Content Library


The Utility of ESG Scores

The Utility of ESG Scores

There is a stronger relationship between investment performance and a company’s potential for ESG improvement as compared to the company’s ESG score.
Feeling Underexposed? Value in Emerging Markets

Feeling Underexposed? Value in Emerging Markets

Value in emerging markets has produced superior returns to growth over time and better relative returns vs. developed markets.
Value Investing Reigns in Emerging Markets

Value Investing Reigns in Emerging Markets

Value investing has proven to be an extremely reliable approach, outperforming 78% of the time based on rolling five-year periods since 1992.
Earnings Growth and Momentum

Earnings Growth and Momentum

Value has recently trounced the broader stock market, and we believe there may be plenty of support for the value rally to continue.
A Value Allocation to EM

Thinking Strategically About a Value Allocation to Emerging Markets

A valuation-based approach has worked better in emerging markets than the developed world.
Energy Investments in a Zero-Carbon World

Energy Investments in a Zero-Carbon World

Oil and gas companies can continue to thrive as the world moves toward decarbonization and the expansion of renewables.
The Beginning of the Value Cycle?

The Beginning of the Value Cycle?

Value is finally starting to outperform, with deep value leading the way. But the opportunity is far from behind us.
Giving Credit: Emerging Markets Banks

Giving Credit: Emerging Markets Banks

At current valuations, banks in the emerging world present compellingly asymmetric investment opportunities.
Catalyst for Change: Disruption

Catalyst for Change: Disruption

Conventional wisdom says technological innovation hurts existing franchises. Yet strong incumbents adapt.
Catalyst for Change: Growth Expectations

Catalyst for Change: Growth Expectations

Another potential catalyst for the shift from growth to value: (Irrationally) exuberant growth expectations revert to normal.
Catalyst for Change: Interest Rates

Catalyst for Change: Interest Rates

If interest rates stop falling (even if they don't rise), we believe multiple expansion for growth stocks will end.
Catalyst for Change: Recession

Catalyst for Change: Recession

Value stocks have historically outperformed on average both during and subsequent to a recession.
Catalysts for Change

Catalysts For Change

Consider these four possible catalysts that could already be signaling a shift from growth to value.
Small Caps are Cheap, Small Cap Value is Even Cheaper

Double Dipping: Small Cap Value

Small cap stocks are cheap; small cap value is even cheaper.
Questioning Conventional Wisdom on Risk and Return

Questioning Conventional Wisdom on Risk & Return

How should we measure risk? We question short-term volatility as a proxy for long-term risk.
Global Banks: Resilience in the Face of Crisis

Global Banks: Resilience in the Face of Crisis

Against the volatile backdrop of today’s economic environment, bank stocks stand out.
Extreme Discounts in Oil Services

Extreme Discounts in Oil Services

Difficult market environments = fuel for value investors.
Volatility Wide Spreads and Value Stock Returns

Volatility, Wide Spreads, and Value Stock Returns

History suggests that in times of uncertainty, investing in undervalued companies pays off long term.
Value Outperformance Following Extreme Volatility

Value Outperformance Following Extreme Volatility

Extreme volatility has historically been conducive to small cap value outperformance.
Value is a Philosophy not a Factor

Value Is a Philosophy – Not a Factor

Rich Pzena discusses the difference between the value factor and value investing as a philosophy.
Recent Events Have Set up a Classic Value Opportunity

Recent Events Have Set up a Classic Value Opportunity

Valuation spreads between the cheapest and most expensive stocks are at or near all-time highs.
Value Stocks Lead the Way

Initial Stages of Recovery

Following each of the last five bear markets, value stocks outperformed one year from the trough.
Bear Markets Recoveries and Value Stocks

Bear Markets, Recoveries, and Value Stocks

In the midst of heightened investor fears, it's helpful to examine the historical context of recoveries.