The Logan International Dividend ADR strategy has a total return approach, seeking both income and capital appreciation, with a record of outperforming its benchmarks with lower risk over time. Our bottom-up selection process identifies 35-45 American Depository Receipts (ADRs) and common stocks of non-U.S. companies traded in the U.S. with high dividend yields and a longer-term investment horizon, primarily in the developed markets.

Past performance does not guarantee future results. Investing internationally carries additional risks such as differences in financial reporting, currency exchange risk, as well as economic and political risk unique to the specific country. This may result in greater share price volatility. Shares, when sold, may be worth more or less than their original cost.

Investment Style

35-45 holdings diversified [1] across 7–11 sectors and 10+ countries, with minimal exposure to emerging markets

Screen ADR universe for dividend-paying stocks with minimum market caps of >$10 billion (250-300 companies total)

From this investable universe, we research for low payout ratios, strong balance sheets, and strong cash flows, then extensively analyze financial statements and company fundamentals to make final selection of 35–45 holdings

Performance Highlights

Dividend yield higher than FTSE Developed ex US Index [2]

Tax-friendly 15% average annual portfolio turnover and excellent downside preservation

[1] Diversification does not guarantee a profit or protect against a loss in a declining market. It is a method used to help manage investment risk.

[2] The FTSE Developed ex US Index is part of a range of indexes designed to help US investors benchmark their international investments. The index comprises Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US.

Strategy Managers
William T. Fitzpatrick, CFA® Managing Director, Portfolio Manager
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Dan R. Gruemmer
Dan R. Gruemmer, CFA® Managing Director, Portfolio Manager
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