01 Objective
Long-term capital appreciation through dynamic allocation across non-U.S. country and regional equities — overweighting where valuation, fundamentals, and catalyst align, underweighting where they do not.
Diversifier
International
Country-level rotation across developed and emerging markets — valuation discipline and macro catalyst applied to the world outside the U.S.
Most international is a cap-weighted basket.
The default non-U.S. allocation across the industry is a single passive vehicle — you own every country in proportion to its float-weighted market cap and call it diversified. Europe and Japan dominate the line. Emerging markets show up only as a quiet residual.
We start somewhere else. Each country is its own opportunity set, with its own valuation history, its own macro setup, and its own catalyst path. Some are structurally cheap, some are riding a policy turn, some are pricing in problems that are already known. The job is to tell them apart and weight accordingly.
We believe the same lens that drives our sector work — valuation versus history, fundamental momentum, observable catalyst — applied to country baskets, produces a non-U.S. equity sleeve that looks meaningfully different from the benchmark on the days that matter.
Spec sheet
At a glance.
02 Approach
Top-down, then bottom-up. Country and region selection driven by valuation and growth metrics — P/E, GDP, current account, PEG — refined with a review of policy direction, macro trends, and currency. The strategy stays fully invested in non-U.S. equity; we rotate between countries.
03 Implementation
Each country view is expressed through the most exposure-pure, cost-efficient country or regional ETF available. Diversified across developed and emerging markets. Country baskets each hold dozens of underlying names — broad exposure, active country weights.
Home bias
The world is bigger than the average book.
The advisor industry is structurally under-allocated to non-U.S. equity. The global opportunity set is roughly two-thirds U.S. and one-third everything else — the average advisor portfolio looks closer to four-fifths U.S. That gap is the case for active country work.
0pp
Structural
under-allocation
under-allocation
How it works
Twenty-plus countries, one lens.
Each country gets the same read — and a weight that reflects what it merits.
Region scorecard
Developed Europe
Macro
Valuation
Currency
Japan
Macro
Valuation
Currency
Emerging Markets
Macro
Valuation
Currency
Developed Asia
Macro
Valuation
Currency
REPRESENTATIVE COUNTRY EXPOSURES
Japan Developed core
Germany Europe lens
India EM — preferred
Mexico LatAm — preferred
Region reads and country examples are illustrative of the framework — not a current allocation snapshot.
Where it fits in a portfolio.
Two pies tell the story — a typical client allocation on the left, zoomed-in on the growth bucket on the right, with International as the non-U.S. equity sleeve.
Sample portfolio allocation
Illustrative portfolio — not a recommendation.
Talk with us about International.
Walk through the current country positioning, the philosophy, or how the non-U.S. sleeve would fit alongside your existing core. The conversation is the partnership.