5 Key Attributes
- Concentration - AADR has a portfolio of 20–30 high-quality growth companies which represents the best ideas generated by the portfolio management team.
- Quality Emphasis - AADR defines quality growth as businesses with superior growth histories, strong business prospects, historically high returns on capital, and low (or no) debt. These companies tend to be large, established multinationals.
- Differentiation - AADR generally passes on businesses in leveraged, slower-growing sectors such as energy, basic materials, utilities or financials, which dominate the international indices. Instead, the focus is on traditional growth sectors like technology, consumer discretionary / staples and healthcare. Similarly, they’ll tend to pass on slower-growing countries such as Japan, a dominant geographical component of widely used benchmarks.
- Research - AADR is driven by a unique research process that employs a traditional fundamental equity analysis, a global sector analysis as well as a network of some 500,000 industry experts worldwide. This includes industry executives, customers, vendors and past employees.
- Turnover - AADR targets 15% annual turnover, with a 3-5 year nominal holding period.
About American Depositary Receipts
An American Depositary Receipt (ADR) is a negotiable U.S. security that generally represents a company’s publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank such as BNY Mellon, to issue Depositary Receipts.
About the Portfolio Managers
Paul R. Black, Portfolio Manager
Paul’s 27-year career in the investment business includes positions as portfolio manager with Wells Fargo Private Banking Group and Bank of America. Paul also sets the firm’s direction and acts as a client liaison for communication of investment decisions and strategy. Paul holds a B.S. in Finance from California State University, San Diego. He is currently a member of both the CFA Institute and the CFA Society of Orange County.
Kurt R. Winrich CFA, Portfolio Manager
Kurt has over 26 years of experience in the investment business. He graduated from Stanford University with an M.S. and B.S. in Electrical Engineering. Prior to joining WCM Kurt was the head of computer-aided design and analysis at Hughes Electronics Santa Barbara Research Center. He is a CFA Charterholder and is a member of both the CFA Institute and the CFA Society of Orange County.
Peter J. Hunkel, JD, CIMA®, Portfolio Manager & Business Analyst
Peter’s 12-year career in the investment business includes positions as Chief Operating Officer and Senior Portfolio Manager for Centurion Alliance and as a Portfolio Analyst for the Templeton Private Client Group. Peter earned a Juris Doctorate (J.D.) from Monterey College of Law. He is a Certified Investment Management Analyst (CIMA) and a member of IMCA.
Michael B. Trigg, Portfolio Manager & Business Analyst
Prior to joining WCM, Mike worked at Morningstar, Inc. in Chicago, IL, where he managed their model Growth Portfolio and covered a variety of companies in the technology industry. He earned his B.S. degree in Finance with honors from Saint Louis University.
