Investment Strategies
Chautauqua Capital Management's International Growth and Global Growth Strategies are designed to meet the specific investment and financial goals of a variety of clients, institutions and groups including, but not limited to:
- Individual investors
- Endowments
- Family offices
- Foundations
- Retirement plans
Our International Growth and Global Growth Strategies include between 25 and 45 stocks, carefully diversified among regions, sectors and by other factors designed to help manage risk without dilution of performance.
The Chautauqua International Growth Strategy invests in equity securities of non-U.S. companies with large market capitalizations. The strategy will normally be diversified among at least 10 countries. The strategy invests primarily in developed markets but may invest in emerging and less-developed markets. The portfolio contains high-quality companies that employ better governance and disclosure, more conservative accounting, less financial leverage, and "best-in-class" management. This reduces the risk of negative surprises and mitigates the risk of loss, which is a primary concern. In addition to generating high risk-adjusted returns, the approach creates upside market participation and downside protection.
Portfolio Construction
- Concentrated portfolio of generally 25-35 stocks
- Positions are typically 1-6% at the time of purchase
- Market caps typically in excess of $5 billion at the time of purchase
- Sector weights limited to 50% of portfolio
Performance
Annualized Returns (%)*
| 3-Month | YTD | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | Inception Date | |
|---|---|---|---|---|---|---|---|---|
| Chautauqua International Growth (gross) | -8.06 | 2.98 | 17.72 | 3.08 | 6.04 | 6.93 | 10.52 | 1/1/09 |
| Chautauqua International Growth (net) | -8.22 | 2.44 | 16.92 | 2.33 | 5.24 | 6.11 | 9.66 | 1/1/09 |
| MSCI ACWI ex-U.S. ND | -3.77 | 5.34 | 20.39 | 3.74 | 2.58 | 3.35 | 6.19 | |
| Excess Return to MSCI ACWI ex-U.S. ND (gross) | -4.29 | -2.36 | -2.67 | -0.66 | 3.46 | 3.58 | 4.33 |
*Returns less than one year are not annualized.
Annual Total Returns (%)
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chautauqua International Growth (gross) | -17.56 | 8.74 | 38.68 | 27.15 | -17.28 | 37.57 | -0.09 | 5.15 | 0.01 | 14.50 | 12.42 |
| Chautauqua International Growth (net) | -18.14 | 8.23 | 38.04 | 26.79 | -17.60 | 37.15 | -0.52 | 4.65 | -0.28 | 14.03 | 11.89 |
| MSCI ACWI ex-U.S. ND | -16.00 | 7.82 | 10.65 | 21.51 | -14.19 | 27.19 | 4.50 | -5.66 | -3.87 | 15.29 | 16.83 |
Data as of 09/30/23
Past performance does not guarantee future results. Gross of fee returns are supplemental to net of fee returns. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the maximum management fee of 0.80% from inception through June 2021 and 0.70% from July 2021 forward. Actual investment advisory fees may vary across accounts and result in different net returns.
The separate accounts are available to institutions and persons with a minimum account asset value of $100,000,000, which is negotiable in certain instances.
The Chautauqua Global Growth Strategy invests in equity securities of both U.S. and non-U.S. companies with large market capitalizations. The strategy will normally be diversified among at least 10 different countries, including the United States. The strategy invests primarily in developed markets but may invest in emerging and less-developed markets. The portfolio contains high-quality companies that employ better governance and disclosure, more conservative accounting, less financial leverage, and “best-in-class” management. This reduces the risk of negative surprises and mitigates the risk of loss, which is a primary concern. In addition to generating high risk-adjusted returns, the approach creates upside market participation and downside protection.
Portfolio Construction
- Concentrated portfolio of generally 35-45 stocks
- Positions are typically 1-6% at the time of purchase
- Market caps typically in excess of $5 billion at the time of purchase
- Sector weights limited to 50% of portfolio
Performance
Annualized Returns (%)*
| 3-Month | YTD | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | Inception Date | |
|---|---|---|---|---|---|---|---|---|
| Chautauqua Global Growth (gross) | -5.21 | 6.20 | 18.72 | 6.12 | 8.27 | 10.63 | 14.14 | 1/1/09 |
| Chautauqua Global Growth (net) | -5.38 | 5.64 | 17.90 | 5.35 | 7.45 | 9.78 | 13.26 | 1/1/09 |
| MSCI ACWI ND | -3.40 | 10.06 | 20.80 | 6.89 | 6.46 | 7.56 | 9.61 | |
| Excess Return (gross) | -1.81 | -3.86 | -2.08 | -0.77 | 1.81 | 3.07 | 4.53 |
*Returns less than one year are not annualized.
Annual Total Returns (%)
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chautauqua Global Growth (gross) | -19.94 | 18.57 | 36.96 | 32.26 | -13.07 | 38.97 | 2.26 | 9.64 | 8.24 | 19.44 | 15.41 |
| Chautauqua Global Growth (net) | -20.51 | 18.30 | 36.62 | 31.56 | -13.71 | 37.63 | 1.69 | 9.05 | 7.67 | 18.83 | 14.92 |
| MSCI ACWI ND | -18.36 | 18.54 | 16.26 | 26.60 | -9.42 | 23.97 | 7.86 | -2.36 | 4.16 | 22.80 | 16.13 |
Data as of 09/30/23
Past performance does not guarantee future results. Gross of fee returns are supplemental to net of fee returns. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the maximum management fee of 0.80% from inception through June 2021 and 0.70% from July 2021 forward. Actual investment advisory fees may vary across accounts and result in different net returns.
The separate accounts are available to institutions and persons with a minimum account asset value of $100,000,000, which is negotiable in certain instances.