Fundamental Growth Equity Team

Research designed to surround the company
The Fundamental Growth Equity team believes that equity markets are inefficient and that bottom-up stock selection supported by intensive surround-the-company research leads to excess returns.

All-cap research with a focus on edge
The team's approach to research is all-cap in nature and seeks to achieve bottom-up research edge. The team defines edge as the ability to systematically model future earnings growth rates that are superior to expectations.

Disciplined management of valuation targets
The team establishes near-term and long-term price targets for each holding in the portfolio. The team seeks an entry point for stocks with a strong asymmetric valuation profile where the upside potential is significantly greater than the downside risk.

Decision-making driven by conviction rank
Position sizes are dictated by a 1–4 conviction ranking approach. The scale is designed to weight stocks based on bottom-up research and to drive high active share.

Portfolios constructed to balance risk and return
As a risk management tool, the investment process strictly adheres to a proprietary portfolio construction process that balances core growth, developing situations, and valuation opportunities.

Portfolio management team

Michael Smith, CFAMichael Smith, CFA
Managing Director and Senior Portfolio Manager
21 years industry experience
Chris Warner, CFAChris Warner, CFA
Portfolio Manager
16 years investment experience

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