A Financial Advisor on Growth Stocks and Why Growth Stocks are Down
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CHAMBERS: Hey everybody. It's Trevor Chambers from Olde Raleigh Financial Group, here in sunny, North Carolina -- Raleigh, North Carolina, and very excited today. I have Kevin Lewis in with us today and I'm excited. Kevin Lewis is a client portfolio manager from American Century, in Kansas City. Kevin, welcome to the Soundtrack to a Financial Advisors Life. How are you today?
LEWIS: Great, Trevor. It's good to speak with you today.
CHAMBERS: Good. Well thank you for coming on. So, it's -- it's August 10th and I was just looking, you and I spoke about a year ago and things were much different then. And I -- I just wanted to talk to you. You help us manage a -- a portfolio for clients. It's a little bit more growth oriented. And I wanted to talk about this because right now, you know, in times that we're going through right now with the markets some might say, well, I wanna (sic) get away from growth. And I just wanna (sic) talk to you about it and talk the validity of always of keeping growth in the mix. And so, but first I just wanted to -- let's talk about the Fed. Let's get right into it. What's the impact of this Fed raising regime on growth and how does that all work? You know, what -- what's the impact on -- on companies? Kind of break that down a little bit and then and then we can go from there.
LEWIS: Sure. Yeah, Trevor just like you value a bond, rental property, or other financial assets, higher rates mean a higher discounting of the cash flows of the business. In -- in other words, investors have repriced lower companies to compensate them for the higher rates and the risk of the market. Now growth companies have a longer duration of cash flows. So, it typically impacts them harder than value companies. But we believe, Trevor, that our portfolio companies will have a higher and rising long term cash flow to offset the rises in rates because of the large market opportunities that they're participating in. And again, the result of the re-pricing of -- of growth companies has been a penalty, as you mentioned, more than value in the market. The -- the Russell 1000 value index, which is an index of large value-oriented companies, as an indicator has outperformed the Russell 1000 growth index over the last 12 months, ending July by about ten percent. And -- and we have data, I think this is important. We have data from a research provider that shows the performance head went to growth-oriented companies, as we've mentioned facing the headwind. The performance headwind is now approaching a negative two standard deviation event. Let me repeat that, a negative two standard deviation event. So, Trevor statistically, it's very stretched to the downside.
CHAMBERS: Right.
LEWIS: And we think represents an opportunity for long term investors given the -- the stretched nature of the headwind.
CHAMBERS: Got it. Yeah. I would agree. So basically, growth is on sale.
LEWIS: You could put it that way, yes.
CHAMBERS: Yeah. Yeah. So, okay. So, I -- you kind of got into this, but why stick with growth? You know, like what role, if you're thinking about an investor in this totality, I mean, what -- why stick with it when it's getting absolutely crushed? You know, because a lot of people are saying that like, God, I don't wanna (sic) be in that, but you know, why stick with it?
LEWIS: Sure. First by looking out several years, we can take advantage of the near-term volatility, such as rising rates, which we're talking about today. And, and we can factor in -- in views that wall street isn't valuing or seeing in -- in stocks today that have pulled back. You know, historically the markets go through periods where they're focused on transitory challenges, such as inflation, recession, geopolitical events, which have created volatility. But were actually resolved over longer-term periods. And in one study we conducted on a one-year basis the Russell 1000 growth benchmark had positive returns most of the periods, about 80% of them. In negative returns in approximately 20% of the one-year periods. But here's the important point, over the longer five-year periods, the frequency of negative returns dropped by about half to around ten percent, Trevor. And even holding even longer, the percentage of 10-year periods with negative returns was approximately five percent. So historically by expanding the holding horizon, the frequency of loss fell, and the frequency of positive returns increase. And another thing I'd like to add is that we invest in quality businesses, run by very capable management teams to navigate, adapt, and overcome challenges, whether they be economic or competitive threats. And part of our due diligence when meeting with these companies that we invest in is to discuss the environment and their plans to grow the business over time. And Trevor, they typically have large market opportunities backed by secular shifts that are going on in our economy. So, they should be okay over the longer-term period.
CHAMBERS: So, what kind of companies do you like and what are -- what's -- what are you -- what are you following and what are in your -- what are maybe a couple of them that are in the -- and what are they going through right now? You know, if you listen to the press, everybody's getting more, you know, interested in what what's dropping to the bottom line and you know, and all that. So, I mean, or are these companies that you're in, are they just full board? Just like continue to grow, continue to grow?
