Focused Equity


The Focused Equity team believes that paying as little as possible for future value creation for businesses that generate or are capable of generating excess returns on capital and have high barriers to entry will generate competitive investment returns.

Process and Portfolio

The Focused Equity strategy utilizes a four-step process that narrows the potential universe of 4,600 companies to 10-20 new opportunities. The process is centered on linking valuation with competitive business strategy. Valuation is categorized into three layers. Ideal investment candidates have no future value creation implied in the current stock price, earn above their cost of capital and have high barriers to entry. The Focused Equity strategy also utilizes a proprietary ranking system to set position sizes; positions are frequently reviewed.

The portfolio generally has 25-40 securities and maintains a flexible cash policy to remain liquid during times when we believe the market is expensive and investment opportunities are limited. Generally, the Focused Equity strategy holds 10% or less in cash. The top 10 holdings typically represent 35% or more of the portfolio.


The Focused Equity Strategy seeks to outperform the Russell 3000 Index with an all cap concentrated portfolio and rank in the top third of its peer group over a full market cycle. The manager seeks to outperform in broad-based markets that are trending up, flat or sideways, and down markets.

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Strategy Commentary  

Strategy Snapshot

  • All cap 
  • Benchmark: Russell 3000 
  • Deep team with philosophical alignment
  • High Active Share 
  • Seeks opportunities priced below intrinsic value

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