What should a manager of funds that invest around the world do during a lingering disagreement between the U.S. and China? For Brian Beitner, managing partner of Chautauqua Capital Management, the answer is to avoid making investments that assume a favorable outcome for trade negotiations.
The two portfolios are managed the same way, except that the Global Growth Fund includes U.S. stocks, which made up 41% of the portfolio as of March 31. This explains its better performance. Total returns and expense figures for both funds are below. Beitner discussed three companies held by both funds. Here they are, with total returns and sales-growth figures:You can click the tickers for more about each company. The tickers in the table are those held by the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund. For ASML, the funds hold the American depositary receipts. The funds hold the locally listed shares for the other two. The ADR for Temenos is TMSNY, -1.00% and the ADR ticker for BYD Co. is ASML, -0.
George Maris of Janus Henderson also likes ASML as a long-term investment, and in April discussed investors’ tendency to toss the stock overboard during frequent short periods when semiconductor stocks are out of favor.Temenos Swiss-based Temenos TMSNY, -1.00% TEMN, -0.43% provides core systems to banks.
BYD Co. BYD 1211, +1.45% stands for “Build Your Dream.” The Chinese electric car manufacturer also makes electric buses and batteries. Beitner said he has held the stock “off and on.”
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