Non-U.S. Intrinsic Value
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- Collin Simon
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1 Non-U.S. Intrinsic Value At A Glance Inception: January 2004 Benchmark: MSCI ACWI ex-u.s. Philosophy: The Non-U.S. Intrinsic Value strategy is built upon the belief that the markets are inefficient as evidenced by wild swings in market prices motivated by emotion rather than by the fundamentals. The team believes the way to beat market averages over the long term is to remove these psychological misjudgments and view a publicly traded company the way a rational private investor would in valuing his own enterprise. By conservatively valuing businesses in such a manner, then incorporating a margin of safety approach, the team seeks to provide more participation in rising markets and less participation in declining markets. The team utilizes a fundamental, bottom-up, absolute approach to identify the most compelling opportunities amongst out-of-favor, unfollowed and misunderstood businesses outside of the United States. The Non-U.S. Intrinsic Value team members view themselves as business evaluators, spending a significant amount of time focusing on industry-level economics. They believe industry economics drive a large part of long-term fundamentals and thus are the most critical components of any business appraisal. Additionally, while most managers focus on near-term company results and tend to extrapolate temporary events too far into the future, the team focuses on long-run, or through-the-cycle, results when valuing businesses. INVESTMENT PROCESS Step 1 Idea Generation -U.S. incorporated companies with a market capitalization of at least $1 billion. Most investment candidates are identified through screens specifically focused on low price-to-value characteristics. While the investable universe includes over 5,000 companies, the actual number of companies investment criteria and focus on value. The strategy screens on select price-to-value metrics such as price-to-earnings, priceto-book, price-to-free cash flow, and enterprise-to-revenues ratios as well as on margin and return characteristics to identify names worthy of further consideration. The team also has a bias for companies with conservative capital structures. Appropriate metrics depend on the industry/operating model. In identifying investment candidates, we exclude names that are (1) rich in valuation, (2) have excessive debt and other obligations (due to our emphasis on minimizing permanent wealth erosion given aggressive capital structures), and (3) do not have determinable value and/or may be speculative in nature (e.g., companies subject to technology/obsolescence risk with a highly concentrated product offering and short product lifecycles thus making a value assessment challenging).
2 Step 2 Fundamental Research The primary driver of alpha in the portfolio is security selection. The team members, including the portfolio manager, act as generalists in conducting fundamental research. This generalist approach enables the team to allocate and redeploy resources where they are needed and facilitates the ability of team members to challenge each other in team vetting sessions. The portfolio manager assigns all research projects to the analysts, including himself. When evaluating investment prospects, each analyst is responsible for assessing the fundamental characteristics of a given business and its industry, estimating the value of the underlying security, preparing a detailed research report, and supporting his analysis in team vetting sessions. We believe this process encourages individual and team accountability. extensively on publicly available sources including company filings, industry publications, academic literature, and government data. No sell research is used. The majority of an company as it drives long-term fundamentals and thus is critical to assessing intrinsic worth. Areas of focus include such items as key drivers to profitability, fixed and working capital-intensity, volatility of cash flows, competitive dynamics, and potential pitfalls such as evolving regulations and long-term structural shifts. To further understand industry economics, the analyst closely studies the competitors, and other significant entities involved. analyst spends considerable time understanding a corporate structure (e.g., counter-parties/sources of credit, covenants, instances of non-traditional accounting convention, disparities between accounting and cash earnings, shareholder rights and board structure). The team stress tests portfolio candidates to determine if they have the balance sheet to withstand adverse events; this is especially necessary when valuing emerging market companies that may be reliant on local denominated revenue yet have nonlocal denominated debt. The team also reviews upcoming available for use or is a part of required working capital, and the sustainability of a low cost of debt. Research may uncover hidden assets (e.g., real estate, unconsolidated subsidiaries worth far more than carrying value) or hidden obligations (e.g., joint venture liabilities with recourse to