Global Consumer Long/Short Equity

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Portfolio Manager

Jason Schrotberger, CFA

Turner Global Consumer Long/Short Equity is a concentrated portfolio of long and short investments focused on the consumer sector.

Investment Objectives

• Seek to deliver superior, risk-adjusted returns in all market environments 

• Seek to maintain a low correlation to broader market indices 

• Seek to limit downside volatility through an attentive risk management process and disciplined portfolio construction 

Investment Philosophy

We seek to buy companies with improving earnings dynamics and short those with deteriorating fundamentals.

Investment Process

Turner’s Global Consumer Long/Short Equity strategy is designed to add value strictly through superior stock selection, based on the output of extensive, industry-focused fundamental research. The goal of our investment process is to identify candidates for investment that are growth companies with above-average earnings prospects.

Specifically, our industry analysts seek to identify:

• Companies benefiting from change:

  • Accelerating earnings

  • Improving expectations

  • High returns on capital 

• Industry leaders:

  • Strong management

  • Sustainable earnings, margins and revenue growth

  • Compelling new products and services

  • Open-ended business opportunities

  • Market share gains

Turner’s industry analysts seek to identify sale/short sale candidates by identifying companies that exhibit the following:

• Decelerating earnings prospects and declining business momentum.

• Overwhelming competitive or financial challenges with negative near-term catalysts.

• Loss of market share due to poor execution or a lack of innovation.

• Questionable accounting practices and deteriorating operating models.

Our 25 Investment Team members are grouped into five sector research teams, and each analyst is responsible for researching specific industries within each market sector. Our investment professionals perform rigorous fundamental research using innovative, multidisciplinary methods to maintain an information edge, allowing them to capture investment opportunities in all market cycles. We believe the benefits of industry-specific research versus product- or capitalization-specific research are significant, as the same analysts maintain coverage of companies that may migrate from small cap to mid cap, or mid cap to large cap. Industry-specific research ensures that the same personnel follow a security through its lifecycle.

The heart of our stock selection process is fundamental analysis. Extensive, sector-focused analysis is undertaken by our industry experts to identify and quantify the critical factors driving growth. The goal of our research teams is to produce 360°analysis utilizing input from financials, competitors, suppliers, customers and independent research providers to determine if the companies followed will exceed, meet, or fall short of consensus earnings expectations. In addition, members of our Investment Team conducted over 3,300 meetings with domestic and international company management during 2011 in efforts to gain further insight into the dynamics behind a company’s growth prospects.

The lead portfolio manager collaborates directly with the industry analysts regarding the output of their research, and is ultimately responsible for security selection and for the individual weighting of each portfolio holding.

Important Disclosure

Turner Investments is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Turner Investment Partners has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at drossi@turnerinvestments.com or write Ms. Rossi at Turner Investment Partners, Inc., 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.

Total firm assets under management as of 12.31.11 were approximately $13.4 billion. Assets under management totals include a limited number of non-discretionary arrangements where Turner provides a model portfolio. As of 12.31.11, 1.8% of Turner's assets under management were non-discretionary. Firm assets for 1998 include $360 million from Solon Asset Management, acquired 1.5.98. Past performance is no guarantee of future results.

Characteristics, holdings, and sector weighting information are subject to change, and should not be considered as recommendations. Cash consists of U.S. dollars and/or cash equivalents such as repurchase agreements, certificates of deposits or commercial paper. Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee of future results.