Latest Interview Based Profiles (966)

HSBC Opportunity Fund

While stock prices ultimately follow earnings patterns, that does not necessarily happen in a straightforward way. Rayman Bovell and John Montgomery explain how the HSBC Opportunity Fund invests in companies with underappreciated earnings growth and reasonable valuations. A key differentiator of the fund is its Investment Committee structure, which supports the decision-making process with the help of a fundamental research approach. 

$166 million

Cohen & Steers MLP & Energy Opportunity Fund

Midstream companies, with their high barriers to entry and inflation-linked fees, can be described as the toll roads of the energy infrastructure. Energy is a global commodity and North America is a key part of the global value chain, making midstream a viable way to participate in trends around the globe. Tyler Rosenlicht, portfolio manager of the Cohen & Steers MLP & Energy Opportunity Fund, and his team distill the midstream space to build a conviction-based portfolio. 

$175 million

Delaware International Small Cap Fund

Stock markets tend to underestimate the duration of a positive fundamental change and the sustainability of earnings growth. Focusing on this inefficiency, the Delaware International Small Cap Fund team analyzes the factors that drive earnings growth and its duration in areas neglected by the market. Portfolio manager Gabriel Wallach and his team have long-term experience in identifying above-average growth in small caps and international markets.

$100 million

JAG Large Cap Growth Fund

Not all growth investors share the same view when it comes to the sustainability of the growth phase and its trajectory. Norman Conley, portfolio manager of JAG Large Cap Growth Fund, maintains a long-term and patient outlook as he looks for companies that generate attractive financial metrics and also find acceptance among investors. 

$62 million

Polen Growth Fund

Although the market can sometimes be out of sync with fundamentals, it is the underlying earnings growth that drives performance in the long run. Based on this philosophy, Polen Growth Fund invests in its best growth and quality ideas with an investment horizon of at least five years.

$2.2 billion

Grandeur Peak International Stalwarts Fund

While smaller companies are generally underfollowed domestically, that is even more so when it comes to investing in emerging markets. Randy Pearce, CIO of Grandeur Peak Global Advisors, and Brad Barth, portfolio manager and senior research analyst, explain how the International Stalwarts Fund benefits from the firm’s global reach and extensive research process in search of high quality companies that are still in the early stage of growth. 

$598 million

Principal International Small Company Fund

Principal International Small Company Fund avoids excessive style biases by following a process that identifies companies that are not well understood by the market. Recognizing the distinction between a good company and a good investment, portfolio manager Tiffany Lavastida explains how the management team seeks to capitalize on market inefficiencies. 

$1.02 billion

PNC International Equity Fund

PNC International Equity Fund comprises both growth and value components to gain exposure to a broad swathe of complementary investment opportunities. Martin Schulz, lead portfolio manager of the growth team, seeks companies with accelerating earnings growth, strong management teams, and stable balance sheets, while the value team looks for undervalued streams of free cash flow. The end result is a highly diversified international portfolio that aims to benefit from the best of both worlds.

$1.5 billion

William Blair Global Leaders Fund

While many portfolio managers look for high-quality companies, definitions can significantly vary. For Andrew Flynn and Kenneth McAtamney, who are at the helm of the William Blair Global Leaders Fund, high quality means companies driven by strong and sustainable value creation. With a global mandate and a long-term view, the fund looks for companies with clear leadership, internally driven growth, and a sustained competitive advantage.

$204 million

BMO LGM Emerging Markets Equity Fund

With incomes steadily growing in emerging markets, discretionary consumer spending has been on the rise as well. Portfolio manager Irina Hunter explains how the BMO LGM Emerging Markets Equity Fund scours these markets in search of companies that benefit not only from the growth in spending but also from compounding earnings at a steady pace. 

$210 million

AllianzGI International Growth Fund

To stay focused on the long-term view, a manager has to be able to cancel out the short-term market noises. Robert Hofmann, portfolio manager of AllianzGI International Growth Fund, focuses on companies with structural growth drivers, sustainable business models and high barriers to entry and ferrets out earnings compounders. 

$21 million

PGIM Jennison Global Opportunities Fund

As economies around the world become more interconnected, local companies can accelerate on the path of regional or global leadership with the right kind of products and management preparedness. Thomas Davis, co-portfolio manager of the PGIM Jennison Global Opportunities Fund, explains how the team’s high-conviction, concentrated strategy seeks the best ideas globally. 

$1.4 billion

RBC Global Opportunities Fund

Every investor seeks great businesses at attractive valuations, but few have the necessary knowledge, process, and resources. Habib Subjally, portfolio manager of the RBC Global Opportunities Fund, runs a global portfolio that balances between having the best ideas and avoiding unintended risks. Using a proprietary framework, the fund looks for companies that generate earnings through investing in the future for long-term value creation.