LEWIS: Well, they're not completely immune to the reality of the geopolitical events or inflation, but I think the key is that they are equipped, well equipped to adapt and to overcome the challenges that are presenting themselves. And importantly, keep focused on the long-term opportunities for their innovative product or service to -- to grow over time. So, we -- we continue to see long term companies for instance, that are part of the digitization of cash, such as Square or MasterCard. Remember that overseas, cash and checks are still used pretty significantly instead of digital payment systems. But there's a large migration around the world to using electronic or digital way to pay for things, whether that be over the internet, credit or debit cards. And in fact, Trevor, we have research showing that noncash transaction volumes have grown at almost a thirteen percent annual rate from 2016 to 2020. Let me repeat that thirteen percent annual rate of noncash transaction volumes from 2016 to 2020. But the pace should pick up even more to over fifteen percent as estimated through 2020 through 2025. And that volume increase should help underpin the growth of companies like Square or MasterCard, both which we've owned for a fairly long period of time in the portfolio. And if you have time for one more, I've got another--
CHAMBERS: Yeah, please. Yeah. I'd love to hear a couple more, to be honest with you, Yeah, sure.
LEWIS: So, another area we see great potential and is, is healthcare, which is standing at the intersection of both aging global demographics and significant innovation that are bringing new treatments for large medical needs. In the aging global demographics, the percentage of people turning age 65 will continue to increase around the world over the next 30 years. And people spend about three times as much on healthcare at age 65 and over compared to their younger years. And as I said, there are significant advancements in science to treat large unmet medical needs that we are fortunately making great strides in. You know, one example, Trevor, is in the portfolio, Intuitive Surgical, which is a robotic assisted surgical platform. And it sounds like science fiction. But last year there were over one and a half million surgeries performed using the Intuitive Surgical system. And over ten million surgeries have been performed on their systems over the long-term period. And yet that's only about ten percent of all surgeries. So, we like the business long term because of the business -- because of the benefits of robotic assisted surgery and the potential for robotic assisted surgeries to increase as a percentage of all surgeries and also from the overall population of people needing them increasing. As I mentioned, the aging global demographics, unfortunately the older people get, the more they need surgeries. It's just a fact of life.
CHAMBERS: Yeah, and is there any other impacts that you see from this aging trend? Like, are there any other companies that you frame like that, that you're -- that you're watching or are invested in? That kind of dovetail into that trend?
LEWIS: Certainly, biotech is an area where we've made significant advancements, you know, with the human genome sequencing. You probably remember that project where now we are able to sequence and at -- at cheaper rates and identify therapeutic targets to really go after and precision-oriented means to address, you know, the genetic causes of diseases. This is something that's important to us as investors. I might also add that it's important to our company, which is partly owned by the Stowers Institute for Medical Research. That is also doing research on genes-based diseases. It's, you know, being a part owner of American century, part of our profits every year, go back to the Stowers Institute for Medical Research --
CHAMBERS: Very cool.
LEWIS: -- to help fund, you know, this innovative science that they're doing. But also, for us as investors in companies seeing benefits of -- of targeted therapies based upon, you know, genes that we've identified that could be problematic in causing, you know, diseases.
CHAMBERS: Yeah, that's awesome. Yeah, that's absolutely -- obviously that's a huge area. What about just automation? I mean, you know, less -- less workers. Are we looking at a world of less workers? You know, what I mean? And like, I just feel like -- I don't know if you guys have any, you know, insight into this or if you're putting in, you know, but it seems like robotics and automation -- I don't know where we're gonna (sic) come up with the people to work. You know what I mean? I --
LEWIS: Yeah.
CHAMBERS: It's -- this is a huge challenge for the global. I mean, I'll tell you what, I wouldn't wanna (sic) be in Russia or Germany or -- or certainly China based on demographics over the next 30 years.
LEWIS: Yeah.
CHAMBERS: It doesn't look good.
