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International Equity

Portfolio Manager: James L. Moffett- Scout Investments, Inc. (Bio)
Quarterly Fact Sheet* (.pdf)


UMB’s International Equity Strategy employs a top-down investment approach. Great emphasis is placed on determining country and sector allocations versus the Strategy’s benchmark, the MSCI EAFE Index. The management team identifies both countries and sectors to pursue, and countries and sectors to avoid. Favorable country characteristics include political and economic stability as well as a proven track record for respecting the rule of law. Within these favorable countries and sectors, the management team examines the characteristics of individual issues.

This strategy seeks to invest in large capitalization companies that will, over time, increase cash flow and profits more rapidly than will their peers. The management team seeks to invest in companies either located outside the United States or whose primary business is carried on outside of the United States. A large percentage of the investments are in American Depositary Receipts (ADRs), due to ease of trading and the increased information provided by their required Generally Accepted Accounting Principles (GAAP).

The International Equity Strategy seeks quality growth companies in its portfolios. The following measures (among others) are examined closely during the screening process:

  • Five-year historical growth in earnings/share
  • Consistency in growth of earnings/share
  • Growth in sales
  • Return on shareholder equity
  • Debt-to-total-capital ratio

Management seeks to create a buy list of 130-140 stocks which are monitored regularly by the international equity research staff.


* Subadvised by Scout Investments, an affiliate of UMB Bank.

Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in securities regulations and accounting standards, possible changes in taxation, limited public information and other factors. The risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies.