ADR

INVESTMENT PHILOSOPHY

PIA’s approach to international ADR investing is long-term and risk aware. We believe an unhedged portfolio of companies with traditional value characteristics and positive company- specific catalysts, concentrated in countries that also exhibit strong value characteristics, will consistently outperform the market.

• Buy Undervalued Stocks. Equity research on international markets has demonstrated that stocks with low valuation ratios produce superior returns over growth stocks. Our value-oriented discipline determines both country allocation and stock selection.
  
  

• Risk Aware. Strict adherence to our core value philosophy, broad geographic and industry diversification, and an emphasis on quality give the portfolio attractive risk characteristics.
  
  

• No Market Timing. Portfolios are fully invested. PIA will not utilize futures, other derivatives, or hedge currencies.