the parent or underfunded pension plans). While the analyst is going through the report process, he is in constant contact with the portfolio manager updating him on any significant discoveries that may cause a reassessment. After a research report is written and circulated, the name is thoroughly vetted among all team members. At this stage, assumptions are challenged and points of clarification are raised. Of note is that the analyst is encouraged to value the company using multiple valuation methods in order to gain comfort with the recommended intrinsic value. These methods may include: Normalized earnings/price-to-earnings Book value/roe Sum of parts Replacement value Discounted cash flow In analyzing the companies and industries, focal points include but are not limited to: key economic profit drivers and an assessment of the long-run profitability of the company, sustainability of the business model, cyclicality of the business, cash flow analysis, capital intensity, industry dynamics, economic moats, etc. Step 3 Intrinsic Value Determination When team vetting is complete, the portfolio manager assigns a final intrinsic value to the security (which may differ from that recommended by the analyst). The security may then be purchased or placed on the team inventory list. Step 4 Portfolio Construction The portfolio generally consists of 40 to 60 securities. Portfolio allocations are determined on a bottom-up approach based on where the investment team has identified value. The portfolio is constructed without regard to benchmark weights; however, there are diversification constraints by sector and country for risk control purposes. In considering whether to initiate a security and at what size, margin of safety (discount from intrinsic value) against capital strength, country of domicile, level of financial disclosure, ownership structure, revenue sources, product depth, access to capital markets, operating model, and inherent operating risks (e.g., short product lifecycles, ongoing structural shifts, regulatory concerns). As an example, despite having a high margin of safety (large discount from intrinsic value), an emerging market company with predominantly local currency-denominated sales subject to regulatory oversight may warrant a low allocation to control for potential adverse outcomes. The sizing of a overall exposure to similar companies. The minimum margin of safety required to initiate a position in the strategy is typically 30%. The portfolio manager makes the ultimate purchase decision. He determines the range of position sizes for all portfolio holdings and carefully considers each candidate within the Non-U.S. Intrinsic Value > 2
3 context of the entire portfolio. Securities are continuously monitored by the team once they have been added to the portfolio. SELL DISCIPLINE When a position is eliminated, it is usually because the security has reached the estimate of intrinsic value. All else being equal, the appreciation of an investment results in a lower margin of safety, which the team characterizes as increased downside risk, and this may necessitate trimming the position. Other reasons for closing or reducing positions include the availability of better investment alternatives, a change in long-term fundamentals that requires review and adjustment of valuation, and the realization that initial assumptions were too aggressive. Generally speaking, rebalancing enhances the margin of safety of the portfolio as the team reallocates proceeds to more attractive investment opportunities. The team adheres to a strict portfolio discipline and will not own a security if it trades at or above intrinsic worth. RISK MANAGEMENT Our portfolio allocations are based on where we have identified value on a bottom-up basis, subject to portfolio diversification constraints to control risk: Security allocation: maximum of 6% Sector allocation: maximum of 30% Country allocation: maximum of 30% Emerging markets exposure: maximum of 30% Number of holdings: 40 to 60 securities CIO regularly monitor the characteristics and performance of each portfolio compared to external and internal benchmarks. This compliance system is integrated with our portfolio management tools, with portfolio metrics available in real time to the portfolio team. PERFORMANCE PATTERNS The strategy aims to outperform in down markets, specifically sustained down markets. In up markets, depending on how severe the dislocations are, the upside can vary. Severe market dislocations, or low correlations amongst non-u.s. markets and/or sectors, may present the manager with greater value opportunities, and combined with its benchmark-agnostic approach, may position the strategy for upside potential. Historically, the strategy has experienced outperformance in some up and down markets. COMPETITIVE ADVANTAGES The key factors that differentiate the Non-U.S. Intrinsic Value strategy are its emphasis on absolute value, its benchmarkagnostic approach to portfolio construction, patience and independence of thought, focus on industry-level economics, and generalist team structure. Absolute-Value Focused Institutional pressures often dissuade