Pursuing Superior Returns by Investing in Demographic Growth
Three structural demographic forces are reshaping consumption, capital formation, and demand across the U.S. economy. Mercury works to identify the equities positioned to disproportionately benefit from these forces over the coming years, and holds them through the full duration of their respective demographic shifts.
How we investFive Star Morningstar Ratings
Rated in the top 10% of Large Growth funds for risk-adjusted returns over three, five, and 10 years
The Morningstar Rating is a pure measure of a fund’s delivery of risk-adjusted returns. Morningstar scores strategies based on risk-adjusted returns across three, five, and ten year periods. The overall rating is a weighted composite. The rating also accounts for volatility: an uneven return series scores lower than a steady one with the same annualized return. Morningstar awards the 5 star rating to strategies with scores in the top 10% of their category. Mercury holds a 5-star rating in every period Morningstar tracks.
Morningstar Rating methodology: Rating Methodology Factsheet (PDF)
Two decades of outperforming the S&P 500
Net of fees. Past performance is not indicative of future results.
All returns annualized, net of fees.
How the portfolio is structured
Characteristics as of the most recent quarter-end. Portfolio composition reflects the demographic growth thesis.
| Metric | MIG | S&P 500 |
|---|---|---|
| Weighted Market Cap | $775.2B | $308.6B |
| P/E (Trailing) | 23.2 | 22.1 |
| Dividend Yield | 0.8% | 1.0% |
| Price / Cash Flow | 25.6 | 25.9 |
| Price / Book | 9.4 | 9.6 |
| Metric | MIG | S&P 500 |
|---|---|---|
| Alpha | 12.1 | — |
| Beta | 1.42 | 1.0 |
| Standard Deviation | 21.0 | 18.2 |
| Active Share | 86.2% | — |
| Tracking Error | 12.9 | — |
| Turnover | 1.59 | — |
The S&P 500 Index is used for reference purposes only. Mercury does not manage against this benchmark. Comparisons are provided to give context for the composite's long-term return pattern and cannot account for differences in volatility, concentration, or investment objectives.
December 31, 2002 through March 31, 2026. Performance reported net of all advisory fees.
Mercury works with institutions, endowments, foundations, and family offices.
Separately managed accounts, individually titled. Minimum commitments, account structure, and how to begin a conversation.
Performance results represent the Mercury Investment Composite, a composite of all discretionary accounts managed according to Mercury's primary investment strategy since December 31, 2002. All returns are presented net of investment advisory fees, brokerage commissions, and other transaction costs. Past performance is not indicative of future results and does not guarantee a comparable outcome. Individual account performance will vary from composite results due to differences in account size, timing of contributions and withdrawals, fees, and other factors.
S&P 500 Index returns are presented for reference purposes only. Comparisons between the Mercury Composite and the S&P 500 Index are made solely for context and are not intended to suggest that Mercury's investment strategy is comparable to or benchmarked against this index.