SGA builds high-conviction portfolios of sustainable growth companies from the bottom up without regard for benchmark composition. Each portfolio invests selectively in fundamentally strong businesses with steady long-term earnings prospects and attractive valuations. Portfolios typically differ materially from stock market indices in their composition, a hallmark of our management style.
Portfolios
| Portfolio | Holdings | Positions | Domiciled Companies |
|---|---|---|---|
| U.S. Large Cap Growth | 25-30 | 2-6% | 80-100% U.S. Domiciled Companies |
| Global Growth | 25-35 | 2-6% | 35-65% Non-U.S. Domiciled Companies |
| International Growth | 25-35 | 2-6% | 90-100% Non-U.S. Domiciled Companies |
| Emerging Markets Growth | 25-35 | 2-6% | Over 50% Emerging Domiciled Companies |
| Global Mid Cap Growth | 25-35 | 2-6% | 35-65% Non-U.S. Domiciled Companies |
| Portfolio | Holdings | Positions |
|---|---|---|
| U.S. Focused Growth | 10-15 | 6-10% |
| Global Focused Growth | 10-20 | 5-10% |
Portfolio Commentaries
The U.S. Large Cap Growth portfolio returned 9.9% (gross) and 9.7% (net) in Q1 versus 14.4% for the Russell 1000 Growth Index and 7.5% for the S&P 500 Index.
US Large Cap Growth annualized returns: 1 Year -11.6% (gross), -12.2% (net); 5 Year 12.4% (gross), 11.5% (net); 10 Year 12.8% (gross), 11.9% (net); Since Inception: 10.1% (gross), 9.3% (net).
Russell 1000 Growth annualized returns: 1 Year -10.9%; 5 Year 13.7%; 10 Year 14.6%; Since Inception: 11.0%.
The U.S. Focused portfolio returned 13.1% (gross) and 12.8% (net) in Q1 versus 14.4% for the Russell 1000 Growth Index.
U.S. Focused Growth annualized returns: 1 Year -12.4% (gross), -13.1% (net); 5 Year 11.4% (gross), 10.4% (net); 10 Year 13.7% (gross), 12.8% (net), Since Inception: 11.2% (gross), 10.3% (net).
Russell 1000 Growth annualized returns: 1 Year -10.9%; 5 Year 13.7%; 10 Year 14.6%; Since Inception: 11.0%.
The Global Growth portfolio returned 9.3% (gross) and 9.0% (net) in Q1 versus 7.3% for the MSCI ACWI and 13.8% for the MSCI ACWI Growth Index.
Global Growth annualized returns: 1 Year -10.1% (gross), -10.9% (net); 5 Year 8.6% (gross), 7.7% (net); 10 Year 10.8% (gross), 9.8% (net); Since Inception: 11.4% (gross), 10.4% (net).
MSCI ACWI (Net TR) annualized returns: 1 Year -7.4%; 5 Year 6.9%; 10 Year 8.1%; Since Inception: 7.6%.
SGA’s Emerging Markets Growth portfolio returned 5.0% (gross) and 4.7% (net) in Q1, compared to 4.0% and 4.0% for the MSCI EM and EM Growth Indices, respectively. Year-to-date the SGA Emerging Markets portfolio has returned 5.0% (gross) and 4.7% (net) compared to 4.0% and 4.0% for the MSCI EM and EM Growth Indices, respectively.
Emerging Markets Growth annualized returns: 1 Year -4.5% (gross), -5.3% (net); 5 Year 3.2% (gross), 2.3% (net); Since Inception: 5.6% (gross), 4.7% (net).
MSCI EM (Net TR) annualized returns: 1 Year -10.7%; 5 Year -0.9%; Since Inception: 1.5%.
SGA’s International Growth portfolio returned 8.1% (gross) and 7.9% (net) in Q1 versus 6.9% for the MSCI ACWI ex USA Index and 8.6% for the MSCI ACWI ex USA Growth Index.
International Growth annualized returns: 1 Year -2.0% (gross), -2.8% (net); 5 Year 6.9% (gross), 6.0% (net); Since Inception: 7.9% (gross), 7.0% (net).
MSCI ACWI ex USA (Net TR) annualized returns: 1 Year -5.1%; 5 Year 2.5%; Since Inception: 3.6%.
SGA’s Emerging Markets Growth portfolio returned 11.2% (gross) and 11.0% (net) in Q4, compared to 9.7% and 9.6% for the MSCI EM and EM Growth Indices, respectively. Year-to-date the SGA Emerging Markets portfolio has returned -12.4% (gross) and -13.1% (net) compared to -20.1% and -24.0% for the MSCI EM and EM Growth Indices, respectively.
Emerging Markets Growth annualized returns: 1 Year -12.4% (gross), -13.1% (net); 5 Year 2.8% (gross), 1.9% (net); Since Inception: 5.2% (gross), 4.3% (net).
MSCI EM (Net TR) annualized returns: 1 Year -20.1%; 5 Year -1.4%; Since Inception: 1.1%.
Investment Vehicles
Mutual Funds
WRAP Managed Accounts
Variable Insurance Trust Funds
Collective Investment Trusts (CITs)
Pooled Vehicles