Tom Russo presented his in-depth investment thesis on Keynote Q&A Session at European Investing Summit 2013.

Deeply invested in Europe with about 70% of investors’ funds in European-based companies including Philip Morris International. Continued allure of European-based branded consumer products manufacturers with global reach and extraordinary management. Value of long-term perspectives and properly-selected, family-controlled companies in a world increasingly characterized by short-termism. Currency developments have taken on more significance over the past year and the rise of interest rates is changing investors’ opportunity costs. Major European holdings remain: NESTLE (Zurich: NESN), PHILIP MORRIS INTERNATIONAL (PM), RICHEMONT (Zurich: CFR) and the beer/spirits companies DIAGEO (London: DGE), HEINEKEN HOLDING (Amsterdam: HEIO), SABMILLER (London: SAB) and PERNOD RICARD (Paris: RI).

About the instructor:

Tom Russo joined Gardner Russo & Gardner as a partner in 1989. Eugene Gardner, Thomas Russo and Eugene Gardner, Jr., as partners, each manage individual separate accounts and share investment approaches and strategies. In addition, Thomas Russo serves as General Partner to Semper Vic partnerships. Mr. Russo oversees $6 billion through separately managed accounts and Semper Vic partnerships. Gardner Russo & Gardner is a registered investment adviser under the Investment Advisers Act of 1940, and is not associated with any bank, security dealer or other third party. Tom’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. While these would seem to be obvious key considerations in any manager’s approach, it is equally obvious that all too often they are either misjudged or, perhaps more frequently, simply not viewed together. Tom is General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments exceed $500 million, along with overseeing substantially more funds through separate accounts for individuals, trusts, and endowments. He is a graduate of Dartmouth College (B.A., 1977), and Stanford Business and Law Schools (JD/MBA, 1984). Memberships include California Bar Association and Dean’s Advisory Council for Stanford Law School. Tom is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. He is a member of Dartmouth College’s President’s Leadership Council. He serves on the boards of the Winston Churchill Foundation of the U.S. and Facing History and Ourselves.

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