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International Select

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Institutional Strategy > Equities > 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


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


  • 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%.


Elias Cohen, CFA
Senior Portfolio Manager
23 Years of Industry Experience
23 Years with Neuberger Berman
Thomas Hogan, CFA
Portfolio Manager
25 Years of Industry Experience
12 Years with Neuberger Berman