- Earnings growth has been a major driver of equity-market performance this year.
- At the same time, it remains important for equity investors to use a value lens when selecting growth companies.
- In various segments of the market, we seek the best opportunities for return—based on a broad set of desirable characteristics—in healthcare, financials, energy, technology hardware, industrial services, and auto manufacturing.
As we discussed in our July commentary, the Value theme on its own has underperformed in recent years—a pattern that accelerated in 2018. As we noted then, the efficacy of the Value premium experiences cyclicality, like any investment.
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