The concentration within the S&P 500 is at historic levels. This has produced a divergent set of returns and valuations across the large cap market we have not seen in decades. While our U.S. FSV portfolio has underperformed in this environment, we are steadfast in the view that valuation matters and are optimistic given that our portfolio is at a record free cash flow yield premium to the market. The Small/Mid QV and International FSV strategies also continue to have attractive free cash flow yields while maintaining an eye on quality. VIEW/DOWNLOAD
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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While NVIDIA has driven the market’s valuations higher, we continue to find valuation opportunities that meet our quality standards, leading our U.S. FSV portfolio to its widest free cash flow yield premium in its history. Our Small/Mid QV and International FSV portfolios likewise offer very attractive combinations of valuation and quality. VIEW/DOWNLOAD
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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. VIEW/DOWNLOAD
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The U.S. equity market’s performance was dominated by its largest constituents during 2023. Looking at the annual performance of an equal weighted index of large stocks compared to a cap-weighted one shows that 2023 was the second worst year for the equal weight index going back to 1930! VIEW/DOWNLOAD
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October 11, 2023: Lofty valuations among most of the so-called “Magnificent Seven” stocks place a heavy demand on future growth for those stocks as a group. If history is a guide, failure to achieve those implied growth rates could leave investors sorely disappointed. VIEW/DOWNLOAD
8th
8th
Jul, 2024
The concentration within the S&P 500 is at historic levels. This has produced a divergent set of returns and valuations across the large cap market we have not seen in decades. While our U.S. FSV portfolio has underperformed in this environment, we are steadfast in the view that valuation matters and are optimistic given that our portfolio is at a record free cash flow yield premium to the market. The Small/Mid QV and International FSV strategies also continue to have attractive free cash flow yields while maintaining an eye on quality. VIEW/DOWNLOAD
10th
10th
May, 2024
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
4th
4th
Apr, 2024
While NVIDIA has driven the market’s valuations higher, we continue to find valuation opportunities that meet our quality standards, leading our U.S. FSV portfolio to its widest free cash flow yield premium in its history. Our Small/Mid QV and International FSV portfolios likewise offer very attractive combinations of valuation and quality. VIEW/DOWNLOAD
27th
27th
Feb, 2024
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. VIEW/DOWNLOAD
