International Leaders ADR SMA

Separately Managed Accounts .



The International Leaders ADR model portfolio consists of foreign stocks that are listed on a U.S. exchange as American Depositary Receipts. Portfolios in this composite may invest in less developed or emerging markets which generally entail greater political, economic, market, tax, credit and other risks, and generally have greater price volatility than securities issued or traded in developed markets. All portfolios utilize a bottom-up approach focusing on large- and mid-cap stocks from primarily developed markets focusing on companies with leading market positions, strong cash flow, solid growth prospects and attractive valuations. This strategy is considered a core strategy with a bias toward quality.

Key Facts - Part 1
Benchmark MSCI EAFE Index
Key Facts - Part 2
Strategy Inception Date January 1 2008
Global Diversification
Richard Winkowski Jr.
Senior Vice President
Senior Portfolio Manager
Head of International Core/Value Team

joined Federated Hermes
31 years of experience
Dariusz Czoch, CFA
Vice President
Senior Portfolio Manager

joined Federated Hermes
23 years of experience



Investment strategies described on this site are not necessarily available through every sponsor program. Please check with your Federated Hermes representative or your home office to ascertain accessibility.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

Prices of emerging markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.

Investing in equities is speculative and involves substantial risk.

Price/book value ratio: A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

EPS growth: The estimated average annual growth rate of fiscal year earnings per share for a given corporation.

Price-to-earnings ratio (P/E): A ratio comparing the company’s current share price, as compared to its earnings-per-share, for the last twelve months (LTM), or estimated for the next 12 months (NTM), current fiscal year (FY1), or next (forward) fiscal year.

Price/cash flow ratio: A stock valuation measure calculated by dividing a firm’s cash flow per share into the current stock price.

The characteristics are based on a portfolio which is used as a guide for cloning (or managing) underlying accounts to a particular strategy. Taking into consideration individual investor circumstances could cause deviation from this guide (e.g. restrictions, tax requests, etc.). Portfolio characteristics are as of the date shown above and are based on individual securities in the portfolio on that date. Securities in the portfolio are subject to change.

Risk statistics are based on gross performance. Statistics shown are not indicative of future statistics and are not representative of future portfolio performance.

For a detailed discussion of Managed Account strategies or to receive additional information, please Contact Us.

Issued and approved by Federated Investment Counseling