Concentration Risk (2023)
May 27, 2023: The largest five stocks in the S&P 500 collectively have increased in value this year by $2.8 trillion, which is 49% above where they began the year. The level of concentration in the S&P 500 as measured by the over-24% total weight of just these five stocks is greater than it has ever been.
2023-1Q Letter to Investors: Crosscurrents from Big Tech & Banks
April 14, 2023: Equity markets rose to start 2023 but experienced crosscurrents from very concentrated gains among a select few of the biggest stocks and weakness in the bank sector. In this environment, our U.S. Fundamental Stability & Value (US FSV) strategy lagged the S&P 500 while comfortably outpacing its value benchmark.
Year-End Letter to Investors: Value Mattered in 2022
January 11, 2023: Elevated inflation and rising rates are likely to cause economic activity to continue to moderate and even possibly contract, but from a longer-term perspective, this is not unusual and the economy and corporations have weathered much more difficult circumstances in the recent past.
Distillate Capital Launches DSMC
October 6, 2022: Distillate Capital launches DSMC: The Distillate Small/Mid Cash Flow ETF. It’s the newest addition to the firm’s fast-growing ETF lineup built around the firm’s proprietary measures of quality, risk and value as seen through the lens of free cash flow.
2022 3Q Letter to Investors: Races are Won in the Turns
October 14, 2022: The title of this letter is an auto racing adage that aptly applies to investing. It highlights that much more than in the straightaways, it is in the turns, both entering and coming out of them, where drivers differentiate themselves.
2022 2Q Letter to Investors: YTD Sell-Off Drives Rotation
July 19, 2022: On measures of free cash flow, stocks have gotten notably less expensive in the first six months of 2022, and the first chart highlights the free cash flow yield now expected for both the U.S. FSV strategy and the S&P 500.
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