International ADR SMA

The International ADR model portfolio consists of foreign stocks that are listed on a U.S. exchange as American Depositary Receipts. Portfolios in this composite may invest in less developed or emerging markets which generally entail greater political, economic, market, tax, credit and other risks, and generally have greater price volatility than securities issued or traded in developed markets. All portfolios utilize a bottom-up approach focusing on large- and mid-cap stocks from primarily developed markets focusing on companies with leading market positions, strong cash flow, solid growth prospects and attractive valuations. This strategy is considered a core strategy with a bias toward quality.