LEWIS: Well, it's -- in robotics, onshoring, you know, I think one of the lessons we've learned over the last five to ten years is, you know, perhaps supply chains got too stretched too far, you know, from the -- from the supplier to the manufacturer, you know, to, you know, putting those in -- in the hands of the customer. So I think you've got businesses that are rethinking the whole supply chain. And part of that will be onshoring, you know, back in the United States, the manufacturing capability. The other part of this, Trevor, is a trend we've seen. I keep talking about and we don't invest thematically. But what we do is when we find companies who are positioned for sustained above average growth over the long-term period, and you say what's -- what's the catalyst behind that. What's the duration of that growth? Frequently, they're due to that company that we are researching and investing in having an innovative product or service that is participating in a secular shift in the economy. And the secular shift is that companies are allocating more of their budgets to technology-oriented items. We've got research that we've seen that goes back over a long period of time. And it -- it breaks down the spending between technology-oriented items and other items. And the key takeaway is that increasingly, companies are allocating more of their budgets to technology related items. Because you see technology is the force multiplier, if you will. It's the enabler to do more with less, whether that being fewer workers or fewer resources, it makes companies competitively position to deal with competition around the world, to make themselves more efficient, more productive, and again, the force multiplier to do more with less. And so, robotics and other areas of technology, we think we have companies in the portfolio that are really well positioned to help provide those solutions for companies and -- and robotics is one key area of that. Yes.
CHAMBERS: Is there any particular company you wanna (sic) talk about in that space that you kind of like, or --
LEWIS: At the moment, yeah, we do have a company in the portfolio of Cognix, which is basically think about that as the vision for companies. Now it's been challenged a little bit in it’s near-term results, but over the long term, we see a company that is positioned to grow because as you think about factory automation, one of the key areas of that is being able to see, to tell the robotics or the -- the technology, you know, what to do. And -- and so Cognex is the -- a leader in vision and automation in that area.
CHAMBERS: All right. So, this, you kind of got into it a little bit. So, in terms of your process, but do you wanna (sic) unpack a little bit like what does Kevin Lewis do in his day? Like, what's the process of a choosing -- I know you have a team. You know, we often, you know, we talk to clients like, well, how do they arrive at this portfolio? And meaning you guys that, you know, manage the -- the process if you will. So, what is the process like? Do you guys like, do you have the team, and somebody says, all right, here's -- here's an area that we're thinking about. Here's five companies. I mean, how does it work? I mean, how -- how does yeah. How -- day in a life Kevin, break it down.
LEWIS: Okay. Yeah. So, you know, first of all, we have a very defined disciplined approach to finding the opportunities in -- in the investment world. So, it starts with monitoring an investible universe. And -- and on that, Trevor, we have a ranking system that we've designed by our -- our own team. So, it's proprietary to us, proprietary to our team, that really ranks and elevates the companies we should be doing the fundamental research on. It's a productivity tool. I was in the military, and I consider it the compass in the market. Go north, don't go south or whatever direction you want to go.
CHAMBERS: Right.
LEWIS: And do further research on these. But really the key where the Alpha's created is then those highly ranked companies, we will do deep, rigorous, fundamental research on those companies. We're gonna (sic) strive to meet with the companies on their location. We meet with over 250 companies a year on average. Over 150 at their headquarters. And it's really in those meetings that we're meeting with multiple layers of management. What we're trying to discern from those meetings is the quality of the management team who is taking shareholder capital and growing the business. We're also trying to understand their business plan for growing the business. And by meeting multiple layers of the management team, we also get to meet with people such as the chief scientific officer. And what equips us to have that extra lens in the research process, Trevor, is that many of my teammates are former industry practitioners. And what I mean by that is that I have one of my teammates, Michael Li’s, one of the portfolio managers on focus dynamic growth. He's a former drug research scientist with Bristol Myer Squibb. He has helped bring drugs to market. He's researched companies, and so Michael is very instrumental as we're talking to biotech companies. Not only talking to the higher levels of management but people like the chief scientific officer of that biotech company. So, he can discuss really on a very, in depth, granular basis, what are those new products in the pipeline that may not be hitting the income statement but may be doing so in three to five years ago, or three to five years in the future, what's the efficacy of the -- of the scientific approach? What are the clinical trials looking at? What's the market look like? And so, we take this information and we come back to our offices. And another differentiator from us is we build long term financial models on these companies. And that's gonna (sic) be looking over five years into the future. The benefit from that is that many people don't look long term. And so, we can look and appreciate, potentially things in a company that are gonna (sic) drive its growth, that others may not be seeing or reflecting in their valuations. And then we're gonna (sic) take that model, that thesis, pitch it to the entire team. So, this is not a single analyst pitching an idea to a single portfolio manager. This is the entire team, which averages 20 years of experience vetting that idea. We -- we believe strongly in the wisdom of the team, debating an idea to arrive at a better outcome. And lastly, a key differentiator of our process is that when we construct the portfolio, we're gonna (sic) be different from the benchmark. We wanna (sic) be active in our thinking and our portfolio approach and that driver that differentiation, Trevor, is mainly due to stock waiting decisions. We really think that our best competitive advantage is in doing deep, rigorous, fundamental research. Identifying those companies who are positioned for sustained above average growth. And investing in those, by weight to drive the differentiation instead of doing just significant sector tilting or characteristic tilting. That's what -- that's what the day in the life is like. It's -- it's not a typical business day. In fact, it -- it runs around the clock through the weekends, but we -- we love what we do. We do it with passion and we are very fortunate to have people have confidence in us like you and your investors to continue driving the results to the extent we can.