$12 million

The GoodHaven Fund

It is certainly difficult to maintain a contrarian, value-oriented approach when valuations are high and the market is dominated by momentum investors. But Larry Pitkowsky and Keith Trauner, portfolio managers of The GoodHaven Fund, know that rationality returns to the market sooner than later. With a concentrated portfolio, they rely on fundamental analysis to find high-quality companies that are negatively perceived by the market or are being ignored for temporary reasons.

$137 million

MassMutual Premier International Equity Fund

Established in 1995, the MassMutual Premier International Equity Fund capitalizes on the rise of the middle class across the globe. The fund relies on a bottom-up process to identify quality companies that are set to benefit from the long-term increase in the wealth of emerging market consumers and the proliferation of the Western lifestyle.

$543 million

Oppenheimer Emerging Markets Innovators Fund

In the emerging markets universe, large-cap names attract most of the attention. However, investors should also look to small- and mid-cap companies for bigger opportunities. Heidi Heikenfeld, portfolio manager of the Oppenheimer Emerging Markets Innovators Fund, navigates the area through the lens of innovation and long-term structural growth. The fund seeks companies with not only high earnings growth but also positive impact for local populations.

$530 million

Oppenheimer Global Fund

With a truly global focus and a long-term horizon, the Oppenheimer Global Fund invests in companies regardless of their location. What matters is whether these companies benefit from large global trends, like mass affluence or new technologies, which shape the economy over decades. Valuation is a key aspect for portfolio manager John Delano, who can patiently wait for the price to match the opportunity set.

$11.5 billion

NWM Momentum Fund

One can outperform the market not by beating it on the upside, but in doing so on the downside. To avoid being caught in long downward moves, the NWM Momentum Fund switches between asset classes depending on the risk environment. Portfolio manager Timothy Ayles relies on a back-tested model that signals the risk appetite of the marketplace, the momentum in a name, and the best investments for the specific environment.

$78 million

Tributary Small Company Fund

Small-cap stocks are an asset class with great potential for an active manager, because they tend to offer more opportunities for investing in mispriced companies. Mark Wynegar and Michael Johnson, co-managers of the Tributary Small Company Fund, rely on an in-depth research process to identify quality companies trading at a discount to fair value. A key element in their process is developing an understanding of each business and a high level of confidence in each investment.

$172 million

Manning & Napier Disciplined Value Series Fund

Valuations matter because they drive returns in the long term, according to Christopher Petrosino, portfolio manager of the Manning & Napier Disciplined Value Series Fund. With a systematic approach, the fund invests in companies with above-average dividend yield that are sustainable, with attractive free cash flow yield and low estimated risk of financial distress. These characteristics not only drive performance, but also mitigate downside risks. 

$106 million

First Investors Total Return Fund

One of the core advantages of balanced portfolios is their ability to capture the upside and protect the downside, adjusting the allocation between equity and fixed-income holdings in a timely fashion. Rajeev Sharma and Sean Reidy, portfolio managers of the First Investors Total Return Fund, complement this flexibility with a steady focus on company balance sheets and relative value, with the objective to achieve long-term total return with a moderate level of investment risk. 

$894 million

Semper MBS Total Return Fund

Unlike other funds offering broad coverage, the Semper MBS Total Return Fund leverages its expertise in mortgage-backed securities. Greg Parsons, CEO and Chairman of the Investment Committee, believes that the MBS space is one of the best sources of risk-adjusted returns today when actively managed by a specialist. With a focus on capital preservation, the fund relies on a complex quant model and a set of principles refined over time. 

$1.4 billion

North Star Opportunity Fund

Designed for investors seeking a single investment vehicle with adequate diversification, the North Star Opportunity Fund has the flexibility to provide exposure to domestic equities of all sizes and to fixed income. While the fund’s equity and sector allocations vary with the macro outlook, its focus on high-quality, out-of-favor companies remains constant. To avoid value traps, portfolio managers Eric Kuby and Brad Cohen assess the catalyst for each undervalued security.

$79 million

Plumb Balanced Fund

Unlike other balanced funds, which rely on conservative equity exposure and bond income, the Plumb Balanced Fund invests in growth stocks and uses fixed income to moderate stock market volatility. Founder and portfolio manager Thomas Plumb focuses on identifying big secular trends and companies that enable or benefit from these trends, as such businesses have the potential to grow in any environment as long as they are fundamentally sound.

