International
The International strategy aims to provide long-term capital appreciation through investment in a diversified portfolio of non-U.S. equities from a broad market capitalization spectrum, with value added primarily through stock selection.
Investment Strategy
We invest in companies at attractive discounts to our estimate of intrinsic value with:
- Strong competitive moats from economies of scale, intellectual property, network effects, and switching cost that operate in above average industries,
- Balance sheets capable of withstanding significant pressure,
- Management teams whose incentives are aligned with long-term shareholders, and
- Consistent dividends.
We screen a universe of over 5,000 companies by market cap, float, and trading liquidity limits, before applying any valuation, returns or yield criteria to cut the opportunity set down to a more manageable prospect pool from which fundamental research can then be conducted.
Guidelines
Benchmark:
MSCI World ex US
Typical Number of Positions:
35-55
Maximum Position Size:
6%
Top 10 Holdings Concentration:
>25%
Maximum Emerging Market Exposure:
30%
Maximum Country Exposure:
35%
Maximum Industry Exposure:
20%
Maximum Cash Position:
20%
STRATEGY FACTS
As of 3.31.25
Composite Inception
10.01.20
Assets Under Management
AUM
$55.6m
Investment Vehicles
Mutual Fund
Standard Minimum
$2,500 (Class I)
PORTFOLIO MANAGER
Bob Sharpe
Portfolio Manager & Research Analyst
41 Years Industry Experience
Bob joined VELA in 2020 and has served as Portfolio Manager on the International Strategy since inception. He is also a partner in our firm.
Most recently, Bob served as a Partner, Vice President, and Portfolio Manager of the International Value Fund at Heartland Advisors.
Bob’s other roles have included Portfolio Manager and Director of International Investments for STRS Ohio, and Equity Research Analyst for the Capital Group.
Bob holds a B.A. from Williams College.
