International Equity Strategy

Philosophy

MCM’s International Equity Strategy investment process focuses on identifying high quality companies with earnings growth potential based outside the U.S. Through quantitative screenings, investigative research and valuation analysis, we seek returns through long-term capital gains.

Objective

The strategy seeks long-term capital appreciation by owning equity securities and ETF’s of non-U.S. based companies. Our style is designed to meet a variety of investment objectives as we seek to provide consistent growth of principal.

Strategy

The International Equity Strategy is an all-cap approach to investing that focuses on a bottom-up research. We start with a universe of several thousand companies that trade in the US equity markets using American Depositary Receipts (ADR) and exchange-traded funds. We sort this list down to a manageable number of investment alternatives through a rigorous series of proprietary quantitative screens that include earnings growth, cash flow and financial condition. Most candidates will be larger than $500 million. After this screening, companies undergo a thorough analysis focusing on qualitative factors such as growth potential, market position, proprietary advantages, management capabilities and insider ownership before investing.

Team

Jonn Wullschleger, CFA – PM, Principal with Mitchell Capital since 2000, analyzing equities since 1991

Rob Day – Equity Analyst with Mitchell Capital since 2020

Miles Green – Equity Analyst with Mitchell Capital since 2021

Grant LacKamp – Equity Analyst with Mitchell Capital since 2021

What sets this strategy apart?

Long-term management team with ownership in the firm and investments in the strategy

Commitment to established and successful process

Flexibility allowing for responsiveness to changes in economic environment

International Equity Strategy: June 30, 2022

Strategy Characteristics

CharacteristicPortfolio
Dividend Yield2.0%
Debt / Equity108.9%
Forward Price / Earnings13.2x

Top Ten Holdings

PositionAllocation %
Aon Plc4.8
Novo-Nordisk4.7
Accenture Plc4.5
Diageo Plc4.4
iShares MSCI ACWI ex US4.2
Shell Plc4.2
Nice Ltd3.6
BP Plc3.3
BHP Group Ltd3.3
Taiwan Semiconductor3.2

‏‏‎ ‎

The information above is intended solely to provide insight into how the manager analyzes securities, and are not a recommendation for any particular security or strategy. There is no assurance securities will remain in the portfolio or that they were or will be profitable. This is a list of top ten holdings based on a percent of the total and is not a full list of securities.

Sector Weightings

SectorPortfolio %
Consumer Discretionary6.3
Consumer Staples7.4
Energy9.5
Financials17.0
Health Care10.9
Industrials10.8
Informational Technology16.2
Materials6.7
Real Estate0.0
Communication Services0.5
Utilities0.0
Cash14.6

Capitalization Profile

Portfolio %
Giant34
Large63
Mid3
Small0
Weighted average market cap$111B

About Mitchell Capital Management

Mitchell Capital Management (MCM) was founded in 1987 and is an SEC Registered Investment Advisor. The firm manages portfolios and provides investment solutions for an array of investors nationwide, including individuals, foundations, union pension plans, retirement plans, endowments and associations. MCM has always been employee owned and intends to stay that way. Our fiduciary culture means our clients are the first priority in each decision we make.

Disclosure: https://mitchcap.com/disclosure/

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