CHAMBERS: I love it. All right. The big question. What do you and I know you're not maybe, you know, an economist by training or so, or maybe are, I don't know, but what do you -- what do you see over the next six -- twelve months, really? Eighteen months -- I mean, do you feel confident? I mean, I do. But, I mean, what do you think -- what do you think we have in store for us here? Do you think, and specifically, do you think the Fed's gonna (sic) start backing off here, you know, or -- or I don’t know if you have any thoughts on that, but -- but anyway, what -- what's your outlook? When you guys sit in your chair, I mean, what do you see?
LEWIS: Yeah, one of our advantages is we don't make macro forecasts. So --
CHAMBERS: Yeah, yeah, yeah. I love it.
LEWIS: We -- we have a very adept fixed income team and other parts of American Century that will make macro forecasts. But what we do is we talk to companies each and every day and -- and we're getting a read on the economy and their capability to navigate by talking to them about their business plans to offset near term challenges and grow long term. From -- so far in checking in with our companies, we feel pretty confident in their ability to overcome, you know, near term challenges, whether it be inflation or geopolitical events. We feel pretty confident about their ability to grow the business long term. They adapt, they overcome and -- and again their capability is underpinned by large areas of the economy that they are bringing a new solution or an innovative solution in that underpins their capability for long term growth. So, we feel good about the companies for the most part. I mean, we don't see any significant headwinds that would overcome our optimistic thinking
CHAMBERS: That's great to hear. Yeah. I -- I suppose that in times like this, you know, those scrappy companies that you guys put money in and you're like, yeah, like, I suppose when you look at a company, you gotta (sic) look at it from, you know, when times are good, it's great. But also, I think when the rubber really meets the road, right. Is where you say, okay, yeah, these guys are -- they're on it. You know what I mean? The -- the people that are running these companies they're on it because they're doing what they need to do. And that's the beauty. And that's why I love stocks because, you know, that's just, it, those people that run those companies get up every day.
LEWIS: Yeah.
CHAMBERS: And figure out how to be better. I mean, I -- I get up every day and I try to run my business better. I'm pretty sure you do the same thing.
LEWIS: Right, exactly.
CHAMBERS: Right. And -- and you know, I don't know. I -- that's the -- that's the beauty of investing in stocks, especially at the level that you're doing it, so --
LEWIS: And, Trevor, these are companies, as you said, get up every day. These are management teams who have shown a record of being able to deliver, to overcome challenges. So, you know, these -- these are not people who are just startups. These are companies who, you know, we think have demonstrated the capability to, you know, formulate a -- a great business plan to adapt, to overcome, and we think will drive success of the business down the road.
CHAMBERS: Perfect. All right. Is there any other little insight or tidbits that you wanna (sic) share from your desk? I don't -- I don't, you know, I don't know -- that maybe just like that we should be looking for, or maybe I don't know. I mean, is there anything, maybe you've already said it, I don't know, but like, is there an area, one thing I -- let me even more specific. Is there an area that maybe you aren't investing in right now, but that you guys are looking at that could be that big moat of market opportunity. And I'm not asking you to give any state secrets here, but like and you don't have to say any specific companies, but, you know, is there something on the -- that's kind of percolating up that we could see ten years from now being a major impact. I know obviously digitization of currencies and this, and, you know, that's a huge area. But is there anything else that you guys because you must see -- you must get -- see stuff that's just like, wow. But is there a business case for it? Maybe not. Maybe you're -- I don’t know, but is there anything that you're -- little themes that you're seeing coming out of this era of COVID and like that?
