Investment Strategies
>
International Select
International Select
A flexible, research-driven, mid-to-large cap strategy with an attractive risk/return profile, managed by a stable, experienced team since 2001
- Seeks differentiated mid-to-large cap quality businesses with an enduring competitive advantage trading at reasonable prices (QuaRP)
- Disciplined investment approach focused on strategic fundamental analysis and valuation assessment
- Comprehensive risk management embedded in portfolio construction and oversight processes
Elias Cohen, CFA
Senior Portfolio Manager
Thomas Hogan, CFA
Portfolio Manager
Overview
Investment Philosophy
Believe fundamentally-based research process can identify potential outperformers:
- Quality companies: Returns of 1.5x cost of capital, organic growth, strong balance sheets
- Reasonable price: 50% appreciation potential over 3 years
Investment Process
Screens narrow the universe to a manageable set of companies that undergo in-depth analysis
Investable Universe
- Companies domiciled outside the U.S. with market cap > $2.5bn and > $5mm daily liquidity
Quality Track Record
- Profitability: ROIC > 12%1
- Financially Strong: Net Debt/EBITDA 2.5x for non-financials
- Growing: EPS Growth > 5%
Strong Outlook
- Industry and competitive positioning analysis
- Historically averaged approximately 1,000 company meetings annually; 50+ weeks of travel to international markets
- Meet with competitors, suppliers, clients and regulators
Undervalued
- Proprietary discounted cash flow model to identify 50% upside potential over 3 years
- Analyze sensitivity to core revenue, margin and cap-ex assumptions
- Consider other valuation metrics: P/CF; P/E; P/BV; EV/EBITDA
QuaRP Portfolio
- Measure risk at the security and portfolio level
- Position size based on potential upside and level of conviction
- Typical 30-50% turnover
1For financials the team looks for sustainable ROE > 12%.
Management
Elias Cohen, CFA
Senior Portfolio Manager
24
Years of Industry Experience
24
Years with Neuberger Berman
Thomas Hogan, CFA
Portfolio Manager
26
Years of Industry Experience
13
Years with Neuberger Berman
Related News & Insights
Disruptive Forces in Investing | May 2025
The High Yield Playbook: Positions and Possibilities
- (17:35) Explore how wider spreads, tariff impacts, and sector-specific trends are reshaping the high yield market.
CIO Weekly Perspectives | May 2025
The End of American Exceptionalism?
- The rest of the world is due some cyclical catch-up with the U.S., but talk of a structural change in the global economic ecosystem is premature.
Article | April 2025
Surging Tariffs Are Flipping the Chip Script
- The global trade war is accelerating China’s localization efforts; spurring low-cost production in India; and driving incremental growth in Asia’s Golden Triangle.