managers from absolute-value investing as it typically means purchasing names that may experience headline risks something many managers avoid. Being a business-minded strategy, this approach typically results in buying companies with conservative capital structures, which aids in capital preservation. Benchmark-Agnostic Approach to Portfolio Construction Except for strict guidelines to control risk in the portfolio, the strategy is benchmark-agnostic and allocations in certain countries, sectors, and regions are formed solely as a result -up process identifies value. This is likely to result in high tracking error and high active share another differentiator. Emphasis on Patience and Independence of Thought The Non-U.S. Intrinsic Value strategy is managed in a manner that emphasizes patience and independence of thought with the most compelling opportunities found amongst the out-of-favor, unfollowed, and misunderstood companies. A key strength of the strategy is that it uses time to its advantage by removing short-term human psychological misjudgments and focuses instead on the fundamentals. The strategy's philosophy stresses the important difference between a great company (for which investors often overpay) and a compelling investment (valued and made from the standpoint of a rational buyer valuing an enterprise). The team believes the strategy lacks true peers because most compelling opportunities are found amongst the companies other managers do not follow, favor, or understand. Focus on Industry-Level Economics focus on industry-level economics. While most managers focus on near-term performance and extrapolate temporary events too far into the future, the team believes industry economics drive long-term fundamentals and thus are the most critical components of any business appraisal. Team Structure -term success because team members can opportunistically take advantage of market dislocations as they arise. The team's generalist approach enables the strategy to allocate resources where they are needed and facilitates the ability of team members to challenge each other in order to mitigate personal biases. Larger teams often take a specialist approach which may compromise the independent vetting of a name and thus Non-U.S. Intrinsic Value > 3
4 MANAGEMENT TEAM Alvin Polit, CFA Senior Portfolio Manager Al is a member of the team of investment professionals managing the Non-U.S. Intrinsic Value strategy. He joined in Previously, he was a partner and senior portfolio manager at Lombardia Capital Partners. Prior to that, Al was the CEO, CIO and portfolio manager at Dean Chase Global Value LLC. Other positions he has held include a portfolio manager and analyst at Brandes Investment Partners LP and an adviser at Dean Witter Reynolds Inc. He has worked in the investment industry since Al earned a bachelor's degree in finance and international business from New York University and is a CFA charterholder and member of the CFA Institute. Bert Whitson, CFA Senior Investment Analyst Bert is a member of the team of investment professionals managing the Non-U.S. Intrinsic Value strategy. He joined in 2017 from Lombardia Capital Partners, where he was a senior research analyst. Previously, he held positions as a research analyst at Kiitos Capital Management and Riley Investment Management. He has worked in the investment industry since Bert California State University, Long Beach, and an MBA from Columbia Business School. He is a CFA charterholder and member of the CFA Institute and the CFA Society of Los Angeles. Jonathan Veiga, CFA Senior Investment Analyst Jonathan is a member of the team of investment professionals managing the Non-U.S. Intrinsic Value strategy. He joined in Previously, he was a research analyst at Lombardia Capital Partners. He has worked in the investment industry since Matthew Oldroyd, CFA, CAIA Client Portfolio Management Matt is a member of the Global Value Equity group and is responsible for communicating investment strategies and results to clients. Prior to his current role, he was responsible for developing client relationships in the central United States, focusing on public and corporate pension plans, endowments and foundations and multi-employer relationships. Matt also was responsible for relationship clients. Before joining in 2000, he was a client advisor at J.P. Morgan Investment Management. Matt has worked in the investment industry studies and German from American University in Washington, D.C. Matt spent a year on a post-graduate scholarship at the University of Cologne in Germany. He is a CFA charterholder, a CAIA charterholder and a member of the CFA Institute and the Chartered Alternative Investment Analyst Association. Peter Hardy, CFA Client Portfolio Manager Peter is a member of the Global Value Equity group and is responsible for communicating investment strategies and results to clients. Prior to joining American Century Investments in 2008, he was director of institutional client service and consultant relations at Morgan Asset Management, the investment management subsidiary of Regions Financial. Peter also was chief investment officer for Regions Financial Benefit Plans. Previously, he was vice president and equity portfolio manager at Trusco Capital Management and portfolio manager at STI Capital Management. Peter earned a bachelor's degree in business administration from Furman University. He is a CFA charterholder and a member of the CFA Institute. administration from the University of Southern California. He is a CFA charterholder and member of the CFA Institute and the CFA Society of Los Angeles. Separate Account Subadvisory Account Commingled LLC Available Vehicles Available in U.S. and certain non-u.s. countries Available in U.S. and certain non-u.s. countries Available in U.S. Non-U.S. Intrinsic Value > 4