LEWIS: Yeah, I think, you know, whether it be healthcare and it's such a broad --
CHAMBERS: Yeah, yeah.
LEWIS: -- sector, you know, whether it be new therapies advancements, you know, you've got robotic assisted surgery. Also in technology, there just continues to be, with the information age we're in, the technology just compounding on itself. The capabilities of the technology and then bringing that to markets. People think technology, they think information technology. But perhaps even in -- in areas like finance or industrial applications or a multitude of different settings, but the compounding power of data collection information technology to utilize things like that. It's -- it's, you know, the beauty of our system is that we have a ranking model that will help elevate, you know, what are the companies to be researching today? If they're too far out in the future, we -- we may not, you know, be able to take advantage of them. But we will wait for the right time to invest in them when there's really a good line of sight on, you know, the trajectory of the business that we think will sustain over time. You know, one company that we haven't mentioned, but just as another innovation that, you know, probably ten years ago, people would not have mentioned. You know, look at electric vehicles. Tesla's a -- a large weight in the portfolio. Ten years ago, you know, if we had this conversation that might have been an over the horizon type of a -- but you know, we -- we see that the market for electric vehicles, which is around five percent continues to grow and Tesla as a leader in that space. If that five percent goes to say, ten percent, Tesla will gain its fair share of that. And -- and that could be, you know, we think another continued significant driver. So, what I'm trying to illustrate here, Trevor, is that there are shifts going on in the economy each and every day. Inflation may be up down or sideways. Interest rates up, down or sideways. But there are shifts going on and our job is to identify companies who are innovators in large segments of the economy that can underpin and fuel that sustained growth. And that's what we're trying to set out and invest in, for the benefits of our clients, who have that long term horizon to benefit from that long term appreciation potential.
CHAMBERS: Can we just -- love it. Can we just go back to Tesla for a second? What are they -- tell me -- what are you reading in the EVs in terms of supply chains? Like copper, for example, lithium. Things like this are in batteries, you know, and there's -- setting up a copper mine anywhere in the world seems to be getting a lot harder. Like Chili is sitting on a ton of copper that's relatively easily accessible. But they are having a little trouble opening up new copper mines. I mean, I wouldn't want a copper mine in my backyard. I don't think you do either.
LEWIS: Yeah. Yeah.
CHAMBERS: So is there any -- any -- there doesn't seem to be any, to your point, like I just heard of an interesting article today that Florida, a year ago had like 50,000 registered EVs and they have a hundred thousand today. And they're putting money into, you know, charging stations and, you know, and whatever. So, but there seems to be like, we gotta (sic) bring some more lithium and copper online. We probably need to recycle more. I mean, I don't know. I mean, like, so I've been actually just kind of following copper because I just think it's so interesting. You know, it's down right now, but seems to be some -- so anyway, that -- that, do you have any thoughts on that and what are they -- what are the guys managing Tesla telling you? You know, like --
LEWIS: Yeah, you know, I'll -- I'll leave the finer details of the answer up to my teammate, Keith Lee, who follows Tesla. But I will say that, you know, again, this is a -- a really deep management team at Tesla. If anyone is equipped to navigate the challenges of supply chains, we think that they can figure it out. And they have shown the ability to do that.
CHAMBERS: Yeah.
LEWIS: You know, Tesla, when we look at it as a business. You know, first and foremost, we wanna (sic) invest in a good business and Tesla has a number of competitive advantages, we think, Trevor. First, you know, they've designed that vehicle all electric, ground up. And -- and what that means is that it's engineered to be an electric vehicle instead of taking a combustion engine out of a vehicle and rewiring it for electrical purposes. The second thing is they have targeted certain segments of the market that they feel are very opportune in terms of growth and profitability. So, they've done that. And the third is, you know, when you buy a Tesla, you go to a showroom. You don't go to a dealer who might take part of that transaction fee. So, you're going to a Tesla showroom. You're in essence, ordering it. And then fourth is, they are a leader in many areas of higher technology going into electric vehicles. Whether it be the battery, which is a very key component. The manufacturing process and then the data that they are using and the capability of that vehicle. So, we just think it's, you know, a really well-run company. Its business model looks very strong from a competitive standpoint. And I think importantly, look at their positioning within the market. And where that could go over the next five to ten years.
