Morningstar - Q4 2021 - 79
Geritz and So focus on the New World fund,
an emerging-markets strategy, while Clayton and
McCulloch Dunne focus on Overseas, which
invests in developed markets. All four serve
as analysts who contribute to both strategies as
generalists. They come together for Friday
meetings to review the stocks in the portfolios and
on their watchlist and to hash out their differences.
McCulloch Dunne says these meetings bring to
mind the lively dinner-table debates of her
childhood: " We're not trying to one up each
other. These discussions are fun. At the end of the
day, we all want the stock to go up more than
our benchmark. "
Deliberate Steps
The crux is a systematic process that keeps the
team on the same page and speaking the same
language. The goal, Clayton says, is to build
portfolios of companies " with an enduring moat
and exceptional financial characteristics. "
The first step is a quantitative screen of the
thousands of global stocks with market caps larger
than $1.5 billion. After sifting for strong balance
sheets, reliable cash flows, and consistent
earnings growth, about 1,000 names make the cut.
Qualitative assessments cut that number in half.
Companies must demonstrate a strong moat,
or competitive advantage, by scoring well on what
Rondure terms CGP metrics: club, or whether the
business is in a market that's tough to penetrate;
Laura Geritz, founder and CEO of Rondure Global Advisors.
morningstar.com/lp/magazine
79
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Morningstar - Q4 2021
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Contents
Morningstar - Q4 2021 - Cover1
Morningstar - Q4 2021 - Cover2
Morningstar - Q4 2021 - 1
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Morningstar - Q4 2021 - Contents
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