Vanward Global Core Select, our global equity strategy, employs a discount to intrinsic value framework with a long-term business ownership approach. We seek to acquire publicly traded equity securities of established, cash-generating, well-managed businesses that are prominent providers of essential products and services at a discount to their intrinsic values*. Estimates of intrinsic value are derived from an analysis of prospective free cash flows and capital returns. We employ a methodical investment selection process centred on business, management, and financial characteristics.
Vanward Global Core Select will typically hold investments in 30 to 40 U.S. and non-U.S. companies with market capitalizations greater than $3 billion; we aim to own at least 40% non-U.S. companies. The target holding period is between three and five years, and investments are typically sold if their price appreciation exceeds our estimates of their intrinsic value.
Investment Criteria
We believe that companies with the following business, management, and financial characteristics are well positioned to create shareholder value regardless of economic and market conditions.
Business Attributes
- Important goods and services
- Loyal clients
- Leadership in a profitable market segment or industry
- Sustainable competitive advantages
Management Attributes
- Strong managers with moral character
- Favourable capital allocations
- Significant stake ownership
Financial Attributes
- Excellent balance sheet and capital flow
- High returns on investment
*Vanward estimate of the present value of the cash that a company can generate and distribute to its shareholders over the remainder of its existence.
-The strategy may take large positions in a limited number of issuers, which increases the potential for greater price volatility.
-Investing internationally is fraught with unique risks, such as currency risk, increased volatility, political risk, and disparities in auditing and other financial standards.
NOT FDIC INSURED NO BANK GUARANTEE MAY DEPRECIATE IN VALUE