Morningstar - Q2 2020 - 79

running around chasing growth for the sake
of growth, and we're not just holding the
highest-scoring ESG companies," Hudepohl says.
"The idea is to build a portfolio that meets
all three criteria. We think that pond is the bestreturn, lowest-risk pond to fish out of."
For quality, the team likes firms with strong
pricing power, dominant franchises, and recurring
revenue. Ideally, these companies' earnings or
revenue haven't declined year over year in at least

a decade. For growth, it wants to see favorable
long-term tailwinds that enable the best firms to
expand margins and increase market share.
Together the ESG, quality, and growth criteria trim
the list of prospective picks to a manageable 100 to
150 names from which the team constructs its
portfolios. Calvert Equity's portfolio is a
modest 45 to 55 holdings. Individual position sizes
typically stay below 5% of assets, while exposure
to any one sector can't go above 30%.

With ESG considerations part of its "investing
mosaic," as the team calls it, Hudepohl's
colleagues carry the right credentials. "If you're
going to run an ESG fund, you'd better understand
the language of ESG," comanager Garrison
says. For his part, Garrison has mastered that
language. He's a Chartered SRI Counselor-
a designation he calls "the CFA for sustainability."
He's also a subject matter expert for the
Sustainability Accounting Standards Board, a
leading voice in the efforts to improve ESG-related

Joe Hudepohl, managing director and principal portfolio
manager, growth equity at Atlanta Capital.

morningstar.com/lp/magazine

79


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Morningstar - Q2 2020

Table of Contents for the Digital Edition of Morningstar - Q2 2020

Contents
Morningstar - Q2 2020 - CT1
Morningstar - Q2 2020 - CT2
Morningstar - Q2 2020 - Cover1
Morningstar - Q2 2020 - Cover2
Morningstar - Q2 2020 - 1
Morningstar - Q2 2020 - 2
Morningstar - Q2 2020 - Contents
Morningstar - Q2 2020 - 4
Morningstar - Q2 2020 - 5
Morningstar - Q2 2020 - 6
Morningstar - Q2 2020 - 7
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