White Paper

Value Can Defuse Concentration Risk

The value of value relative to growth is back to historic highs, being driven by the extreme concentration of the top seven stocks in the S&P 500 Index. The combination of expanding equity multiples and higher interest rates in 2023 has overshadowed growing risks and created an environment reminiscent of 1987’s “Black Monday”. Value provides investors strong advantages in the face of these growing extremes, offering the potential for downside protection against market declines as well as compelling relative return potential on a decrease in market concentration.

White Paper

Still Far to Go in New Value Cycle

Key Takeaways

  • We are in the early stages of a new market cycle characterized by higher volatility, inflation and interest rates and
    creating conditions where value stocks thrive.
  • New market cycles are characterized by future leaders beginning extremely cheap, and valuation spreads remain at historic highs despite two years of strong performance.
  • As investors recognize there is no return to the pre-COVID growth cycle, value stocks will shift toward historically normalized levels, creating compelling opportunities for investors.
White Paper

The Value of Value is Still Compelling

Market cycle arcs persist until completed, and there is still a long way to go in favor of value.


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The so-called “Trade War” between the United States and China has US investors scrambling for a new answer, and it may just lie in China’s consumer-friendly, high-growth opportunity market. But is there enough upside to make the volatile risk more worthwhile?

White Paper

A Comeback for Value: Pessimism Paves the Way

Despite downbeat news about global growth and recent earnings, we believe the time to invest in value stocks has seldom been better. In our new white paper, we discuss how periods like this one, marked by fears of recession and lowered expectations, are part of the market's healing process and create a positive environment for a renaissance in value investing.