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Fundamental Equity Team

Overview Philosophy Process Products Team
The Fundamental Equity investment team employs a research-intensive approach to bottom-up portfolio construction in an effort to obtain a diversified exposure to high conviction investment ideas with high active share. Their investment strategies focus on companies with sustainable growth and aim to construct portfolios comprised of high quality names that are likely to provide consistent excess returns versus the stated benchmark over time. The team is distinguished by:
  • Portfolio Management TeamExperienced portfolio management team with diversity in thought, background, and experience
  • PhilosophyPhilosophy exclusively focused on identifying sustainable growth opportunities through all market cycles
  • Decision-Making ProcessHigh-conviction, team decision-making process is expected to result in a high active share portfolio
  • StrategyThe Strategies have historically provided relatively strong results since inception, with bottom-up stock selection driving excess returns (although past performance is no guarantee of future results)
The Fundamental Equity investment team believes it can generate excess returns using a fundamental approach by investing in companies that have sustainable business models. The investment process focuses on long-term holdings in companies with diversified revenue streams that the investment team believes have the ability to sustain growth, year after year, regardless of the economic cycle. The result of this investment philosophy is expected to be a diversified, high-conviction portfolio investing in companies that the investment team finds attractively valued, while also looking to protect investors in volatile market environments.
The Fundamental Equity investment team employs a research-driven investment approach, which utilizes fundamental analysis to construct diversified portfolios through bottom-up security selection. The investment team firmly believes that the best way to generate returns is by investing in companies that have sustainable business models and meet the team’s strict criteria for investment.
International Equity All Country (Fundamental)
Objective
The Fundamental International Equity All Country Strategy is a bottom-up investment strategy, incorporating individual company fundamental analysis, industry competitive dynamics, and analysis on secular trends to identify long-term holdings in companies that have the potential for sustainable growth.
Investment Universe
The team seeks investable ideas across all sectors, geographies (except the US), and market capitalizations. The Strategy’s investable universe is not constrained by the benchmark (the MSCI All Country World ex-US Index), therefore research can be conducted on any non-US company, so long as the stock meets the team’s strict fundamental investment criteria regarding sustainability.

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Carlos Garcia-Tunon, CFA
Head of Fundamental Equity
Portfolio Managers / Analysts
3
Carlos Garcia-Tunon is the Head of the Fundamental Equity team responsible for overseeing the investment research process and has ultimate responsibility for the positioning of investment portfolios. Carlos started at MacKay Shields when the firm joined with equity specialist, Cornerstone Capital Management Holdings in January 2018. Carlos started at Cornerstone in 2011 as a Portfolio Manager for international and global equity portfolios. Previously, he spent seven years at Morgan Stanley, initially serving as a Health Care sector analyst before serving as a Research Analyst and Portfolio Manager for the Global Growth Team. Additionally, he spent four years working at JPMorgan as an analyst and Portfolio Manager.

Carlos received his BS in Finance from Georgetown University and his MBA from the Wharton School at the University of Pennsylvania, where he was a Robert Toigo Foundation fellow. Carlos is also a CFA charterholder and a member of the New York Society for Security Analysts. He has been working in the investment industry since 1999.
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© MacKay Shields 2018
An affiliate of New York Life Investment Management Holdings LLC
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