Performance Standards (GIPS®). Disclosures regarding the composite and a complete list and description of the firm’s composites and/or GIPS Reports are available upon request by contacting SGA at (203) 348-4742. SGA U.S. Focused Growth GIPS Report.