Equity & Bond Valuations & Inflation
May 21, 2022: Amid an uncertain economic future, equities offer an attractive advantage of being able to pass through inflationary costs over the longer-term, but their present relative valuation against bonds does not seem to fully capture the benefit as it did historically.
2022 1Q Letter to Investors: Differing Drivers of Returns
April 11, 2022: In the first quarter of 2022, each of Distillate’s strategies (U.S. FSV, Intl. FSV, and Small QV) outperformed their primary benchmarks. Crucially, performance both recently and over prior years has resulted from a very different driver of price gains compared to the market.
2021 Year-End Letter to Investors: Value Below the Surface
January 16, 2022: Distillate’s U.S. Fundamental Stability & Value (U.S. FSV) strategy outperformed its S&P 500 and iShares Russell 1000 Value ETF benchmarks again in 2021. For a further discussion of performance, portfolio changes, and more, please see our Year-End 2021 letter.
Concentration Risk
The largest 5 stocks in the S&P 500 Index accounted for 22% of its value at the end of last month vs. under 12% five years earlier. In this one-pager, we look at how rising relative valuations were the predominant driver of this shift.
2021 3Q Letter to Investors: Valuation & Quality Update
October 18, 2021: We review recent performance of Distillate’s U.S. Fundamental Stability & Value (FSV), International FSV and Small Cap Quality & Value strategies. Amid a backdrop of strong price gains and pockets of extremely rich valuations, we believe valuation is becoming an increasingly important risk to equity returns going forward.
Distillate Capital Named Manager of the Year
April 8, 2021: Emerging Manager monthly announced their 2021 Emerging Manager Awards. Distillate Cap was honored to be named Large-Cap Equity Manger of the Year.
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