Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System
Baxter Street Overview
Strategy
Portfolio
Management
Process
Exposures
Differentiation
Launched in 2012, Baxter Street is the Firm's international equity long-only strategy with $11.0 billion in
assets.
Chad Clark has been Portfolio Manager since inception, and Matthew Pickering additionally assumed the
role of Portfolio Manager in 2017. Chad and Matthew have worked together since inception. Brian Vollmer
has served as the strategy's Associate Portfolio Manager since 2017.
We employ a disciplined fundamental research process to identify high-quality businesses.
Typical exposure is 70%-100%. Baxter Street is a high-conviction strategy with the top 15 positions often
comprising nearly half of the Fund's assets.
We are geographically agnostic, which we believe is a competitive advantage vs. peers. We take advantage
of the inherent volatility of international markets and deploy capital wherever discounts to intrinsic values
have widened and the opportunity is greatest.
As of December 31, 2020. The most current month-end AUM numbers are estimated.
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