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As a large-capitalization manager, our analysts have followed most industries globally for many years. In fact, ICAP has been an active investor in European companies for more than 15 years, investing in ADRs for its equity portfolios. In 1998, ICAP launched the Euro Select Equity product, which invests primarily in European companies. In April 2005, ICAP expanded its product offerings to include an International mandate.
Holdings may be in ADRs or foreign securities. Country weightings are a residual of the ICAP bottom-up stock selection process.
International
The International mandate invests in equity securities of foreign companies that generally have market capitalizations of at least $2 billion. The portfolio will typically hold between 30 and 50 securities. Individual positions generally do not exceed 5% of the total portfolio at market value. Turnover ranges from 100% to 200%. |
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Euro Select Equity
The Euro Select Equity mandate invests in equity securities of European companies that
generally have market capitalizations of at least $2 billion. The portfolio typically holds between 20 and 30 securities; position sizes generally do not exceed 10%. Positions are trimmed or expanded on a regular basis, which may result in turnover of 100% to 250% annually. |
Please call Paula L. Rogers, Executive Vice President at 312.424.9110 for more details.
Before Investing
Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. The investment may invest in derivatives, which may increase the volatility of its net asset value and may result in a loss. The investment may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.
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