Our strategies use cash-flow-based measures of value and quality that are designed to avoid accounting distortions that we believe have rendered many traditional metrics less relevant in an increasingly asset-light world.

Our Core Beliefs


We assess corporate fundamentals the
way a business owner would. Our diversified portfolios seek first to preserve capital and limit downside risk.


Our unique valuation and quality measures
result in portfolios that are significantly
different than many traditional value and
quality offerings.


Our process is simple and intuitive. Our approach relies on fact rather than speculation and is applied with rigor and discipline.

Our Strategies

  • U.S. Fundamental Stability & Value
  • Small/Mid Quality & Value
  • International Fundamental Stability & Value


  • Distillate offers ETFs that follow its modern investing approach.
  • ETFs feature transparency, daily liquidity, and potential tax advantages .

2024 2Q Letter to Investors: A Tale of Two Markets

The concentration within the S&P 500 is at historic levels. This has produced a divergent set of returns and valuations across the large cap market we have not seen in decades. While our U.S. FSV portfolio has underperformed in this environment, we are steadfast in the view that valuation matters and are optimistic given that our portfolio is at a record free cash flow yield premium to the market.

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