June 11, 2025: Over the long term, smaller stocks have significantly outperformed the largest ones, but have done so with significant cyclicality. Only 15 years ago, larger stocks had underperformed sharply and were strongly favored on valuation before subsequently outperforming substantially.  Conditions are reversed today with underperformance of smaller stocks approaching levels in relative performance, valuation, and duration that have given way to powerful reversals and reversions to the mean in the past. VIEW/DOWNLOAD

December 19, 2024:  We update an asset class yield analysis first published in 2021.  Since that time, we have seen dramatic changes in the valuation of some assets, most notably U.S. equities. VIEW/DOWNLOAD

November 1, 2024:  Large cap stocks are extremely concentrated even beyond simple measures of the weight of the largest few stocks. Historically, levels of concentration to this degree have subsequently seen strong outperformance among smaller stocks within the large cap universe. Equal weighted indexes also subsequently do well, but equal weight indexes themselves can suffer from lower quality. For longer term investors, this analysis supports our view that there is great opportunity to invest in the higher quality parts of the market with a bias away from the largest and most expensive stocks. VIEW/DOWNLOAD

May 10, 2024: March 31st marked the 5-year anniversary of the Distillate Small/Mid Cap Quality & Value strategy.  We summarize its performance record since inception here. VIEW/DOWNLOAD