Mackenzie International Small Cap

Inception: October 2002 (1)

Benchmark: MSCI EAFE Small Cap Total Return Index

Lead Portfolio Managers: Bryan Mattei (BSc, CFA) 

Investment Adviser: Mackenzie Investments Europe Limited

• Lead portfolio manager has been investing in this asset class for 16+ years and has deep understanding of the companies in the investable universe.
• Combined in-depth fundamental research, thematic views, and industry expectations to identify investments that have a strong probability of outperforming over the next 3-5 years.
• The team’s regional presence in both Dublin, Ireland and Hong Kong, allows for direct access to local companies and a deep understanding of regional trends.

The team believes success in fundamental investing is achieved by identifying undervalued, under-appreciated companies where they identify a sustainable competitive advantage. Their skill is in identifying small cap companies that combine credible management, solid business strategy and strong governance.

• The team’s bottom-up evaluation process considers the business model, shareholder-oriented management and attractive relative valuations, allowing them to construct a distinctive portfolio with high return potential through stock selection, while minimizing unintended risks.
• Fundamental analysis consists of identifying stock ideas through proprietary research consisting of financial statement analysis, valuation modeling and meetings with company management.
• The team incorporates top-down thematic trends at macroeconomic and sector levels. This thematic focus enables early identification of long-term secular drivers to inform the research process.

1 Mackenzie Investments (the “Firm”) has been managing International Small Cap Equity assets since October 2002. 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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Investing involves risk.

The contents of this document are provided for illustrative and marketing purposes and do not constitute specific advice regarding your personal investment situation or provide specific individual advice about investment, insurance, financial, legal, accounting, tax or similar matters. Certain information contained in this document is obtained from third parties. Mackenzie Investments believes such information to be accurate and reliable as at the date hereof, however, we cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and Mackenzie Investments cannot be held liable for any loss arising from any use of or reliance on the information contained in this document. No portion of this communication may be reproduced or distributed to anyone without the express permission of Mackenzie Investments.

GIPS Compliance Statement

Mackenzie Investments claims compliance with the Global Investment Performance Standards (GIPS®).

Composite Description

The International Small Cap Composite seeks to provide signifcant long-term capital growth by  invesing in a diversifed portfolio of smaller International companies with below average market  capitalization. The invesment approach of the srategy is based on the principles of value invesing.  The Composite will primarily inves in developed markets but may also inves in emerging markets  and will generally be fully invesed. The composite was created on January 1, 2006. 

Benchmark Description

The benchmark is the MSCI EAFE (Europe Australasia, Far East) Small Cap Index. The MSCI EAFE (Europe Australasia, Far East) Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. With 2,218 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. 

List of Composites

A complete list of composite descriptions is available to prospective clients upon request