Morningstar - Winter 2019 - 63
Many holdings hail from the West Coast. "The
West Coast is the best coast," says Zevenbergen,
repeating a popular refrain. She asserts that
operating from Seattle helps get the team access
to corporate leaders. Dennison also notes
that the West Coast-particularly California and
Washington-is where much innovation,
and the capital to support it, can be found. That
puts the Zevenbergen group at the epicenter
of the seismic shifts remaking America's-and
the world's-economy.
ZCI deploys its research across five highconviction growth-equity strategies. Three of the
portfolios have only a few dozen holdings
each, with individual position sizes that range up
to 7% of assets or more. Flagship Zevenbergen
Growth buys firms with their feet under them
and growing well. Zevenbergen Genea focuses on
early-stage businesses, but the managers hold
on to good picks as they develop. Both hold stocks
from across the market-cap spectrum, though
they lean toward large-cap companies. The Growth
strategy, at $2.8 billion, holds the bulk of the
firm's assets under management. An Income
Growth strategy targets dividend-paying growth
stocks. Two other strategies are even more
concentrated: Zevenbergen Venture Distribution
Growth Equity and Zevenbergen NVM,
which is a proprietary portfolio of a few stocks
with carefully determined weightings. (The initials
stand for "not very many.")
Risks and Rewards
The Growth and Genea separate accounts have
the longest track records-since 1987 and
1994, respectively-and both are strong. The
Growth composite's 12.3% annualized gross return
from January 1987 through September 2019
topped the 10.1% return of its benchmark,
the Russell 3000 Growth Index. Genea's 14.3%
annualized gain from March 1994 through
September outpaced the Russell 3000 Growth
Index by 5.0 percentage points.
Those two strategies are also available as mutual
funds. Launched in August 2015, these small funds
have fared well in a favorable market despite
headwinds from their relatively high fees. They've
Joseph Dennison, Nancy Zevenbergen, and Anthony Zackery,
with Leslie Tubbs and Brooke de Boutray in the background.
global.morningstar.com/Morningstarmagazine
63
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Morningstar - Winter 2019
Table of Contents for the Digital Edition of Morningstar - Winter 2019
Contents
Morningstar - Winter 2019 - Cover1
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Morningstar - Winter 2019 - 1
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Morningstar - Winter 2019 - Contents
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