ITOL

ITOL curates a portfolio of 15-100 international companies with strong financial metrics and tangible, durable, and dominant moats. Key financial metrics include recurring revenue, predictable earnings, inflation-linked cash flows, and consistently high returns on invested capital. The fund invests in common and preferred stocks, as well as ADRs and GDRs. Stock selection integrates top-down macroeconomic and sector research with bottom-up fundamental and valuation analysis, including peer and historical valuation comparisons. The strategy aims for lasting advantages through factors like scale, regulation, network effects, switching costs, or unique physical assets. The fund does not hedge currency risk. It may also participate in securities lending. Holdings exclude companies listed in the US and Canada but may invest up to 25% in emerging markets. The adviser employs both internal and external data to monitor the portfolio.