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.

Investment Style

35-45 holdings diversified 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

Higher than average dividend yield: 4.1% vs. iShares MSCI EAFE index of 3.1% (as of Q3 2017)

Has outperformed the MSCI EAFE index with less volatility

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

Strategy Managers
Richard E. Buchwald, CFA® Managing Director
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Marvin I. Kline, CFA® Managing Director
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