Inception: June 2000 (1)
Benchmark: MSCI Europe Mid Cap Net Total Return Index
Lead Portfolio Manager: Martin Fahey, MBS, CFA
Investment Adviser: Mackenzie Investments Europe Limited
- Lead portfolio manager has been investing in this asset class for 25+ years and has a deep understanding of companies in the investable universe.
- Combined in-depth fundamental research, thematic views, and industry expectations is used to identify investments that have a strong probability of outperforming over the next 3-5 years.
- A risk-controlled portfolio with the majority of relative returns driven through stock selection, resulting in high Active Share.
The Mackenzie European and International Equities team’s investment approach is based on the principles of value investing. The team believes success in fundamental investing is achieved by identifying undervalued, under-appreciated companies with high and/or improving returns on invested capital and a sustainable competitive advantage. Our skill is in identifying mid cap companies that combine credible management, solid business strategy and strong governance.
- The investment universe is narrowed by market cap, followed by sector-specific proprietary screens focused primarily on factors such as earnings momentum, leverage and valuation.
- Fundamental analysis consists of identifying stock ideas through proprietary research consisting of financial statement analysis, valuation modeling and meetings with company management.
- Incorporates top-down thematic trends at macroeconomic, sector and sub sector levels.
- Compares internal projections with both positive and negative sell-side estimates to gauge potential upside and identify potential investment risks.
- Portfolio investments are typically made within a 3-5-year time horizon and are continuously monitored for changes in company fundamentals, valuations and thematic shifts.
1 Mackenzie Investments (the “Firm”) has been managing European Mid Cap Equity assets since June 2000. The Firm claims compliance with GIPS® starting January 1, 2008 and has been independently verified for the period of January 1, 2008 to December 31, 2018.
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GIPS Compliance Statement
Mackenzie Investments claims compliance with the Global Investment Performance Standards (GIPS®).
The European Mid Cap Equity Composite pursues long-term capital growth, while maintaining a commitment to protection of its capital by investing in European small and mid-capitalization equity securities. European Mid capitalization companies are defined as non-Canadian companies with market capitalization of less than US$5 billion at the time of investment. The strategy follows a blended growth and value investment style. The composite was created on January 1, 2006.
The benchmark is the MSCI Europe Mid Cap Index, net of withholding taxes. The MSCI Europe Mid Cap Index captures mid cap representation across the 15 Developed Markets (DM) countries in Europe. With 242 constituents, the index covers approximately 15% of the free float-adjusted market capitalization across the European Developed Markets equity universe.
List of Composites
A complete list of composite descriptions is available to prospective clients upon request.
For Institutional Use Only. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any type of securities.