Bestinvest says
The manager benefits from a strong valuation discipline and a team of experienced research analysts. The style is large cap growth with some mid cap, though there will be some stocks migrating from their small cap mandates managed by Rick Bernstein. Their strict process means that as one stock is sold another is bought but they do not need to be in the same sector. The portfolio manager occasionally lacks individual stock knowledge but this is because he relies heavily on his analysts being the stock's experts. Stocks held are not reliant on US domestic recovery. The fund is likely to underperform in growth and momentum style markets.
The fund invests in a focused portfolio of around 40 medium to large US companies (Universe is stocks >$2bn). The manager seeks materially undervalued stocks of fundamentally strong companies thus building in a margin of safety against the potential downside. The process is research intensive and seeks to invest in companies that are fundamentally solid, financially sound, that possess proprietary products and services—and have the ability to grow at above average rates for several years, often despite lower short-term projected earnings.