Mondrian Investment Partners (U.S.)

Clive Gillmore serves as CEO and Group CIO and has been with the firm since its 1990 founding. The investment team operates with a flat hierarchy where portfolio managers are accountable for applying the firm's dividend-discount model across their respective mandates. Compensation structures reward long-term performance, and portfolio managers typically have significant personal capital invested alongside clients.

Mondrian does not rely on broker networks or market momentum for idea generation. The investment team screens global equities through a proprietary dividend-discount model that calculates an intrinsic value for every company in the coverage universe. Only securities trading at a material discount to that modeled intrinsic value enter the portfolio. The process is deliberately insulated from sell-side research consensus.

Mondrian remains an independent, employee-owned firm with no external parent company. This structure has allowed the firm to maintain its value-oriented investment discipline without pressure to gather assets into trending strategies. The London and Philadelphia offices operate as a unified entity under the same ownership group.

Yes, the firm manages global fixed income mandates alongside its equity strategies. The fixed income approach is macro-driven and relative-value based, with a strong emphasis on avoiding benchmark replication. The same valuation rigor that defines the equity process is applied to sovereign and corporate bond selection.

The equity strategies cover all-cap international developed markets and emerging markets, with significant exposure to Europe, Japan, and Asia-Pacific. Latin America is also represented in emerging-market mandates. The firm does not manage dedicated U.S. equity strategies, maintaining its focus on non-U.S. opportunities where the dividend-discount discipline can be applied most effectively.

Emerging-market equities are evaluated through the same dividend-discount model used for developed markets. The firm applies no separate growth or momentum overlay for emerging markets. Country allocation is a residual of bottom-up stock selection rather than a top-down macroeconomic call, though the model does incorporate country-specific sovereign risk in discount-rate calculations.

The firm's investment philosophy is anchored in the belief that equity prices revert to intrinsic value over a full market cycle. Intrinsic value is defined by discounting a company's projected dividend stream back to present value. This approach leads the portfolio naturally toward companies with durable earnings, strong balance sheets, and shareholder-friendly capital allocation — and away from high-multiple growth stocks that fail the discount test.