• Access to non-U.S. opportunities
• Management from experienced value specialists
• Distinct "intrinsic" value philosophy
• Research-intensive investment process

BEYOND THE U.S.

Today's global economy has changed where and how we invest. And while the U.S. is still a dominant force, the majority of the world's largest companies are elsewhere. Oppenheimer Capital's International Value managed account portfolio is a convenient way to access growth opportunities outside the U.S.

EXPERIENCED SPECIALISTS

Since its inception in 1969, Oppenheimer Capital has built a reputation as a leading value manager. Much of this success is attributable to the experience and expertise of the firm's investment professionals.

DISTINCT VALUE PHILOSOPHY

Most value-style managers determine a company's value based on its current financial results. Oppenheimer Capital differentiates itself by defining a company's value as its "intrinsic" worth-current financial results plus all reasonable projections about a company's prospects. Accordingly, the International Value managed account portfolio seeks to invest in the stocks of high-quality businesses that are selling at a discount to their intrinsic value.

RESEARCH-INTENSIVE PROCESS

Oppenheimer Capital relies on extensive research and complex analytics to manage the International Value managed account portfolios.

• Assess current status-conduct rigorous, bottom-up fundamental analysis.
• Make reasonable predictions-Ojectively make all possible projections about a company's prospects.
• Calculate intrinsic value-Use sophisticated analytics to quantify current worth plus prospects.
• Make investment decisions-Build a portfolio of companies selling at a significant discount to their intrinsic value.

Oppenheimer Capital follows this disciplined process to construct an International Value managed account portfolio.

• Extensive research-Analysts work with global industry sector teams to evaluate region, industry and stock opportunities.
• Stock selection-All stocks are selected based on company fundamentals. The International Value portfolio manager, with input from analysts, selects approximately 35-50 holdings for the portfolio.
• Sell strategy-Sell review is triggered if a stock's price approaches full intrinsic value, if the company's fundamentals or risk changes, if the stock price moves sharply in either direction, or if a more attractive alternative is available.

New York, NY

Oppenheimer Capital (OCC) provides a broad range of innovative equity investment strategies for both institutional and individual investors. The firm’s disciplined approach to money management is focused on delivering alpha to investors’ portfolios through proprietary, bottom-up research that results in differentiated insights.