5 No offer of any security is made hereby. This material is provided for informational purposes only and does not constitute a recommendation of any investment strategy or product described herein. This material is directed to professional/institutional clients only and should not be relied upon by retail investors or the public. The content of this document has not been reviewed by any regulatory authority. The information contained herein must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part, without the prior written consent of American Century. Disclosure to any persons other than the recipient and its representatives is prohibited. More information is available upon request. This document does not constitute an offer or solicitation to invest. American Century Investment Management (UK) Limited may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the investment referenced herein. This document is provided on a privileged and confidential basis and, where required by local law, at the request of the recipient. This document (and the information contained herein) is for informational purposes only and is not to be reproduced, distributed or transmitted without the written consent of American Century Investment Management (UK) Limited. If you receive a copy of this document, you may not treat this as constituting a public offering and you should note that there may be restrictions or limitations to whom these materials may be made available. You should conduct appropriate checks to ensure that these materials are made available only to eligible recipients, pursuant to private placement exemptions, or are otherwise used in accordance with applicable law. If you wish to invest, it is your duty to inform yourself of, and to observe, all applicable laws and regulations of any relevant jurisdiction. In particular, you should inform yourself as to the legal requirements of so applying, and any applicable exchange control regulations and taxes in the countries of your respective citizenship, residence or domicile as well as any other requisite governmental or other consents or formalities which you might encounter which might be relevant to your purchase, holding or disposal of the investment. Past performance is no indication as to future performance own risk. This promotion has been approved with limitations, in accordance with Section 21 of the Financial Services and Markets Act, by American Century Investment Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. This promotion is directed at persons having professional experience of participating in unregulated schemes and units to which the communication relates are available only to such persons. Persons who do not have professional experience in participation in unregulated schemes should not rely on it. American Century Investment Management (UK) Limited is registered in England and Wales. Registered number: Registered office: 12 Henrietta St, 4th Floor, London WC2E 8LH. American Century Investment Management (Asia Pacific), Limited currently holds Type 1 and Type 4 registrations from the Securiti registered with the SFC. For investors in Austria: This document is marketing material produced by (UK) Limited and is intended for informational purposes only. This document does not constitute an offer or an invitation to purchase or sell any securities and does not constitute any kind of investment recommendation. Your investment objectives, financial situation and needs are not considered here and you should seek professional advice before making any investment decision. American Century Investment Management (UK) Limited is not subject to the supervision by the FMA or any other Austrian authority. For purposes of compliance with the Global Investment Performance Standards (GIPS Performance Standards (GIPS ). Portfolio construction guidelines document operational policies and not necessarily investment restrictions imposed on management of the strategy. To receive a complete list of composites and/or a GIPS compliant presentation, contact: tment 4500 Main Street Kansas City, MO Fax: Henrietta Street, 4th Floor London, WC2E 8LH United Kingdom Fax: Madison Avenue, 9th Floor New York, NY Fax: Suite 3201 Champion Tower 3 Garden Road, Central Hong Kong Fax: Charleston Road Mountain View, CA Fax: Rosecrans Avenue Suite 4345 El Segundo, CA Fax: American Century Proprietary Holdings, Inc. All rights reserved. Non-U.S. Intrinsic Value > 5
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