CHAMBERS: Yeah.
LEWIS: This is what gives us, you know, confidence in investing in that company. Of course, all -- we're always checking in with management, assessing what are the challenges, what are the growth opportunities, and what's the value on that company? So, we're not just gonna (sic) buy it and forget it. We're constantly checking on the valuation and making sure that we are managing the capital of the portfolio to be appropriately addressing the -- the opportunities and the risks of the portfolio.
CHAMBERS: I love it. Well, I wanna (sic) say, I think it's awesome. You know guys, like people like Kevin, they're, you know, the capital to drive innovation has to be there. Right. And -- and guys like Kevin and his team are really, that's what these guys do. They take investments and they put them into companies that are gonna (sic) grow. And it's critical for our economy. It's critical for our economy that we grow. All right. Well, I don't really have anything other than the last question is, is that do you have any insights? Is there any -- you're in Kansas City. See, Kevin's in Kansas City and is there any favorite, barbecue spots of yours?
LEWIS: At risk of alienating the different barbecue spots that I eat at in town. We're famous for so many you know, we could -- we could argue that Kansas City is a barbecue capital of the world. I love barbecue everywhere, first of all.
CHAMBERS: Yeah.
LEWIS: I grew up in the Southeast, so I'm very familiar with the -- the vinegar-based barbecue. I love going to Texas and experiencing their barbecue style. I love my backyard, Kansas City style. So, there's my -- my ask is if any of your listeners come to Kansas City, to sample them all.
CHAMBERS: Yes.
LEWIS: Because you -- and then compare and contrast that with your North Carolina. I'm not saying it's better.
CHAMBERS: Yeah.
LEWIS: But it's just like it's experiencing just a different taste to the palette. So, we'll go about it that way.
CHAMBERS: My father taught Latin. He was a teacher all his life, but his first gig in teaching was teaching Latin in like 1957 in upstate New York. And he -- okay. So anyway, he -- he would, when we were eating at the dinner table and somebody didn't like, or really liked something or didn't like something he would say in Latin, De gustibus non est disputandum, which means in matters of taste there can be no dispute.
LEWIS: Ah.
CHAMBERS: Yeah, it's a good one.
LEWIS: Very wise.
CHAMBERS: So, whenever somebody doesn't like anything, it matters, in matters of taste, there can be no dispute. I don't know if that's -- I don't know if that's the same case for picking stocks but it's a little more a little more to it, but well, Kevin, listen, I really appreciate the time. I really, really do. We'll probably do this in another year. And we'll -- we'll check back, but I so much appreciate your time. I know you're a busy guy and keep doing what you're doing, man. You guys play a huge role in our economy and growing it and we just thank, excuse me, thank you for it. So, and that's it. And we'll -- I hope maybe we'll talk before then, but certainly let's check back in a year.
LEWIS: Perfect. Listen, thank you to you and your listeners for your confidence in us.
CHAMBERS: Yeah.
LEWIS: We take that job very seriously and strive each and every day to try to make their financial lives better through what we do every day. So, we're always working at that. So, thank you for your -- for your trust in us.
CHAMBERS: Yeah, man. Absolutely. All right, bud, hey listen, have a great rest of your week and we'll talk soon.
LEWIS: Take care.
CHAMBERS: Thanks bud. Bye bye.
LEWIS: Bye.
(INTERVIEW CONCLUDED)
Trevor Chambers
Trevor joined Olde Raleigh Financial Services in January of 2015 and his primary role is new business development and marketing. Prior to joining the firm, Trevor spent 12 years working at his family’s restaurant, Raleigh’s Bella Monica Cucina & Vino. “Exceptional service, no matter the industry, is paramount and we attract clients who value and take comfort in being taken care of.”
Kevin Lewis
Kevin Lewis, CFA, CAIA, is vice president and senior client portfolio manager for American Century Investments, headquartered in Kansas City, Missouri.
Kevin is a member of the Global Growth Equity group and is responsible for communicating investment strategy and results to clients. Prior to his current role, he was a portfolio manager for two U.S. growth strategies at American Century Investments. Before joining the firm in 1995, Kevin was a senior equity portfolio manager at Virtus Capital Management. He has worked in the investment industry since 1983. In addition to his industry experience, Kevin served six years as a combat engineer officer in the Virginia National Guard and Reserve.