Distillate Capital Launches DSTX
December 15, 2020: Distillate Capital announced the launch of its second ETF, the Distillate International Fundamental Stability & Value ETF (NYSE:DSTX). This fund seeks to distill a starting universe of around 1,500 non-U.S. large- and mid-cap stocks down to 100 attractively valued stocks that exhibit stable cash flows and healthy balance sheets.
2020 Q3 Letter to Investors: Why We Owned… and Sold Apple
In addition to strategy updates for our U.S. (US FSV) and International (INTL FSV) Fundamental Stability & Value strategies, we look at the evolution Apple Inc. (AAPL) from one of the least expensive stocks in the market at various times over the last decade to one with a premium valuation today.
2020 Q2 Letter to Investors & Introduction of the International Fundamental Stability & Value Strategy
We introduce our International Fundamental Stability and Value strategy (Intl. FSV) and discuss performance and portfolio changes in the U.S. FSV portfolio related to the attractive opportunity set we are seeing within an increasingly bifurcated market.
A Lopsided Crisis
The economic impacts of the coronavirus crisis are extremely uneven. Estimates of free cash flow for stocks in hard-hit industries are down 90%. The free cash flow estimates for the remainder of the market have held nearly steady, down just 5% over the same period.
2020 Q1 Letter to Investors: The Corona-Crisis and Prospects for Recovery
In addition to providing updates on strategy performance and portfolio changes, we look at the current economic crisis brought on by the outbreak of COVID-19 as well as the possible innovation-driven path to recovery. We see our investment process particularly well suited for this environment.
March 2020: Interim Update to Investors
While market prices, in theory, should reflect the discounted value of a very long stream of future cash flows, they are prone to panic and often overreact to near-term disruptions. The current environment, brought on by worries of the spreading COVID-19 disease, seems like exactly such an instance.
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