by Matt Swanson
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by Matt Swanson
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February 27, 2024: This one pager examined whether small cap stocks are as cheap as is often touted. The high percentage of unprofitable stocks is significantly distorting traditional PE calculations for small cap indexes, but there seemingly are many excellent values to be had in this segment of the market by being selective and using accurate valuation measures.
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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
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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
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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
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October 1, 2023: Small stocks have big debt burdens and high borrowing costs and interest expense could rise further as debt is refinanced in the current, higher, interest rate environment. This incremental expense is likely to be a significant headwind for many small cap stocks. VIEW/DOWNLOAD
