Global Markets Equity Composite
Claim of compliance and performance examination
Vontobel Asset Management, Inc. (“Vontobel”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Vontobel has been independently verified for the periods from January 1, 2001 through December 31, 2022. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Markets Equity composite has had a performance examination for the periods from January 1, 2001 through December 31, 2022. The verification and performance examination reports are available upon request.
Firm definition
Vontobel is an investment advisory firm registered with the Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and a subsidiary of Vontobel Holding AG, Zurich, Switzerland. For GIPS purposes, the firm is defined as all institutional accounts managed by Vontobel Quality Growth boutique, excluding wrap accounts and private client assets managed in previous years.
Composite description
The Global Markets Equity Composite includes all discretionary accounts that invest mainly in equity or equity-linked securities of issuers located in the developed and emerging markets in the United States, Europe, Asia and Latin America. This composite consists of accounts that are not required to be at least 75% hedged at all times, and these accounts can hold as many as 70 stocks at any given time. The minimum account size for this composite is $1 million. The composite was created on May 3, 2004 and incepted on April 1, 1994.
List of composites
The firm maintains a complete list and description of composites as well as a list of broad distribution pooled funds, which are available upon request.
GIPS policies
Policies for valuing investments, calculating performance and preparing GIPS Reports are available upon request.
Total firm assets
Total firm assets as of 12/31/2023: $24.633 mil.; 12/31/2022: $23,788mil.; 12/31/2021: $36.017mil.; 12/31/2020: $38.334mil.
Benchmark description
Results of the composite are shown compared to the MSCI All Country World Index (the “MSCI ACWI“), an unmanaged index of stocks traded in major world markets. The benchmark was changed to provide a closer representative comparison versus the composite. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the investments in the composite. The index is a free float-adjusted market capitalization index that is designed to measure global developed and emerging markets equity performance. With approximately 2,920 constituents, it is a market-weighted aggregate of 23 Developed Markets and 24 Emerging Markets country indexes that collectively represent major markets of the world. The index is calculated on a total return basis with net dividends reinvested. It reflects withholding taxes, but not fees and other investment expenses, and is expressed in U.S. Dollars. Investments made by Vontobel for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the MSCI ACWI. The index has not been examined by an independent verifier.
Withholding taxes
Net composite performance is presented after the deduction of foreign withholding taxes. Capital gains, dividends and interest income received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable.
Calculation method
The U.S. Dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. The gross rates of return are presented before the deduction of investment management fees and other investment-related fees, and after the deduction of foreign withholding taxes, brokerage commissions and transaction costs. The net rates of return are presented after the deduction of investment management fees, brokerage commissions, transaction costs, other investment-related fees, foreign withholding taxes and bundled fees. Such investment management fees are actual fees. Withholding tax rates for the indices are applicable to Luxembourg withholding companies. Our withholding taxes, as captured in the composites, may vary from those captured in the index. Effective January 2016, the net returns reflect daily accruing of fees based on each account’s fee schedule. Prior to 2016, the net returns were calculated using actual fees recorded on a cash basis. Starting in 2014, the net rates of return are also reflective of performance fees. Prior to 2014, the net rates of return did not contain any performance-based fee components.
Fee schedule
The standard annual management fees charged by Vontobel for the Composite are: 0.75% on the first $100 million, 0.65% over $100 million. Certain accounts may have negotiated management fees, which may be higher or lower than the standard fee schedule. Investment advisory fees are further described in Part 2 of its Form ADV.
Significant event
As of March 7, 2016, Mr. Matthew Benkendorf took over the management of the Vontobel Global Equity Strategy. Mr. Ramiz Chelat has been co-PM since June 1, 2016. There are no changes to the composite strategy as a result of the management change.
Past performance
Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. Value and income received are not guaranteed and one may get back less than originally invested. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
