Q1 2023 Focused Value Commentary
The Snow Focused Value strategy outperformed the benchmark by 10 basis points during the quarter, returning 1.11% gross of fees (0.88% net of fees), while the Russell 1000 Value index gained 1.01%.
Learn MoreObjective
Aims to provide long-term capital appreciation through a concentrated portfolio of value equity securities.
Why This Strategy?
People
Led by the Snow investment team who have an average of over 19 years’ experience in the value equity space.
Portfolio
The concentrated portfolio of 18 to 24 stocks represents the team’s highest conviction ideas. Consists of our best large and mid-cap value investment ideas.
Philosophy
Investment philosophy that is consistent with modern behavioral finance research and aims to take advantage of investor overreactions to negative surprises.
Process
Fundamental research process focuses on identifying out-of-favor stocks that are in sound financial condition and should experience an upward rerating in their P/E ratio with a positive shift in investor sentiment.