Westwood Global Equity

The Global Equity Strategy invests in the common stock of 65-85 companies located throughout the world, with market capitalizations above USD $1 billion.

We believe that investments in sound businesses that are mispriced and that can generate positive and sustainable earnings growth will enable superior economic profits over time.

A bottom-up company selection process that is combined with a country allocation framework is the primary factor in our decision-making process. In depth, proprietary fundamental research conducted by the team of portfolio managers and analysts on a global basis is used to reveal emerging market stocks with sustainable earnings growth and Economic Value Added (EVA) prospects not recognized by the market, at attractive valuations.

Buy discipline

Initial screens are utilized to narrow the universe of investable companies by looking for companies with required trading liquidity, market capitalization and Cash Flow Return on Investment (CFROI) metrics.

After the initial list is generated, Research Analysts conduct further industry specific screens and filter the list further via sector-specific valuation multiples and/or operational metrics. The Analysts, and lead Portfolio Manager then develop a Priority List of the best candidates for further due diligence on the basis of both qualitative aspects and sub-sector trends.

Fundamental analysis is conducted in three stages:

1.Qualitative analysis is used to understand and evaluate a company’s franchise value, competitive advantages, growth drivers and management alignment.

2.Quantitative analysis is used to assess and evaluate the company’s financial statements over the last 1-2 business cycles as well as forecast the next 3-5 years.

3. Determination of fair value: Using discounted cash flow analysis, along with metrics such as P/E, price/cash flow, and enterprise value/EBITDA, we determine an appropriate fair value estimate.

Sell discipline

Stocks purchased in the portfolio are held until an alternative with stronger fundamentals and return characteristics is found. All portfolio holdings and candidates are evaluated within the context of the overall portfolio. There are no automatic sales of securities; however, potential sell triggers may include attainment of fair value and deterioration in value or fundamental quality.

Performance

(As of 3/31/2013)

	Inception date	1Q13	Since Inception
Global Equity	7/1/2012	4.8%	17.6%
Net of Fees		4.5%	17.2%
MSCI ACWI		6.6%	17.5%

Click to download composite performance details.

“Past performance is not a guarantee of future returns. Returns are preliminary and are subject to change. Click here for the performance disclosure. The disclosures provided are considered an integral part of this presentation.”