QUARTERLY UPDATES

2019 Q2 Letter to Investors: The Lurking Risk of Elevated Debt Levels
We provide an update of strategy performance and the market environment, discuss the dangers of elevated debt levels, and describe the unintended risks investors might be taking as they seek safety in certain stocks with with low price volatility but increasing levels of debt.

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2019 Q1 Letter to Investors: Mismeasuring “Value” and the Risks in Low Beta Stocks
We provide an update of strategy performance so far in 2019, portfolio changes and positioning, as well as our thoughts on the mismeasurement of “Value” as it is commonly discussed and what we believe to be underappreciated risks embedded in low beta stocks.

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2018 Year-End Letter to Investors
Our annual review of performance, recent changes to our portfolio, and comments on the outlook for equities in the years ahead.

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The contents of this website are provided for informational purposes only and should not in any way be considered investment advice or a recommendation of any financial product or service. Information has been obtained from sources believed to be reliable but is not in all cases verified and cannot be guaranteed. Opinions, estimates, and projections constitute the judgment of Distillate and are subject to change without notice. Performance information and other metrics represents past performance and is not indicative of future results. Investing involves risks and you may incur a profit or a loss. References to specific companies or securities are provided as a means of illustrating an investment process. Distillate’s clients may or may not have owned these securities at the time this material was published or read and, in any event, are not a complete list of securities selected for clients. The investments or investment strategies discussed herein may not be suitable for every investor. You should seek financial advice regarding the suitability of any investment strategy based on your specific objectives, financial situation, and needs. There is no assurance that any investment strategy will be successful. Third-party trademarks and brands are the property of their respective owners.

Free and simple tools are available to research firms and financial professionals at https://www.investor.gov/crs, which also provides educational materials about broker-dealers, investment advisers, and investing.

QUARTERLY UPDATES

2019 Q2 Letter to Investors: The Lurking Risk of Elevated Debt Levels

2019 Q1 Letter to Investors: Mismeasuring “Value” and the Risks in Low Beta Stocks

2018 Year-End Letter to Investors