Growth
Growth

Growth

 
 
 
Summary

Morgan Stanley Growth seeks long-term capital appreciation by investing in high-quality established and emerging companies with capitalizations within the range of companies included in the Russell 1000 Growth Index. To help achieve its objective, the investment team seeks companies with sustainable competitive advantages, strong free cash flow yields and favorable return on invested capital trends. The team focuses on long-term growth rather than short-term events, with their stock selection informed by rigorous fundamental analysis.

>80%
Typical Active Share
 
 
Investment Approach
Philosophy

Counterpoint Global believes that it may achieve value-added investment results more consistently through bottom-up analysis and qualitative judgment rather than through top-down forecasting. Additionally, the team holds that optimal stock selection is primarily a function of making long-term investments in companies with: inherent sustainable competitive advantages (such as a patent portfolio, a network or community effect, etc.); brand-name recognition; the ability to redeploy capital at high rates of return; and strong free-cash-flow yield three to five years in the future. These characteristics, in the team’s view, provide the potential for consistent long-term growth and competitive returns.

The team believes that the development of insights is valuable to the investment process, and guiding principles combined with intellectual and process flexibility are critical to strong decision-making in pursuit of attractive investments.

 

 
Differentiators
Aligned with Clients

Counterpoint Global’s long-term incentive compensation program requires investors to allocate a significant portion of deferred compensation into the portfolios they manage.

CROSS-DISCIPLINARY THINKING AND RESEARCH INTO EMERGING THEMES

Their generalist approach and disruptive change research are unique in an industry that leans toward specialization. They promote cross-disciplinary thinking where investors follow areas with distinctly different business models.

CULTURE

Counterpoint Global has a distinctive culture that encourages innovation, evolution and continued learning.

EXPERIENCED AND STABLE TEAM

The team has been managing money since 1998. They have a long-term investment horizon that promotes perspective and insight.

 
 
 
Investment Process
1
Idea generation

The team generates investment ideas through an ongoing set of activities conducted individually and collaboratively, including: (i) involvement in contact networks across industries and in the investment management business; (ii) its reading network; (iii) its focus on return on invested capital and free cash flow yield; (iv) team discussions; (v) the identification of patterns; (vi) conventional-valuation and coverage biases, among others; and (vii) continual research on current company holdings.

2
Bottom-up analysis and valuation

Their quality criteria include business visibility, a diverse customer base, the sustainability of growth and low capital intensity. Valuation focuses on three- to five-year free cash flow yield and endgame, a five-year market capitalization calculation.

3
Disruptive change research

To complement its in-depth, bottom-up research, the team’s disruptive change researcher investigates big ideas and emerging themes that may have far-reaching consequences, such as artificial intelligence and blockchain.

4
Portfolio construction and implementation

The team’s portfolios are actively managed and built to maximize expected value. Company weightings are primarily determined by the quality of the idea and the team’s conviction. Dennis Lynch leads decision-making along with the investor responsible for a company and perhaps one other investor. The team reviews factor analysis on a monthly basis in order to ensure the portfolio’s expected return is more idiosyncratic than systematic.

Counterpoint-Reading-Network
 
 
Investors  
Dennis Lynch
Head of Counterpoint Global
26 years industry experience
Sandeep Chainani
Managing Director
24 years industry experience
Armistead Nash
Managing Director
20 years industry experience
David Cohen
Managing Director
32 years industry experience
Alex Norton
Executive Director
25 years industry experience
 

May not represent all Investors.

 
 
 
 
 

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