Altrinsic Global Investors: “The next 10 years are going to be very, very different than the last 10 years.”
Mark Goodwin, Chief Executive Officer of North Square Investments, discusses international equities and building high-conviction equity portfolios with John Hock, Founder and Chief Investment Officer of Altrinsic Global Advisors.
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This podcast was recorded April 19, 2023. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.
For a list of holdings, standardized fund performance, prospectus and risks, please click here.
The determination of “best-in-class” is solely the opinion of the Fund’s Adviser, and such opinion is subject to change. Those companies that hold leading market share positions, strong growth potential, historically good probability, and management teams known or integrity and good corporate governance are generally considered to be “best-in-class.”
Principal Risks of Investing, Altrinsic International Equity Fund: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Credit and Subordination Risk, Preferred Securities Risk, Hybrid Security Risk, Additional Tier 1 Securities Risk, Optionality Risk, Foreign Investments Risk, Rule 144A and Regulation S Securities Risk, Currency Risk, Emerging Markets Risk, Derivatives and Hedging Transactions Risk, and LIBOR Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.
Cash flow: the term cash flow refers to the net amount of cash and cash equivalents being transferred in and out of a company. Cash received by the company represents inflows, while money spent represents outflows.
Market risk can be measured by Beta. Beta is a measure of the volatility, or systematic risk, of a security or portfolio when compared to the market as a whole. A beta of 1 implies that you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. The statement that the embedded risk in the portfolio is well below out of the market means that Altrinsic Global Advisors have demonstrated below market Beta, or lower exposure to market risk than the MSCI EAFE Index, an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world, excluding the US and Canada.
As of March 31, 2023, the following securities mentioned in this podcast represented the following percentage of the Altrinsic International Equity Fund’s portfolio:
Name of Security Percent of Net Assets
Heineken NV 3.33%
Diageo 2.21%
Banco Bilbao Vizcaya 0.99%
HDFC Bank LTD – ADR 1.84%
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521. Please read the prospectus carefully before you invest. Distributed by Compass Distributors, LLC.
North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein is as of May 3, 2022 and derives from third-party sources believed to be reliable by the Adviser. However the accuracy and completeness cannot be guaranteed. The opinions contained herein are of North Square as of the date of this publication and are subject to change without notice.
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North Square Funds Distributed by Compass Distributors, LLC.