$50 million

Calamos Hedged Equity Income Fund

With decades of experience in convertible bonds and options, the Calamos Hedged Equity Income Fund came in 2014 as a natural extension for Calamos Investments. The fund has two distinct parts – equities and options. While the equity investment represents a low-risk portfolio, closely based on the S&P 500 Index, the alpha generation comes mainly from trading options and constructing the best possible hedge for the specific market environment. 

$38 million

Crossmark Steward Covered Call Income Fund

Markets are inherently volatile, but the right mix of options can certainly mitigate volatility. Paul Townsen, portfolio manager of the Crossmark Steward Covered Call Income Fund, explains how by giving up some upside for a covered call, investors can replace a volatile return pattern with more stable returns. 

$26 million

Tributary Balanced Fund

Diversification is a key feature of the Tributary Balanced Fund. Portfolio manager Kurt Spieler believes that performance is driven by tactical allocation between equity and fixed income, as well as by security selection, without applying sector or market cap biases.

$44 million

AMG Chicago Equity Partners Balanced Fund

Stocks and bonds have their own volatility patterns and risk profiles, so it is important for investors to have allocation that provides downside protection, according to Patricia Halper and Michael Budd, portfolio managers of the AMG Chicago Equity Partners Balanced Fund. Investing in equity and fixed income, the fund strategically shifts its allocation depending on the environment with the help of a systematic process.

$198 million

First Eagle Global Income Builder Fund

Valuation drives everything, according to Sean Slein and Kimball Brooker, portfolio managers of the First Eagle Global Income Builder Fund. Investing with a perceived “margin of safety” in equities and fixed income, the fund aims to provide both current and future income. With a flexible, bottom-up approach, the team can go anywhere it concludes there is value—including cash—while keeping a steady focus on avoiding the risk of capital impairment.

$1.44 billion

Value Line Capital Appreciation Fund

Seeking capital appreciation and income, the Value Line Capital Appreciation Fund is an asset allocation fund that at year end 2017 was 85% invested in equities and 15% in bonds and cash. For equities, the fund mainly looks to own leading growth businesses with secular growth drivers, unique market positioning and competitive advantages. On the fixed-income side, the fund focuses on income, liquidity, and improving credit metrics. For portfolio managers Cindy Starke and Liane Rosenberg, the ultimate goal is to achieve a diversified portfolio that emphasizes the best return-generating ideas.

$431 million

Osterweis Strategic Investment Fund

In today’s style-driven investment landscape, the Osterweis Strategic Investment Fund is a rarity. John Osterweis and his team have created a highly flexible balanced portfolio that is able to pursue attractive opportunities in all market conditions. They can move their equity allocation from 75% to 25%, and they can purchase high yield or investment grade bonds with the remainder. The fund is essentially a one-stop shop for investors seeking dynamic diversification and hedged equity exposure.

$183 million

Hennessy Large Cap Financial Fund

As a result of the 2008 financial crisis, investors are still cautious about banking stocks. However, for Dave Ellison and Ryan Kelley, co-managers of the Hennessy Large Cap Financial Fund, the financial world provides plenty of opportunities. Running a concentrated portfolio, they focus on choosing the companies with the right business models, repeatable earnings, and management teams with the ability to withstand the storms in the credit and interest rate cycles.

$54 million

Hodges Fund

Volatility does not necessarily mean risk, and one does not need to invest in every sector to be successful, according to Craig D. Hodges, portfolio manager and co-founder of Hodges Funds. Relying on its own extensive research to find opportunities ahead of Wall Street, the fund aims to invest in industries with superior tendencies, such as high barriers to entry, or in companies with superior products or services that the market has not yet accounted for.

$282 million

TCW Emerging Markets Income Fund

Understanding the development process in each of a strategy’s target markets is crucial for identifying turning points before they actually happen. The fundamentals-based approach of the TCW Emerging Markets Income Fund’s team, relying in large part on primary research, enables it to assess these opportunities at an early stage and position accordingly. 

$3.7 billion

Cohen & Steers Global Infrastructure Fund

The growing interest for diversification away from equities and fixed income has been the driving force behind the Cohen & Steers Global Infrastructure fund. Portfolio manager Ben Morton believes that the asset class can provide similar returns to equities, but with the potential for significantly lower volatility and downside. The fund utilizes both a bottom-up fundamental research and a macro framework to select the right subsectors and companies around the world.

$275 million

Stone Harbor Emerging Markets Debt Fund

Emerging markets debt is not well understood and tends to be undervalued. Portfolio manager Jim Craige explains how the Stone Harbor Emerging Markets Debt Fund relies on a disciplined bottom-up research process, combined with a macro framework, to build a portfolio driven by the opportunity set, not by the benchmark.

$1.2 billion