The Sub-Investment Manager seeks to select investments for the Fund that it believes have above average long-term earnings and cash flow growth prospects, an attractive current valuation and which promote environmental and social characteristics. The Sub-Investment Manager is responsible for identifying companies that meet the fundamental characteristics which demonstrate the growth and quality profiles which, in the opinion of the Sub-Investment Manager, could make them attractive investments for the Fund.
Strategy & Manager
Be selective in company identification and look for specific characteristics in all portfolio companies: pricing power, repeat revenues, global opportunity, financial strength and management strength. Be diligent in firsthand, team-based research to increase the odds that companies meet our quality and growth expectations, and to identify new investment opportunities. Be disciplined in valuation, managing price risk through the application of valuation tools focused on cash flow
Hrishikesh (HK) Gupta - Portfolio Manager
HK is a Principal, Analyst and Portfolio Manager on the SGA Investment Committee. HK has been with the firm since 2014. He has been co-manager of SGA’s Emerging Markets Growth Portfolio since its inception in 2014 and of SGA’s Global Mid-Cap Growth Portfolio since its inception in 2018. In 2021, he joined the portfolio management team of SGA’s flagship Global Growth Portfolio as co-manager. HK worked at three companies that have featured on our Qualified Company List (Qualcomm, American Express and Amazon) before joining the investment industry. Prior to joining SGA, HK was a Senior Analyst at MDR Capital Management, a long / short equity hedge fund, and an Associate Managing Director at Iridian Asset Management. HK followed the Technology, Telecommunications, Industrials, Basic Commodity and Refiners sectors while at MDR and Iridian. He also worked as an Investment Banking Associate at Bank of America Merrill Lynch, and advised industrials and financials’ clients on private placements and M&A. As noted, HK spent three years in industry as a Product and Program Manager at Amazon.com and, as part of their strategic executive division, led the launch of Amazon’s Japanese and German merchant platforms. HK holds a Bachelor’s degree in Computer Science from Indian Institute of Technology (IIT) Bombay, an MS in Computer Science from the University of California, San Diego and an MBA with specialization in Corporate Finance from the Stern School of Business at NYU. HK was born, raised and educated in India and is fluent in Hindi.
Kishore Rao - Portfolio Manager
Kishore is a Principal, Analyst and Portfolio Manager on the SGA Investment Committee. Kishore has been with the firm since 2004. He has been co-manager of SGA’s Emerging Markets Growth Portfolio since its inception in 2014 and of SGA’s Global Mid-Cap Growth Portfolio since its inception in 2018. In 2020, he joined the portfolio management team of SGA’s flagship US Large Cap Growth Portfolio as co-manager. Historically, Kishore oversaw SGA’s analysts’ internship program where we mentor promising analyst candidates who are completing their Master’s degrees at leading universities. Prior to joining SGA, Kishore was a member of the investment team at Trident Capital, a venture capital firm managing a portfolio of software, technology, and business service companies. He was a Founder and General Manager of the Street Events division of CCBN before it was sold to Thomson Reuters. Previously, Kishore was an Investment Analyst at Tiger Management following healthcare services and software companies and an Analyst at Wellington Management following semiconductor equipment. Kishore has a B.S. in Industrial Management from Carnegie Mellon University and an M.B.A. from Harvard Business School.
Rob Rohn - Portfolio Manager
Rob is a co-Founding Principal, Analyst and Portfolio Manager on the SGA Investment Committee. He also sits on SGA’s Executive Board. Since starting the firm, Rob has been co-manager of SGA’s US Large Cap Growth and Global Growth Flagship Portfolios, from their respective composite inceptions (2000 and 2010). In addition, he is part of the three portfolio manager team that started and currently manages both the SGA Emerging Markets Growth and Global Mid-Cap Growth Portfolios (inception years 2015 and 2019, respectively). Rob has also had oversight over SGA’s research functions involving our Investment Committee, coordinating the IC scheduled meetings and company discussion topics and balancing the workload of coverage among all analysts. Prior to co-founding SGA, Rob was a portfolio manager and principal with W.P Stewart & Co, Ltd., a firm noted for managing large-cap, high quality growth stock portfolios. During Rob’s twelve-year tenure with W.P. Stewart, he was CEO of the firm’s core U.S. investment business and before he resigned, Chairman of the Management Committee. From 1988 through 1991, he was a Vice President with Yeager, Wood & Marshall, Inc., where he was a member of the Investment Policy Committee with responsibilities in equity analysis and portfolio management. Rob began his career in 1983 at J.P. Morgan where he was an officer in Corporate Finance. Rob has a B.A. (Cum Laude) from Dartmouth College and an M.B.A. from Harvard Business School.
Statistics & Commentary
Investment Manager’s Commentary – August 2022
Markets wavered once again in August after a strong rebound in July as inflation concerns resurfaced and hopes for a pivot in monetary policy from the Fed and other central banks diminished. Growth stocks underperformed during the period with stocks in the Information Technology and Health Care sectors declining most. The Energy sector performed best despite declining oil prices. Contrary to the comments made in July, a more hawkish tone from central banks indicating a willingness to continue steady rate increases despite growing recession risks led to widespread market declines. Inflation remained elevated in the U.S., despite some moderation, while European inflation continued to rise and is expected to worsen driven by rising energy costs. Emerging Markets outperformed in August with Latin American markets performing strongly while markets in Europe and the U.S. lagged. Chinese equities outperformed as markets there rebounded following steep losses in July, however, issues in the Chinese property market and the country’s zero-COVID tolerance policies continue to weigh on economic activity. Monetary tightening in Europe to slow inflation is likely to further weigh on the region’s already slowing economic growth prospects, posing headwinds for more economically sensitive areas of the market. We continue to expect further moderation in broad-based earnings expectations and are confident that the more resilient and sustainable growth companies in the SGA portfolio will increasingly be rewarded in what is likely to be a more challenging economic backdrop moving forward.
Registered Office of the ICAV:
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Kepler Liquid Strategies ICAV
Attention: TA Department
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SGSS (Ireland) Limited
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