Starbucks Corp.

MAML is an active manager which aims to maximize returns for Australian and New Zealand investors through global equities and global listed infrastructure strategies. The firm aims to find outstanding global companies at attractive prices which have a wide economic moat, sustained competitive advantages, re-investment potential, low business risk (assessed by cyclicality, operating leverage, operating margin, financial leverage, competitive strength, regulatory and political environment and profitability) and low agency risk (determined by senior management incentives, share ownership by senior management and directors, track record of pursuing acquisitions, desire of management to grow and management's track record of returning free cash flow to shareholders via share buy-backs and/or dividends). MAML performs research including fundamental analysis and historical share price correlations to identify outstanding companies and weight their portfolio towards their highest conviction ideas, believing that a portfolio of a select number of investments will achieve sufficient diversification to avoid correlation to a single company, industry or macroeconomic risk. They utilize their proprietary Magellan Conviction Scoring Matrix to rank companies based on quantitative and qualitative factors.

Cedar Rock is an active, long-term manager which aims to achieve absolute returns with a strong capital preservation bias. They follow a long-only, buy-and-hold global equity strategy that seeks to minimize frictional costs and to defer capital gains by investing only in quoted companies they believe are capable of compounding in value indefinitely. In selecting companies appropriate for long-term investment, Cedar Rock follow strict bottom-up approach emphasizing quality, value and managerial character. They seek companies capable of sustaining high returns on capital without requiring financial leverage. To determine value, the firm weigh companies' free cash flow yields against long-term interest rates to determine value. They construct concentrated portfolios and do not attempt to control volatility relative to any benchmark but measure performance against the MSCI World Index. Cedar Rock generally holds a stock in the portfolio for five to six years. The portfolio typically has a European bias.

In 1951, marking the 25th anniversary of the founding of Loomis, Sayles & Company, Robert H. Loomis sent a clear message to all clients. Click here to read. More than 60 years later, I echo the words of our founder when he said, "we wish to express our gratitude and appreciation to those who, through these difficult years, have helped us to the success we have enjoyed. We look to the future with humility but with confidence." The biggest difference in today's world is that our pace is faster and our playing field is larger. Given this scenario, our job at Loomis Sayles is to keep a laser-like “eye on the ball” particularly during times of uncertainty and volatility, where both risk and opportunity reside. My goal is to ensure that Loomis Sayles remains a broad-based, house of excellence trusted by our clients and recognized for our record of: Attracting and retaining exceptional investment professionals Providing caring, highly ethical and informative services to our clients Producing strong investment performance across our full stable of products The last five years have been a time of tremendous innovation for us. We have grabbed hold of opportunities presented by market upheaval to unearth some tremendous investments, build off our base and empower people to construct and test new capabilities. By integrating these with existing capabilities, (quantitative research, deeper risk analysis, greater macro-economic firepower, absolute return-oriented strategies and securitized capabilities), I believe we are a better investment firm than ever. On behalf of all Loomis Sayles employees, thank you for placing your confidence in us. From my personal vantage point, I am more confident than ever about the future of our company and the skills and passion of our people to deliver excellence in their work. We look forward to serving your investment needs as we face the ever-changing future together.

Crossbencher at United Kingdom House of Lords