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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highly attractive, undervalued international dividend-payers."
In Q3 2025, Schafer Cullen's Global High Dividend ADR strategy returned 5.0% net (5.4% gross), underperforming the MSCI ACWI Index (7.6%) and the MSCI ACWI Value Index (6.1%) due to style headwinds including growth outperforming value and US equities outperforming international. Year-to-date, the strategy continues to outperform both benchmarks. Significant portfolio adjustments included buying Vinci (France, Industrials) and exiting UPM-Kymmene (Finland, Materials) and Svenska Handelsbanken (Sweden, Financials). The managers warn of historic concentration in the US S&P 500, with the top 10 names holding 39% of index weight, and argue that US equities are heavily overvalued relative to international peers. They highlight several upcoming catalysts for ex-US outperformance, such as increased European fiscal spending and US dollar depreciation.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Growth Outlook
Market outlook remains above average conviction: The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Risk Appetite
Risk appetite posture is moderate conviction: The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Forward Guidance
Forward guidance signal: The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Language Signal
Tone analysis indicates above average conviction language: The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
Time Horizon
Investment time horizon reflects a high conviction orientation. The strategy underperformed in Q3 due to short-term style headwinds, but remains ahead YTD. The managers strongly urge rebalancing out of concentrated US tech growth and into highl...
