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December 15, 2009
The events of the Global Financial Crisis have drawn deserved scrutiny to the consequences of unfettered profit motives especially in the financial sector. This lends support to the long-argued case for Environmental, Social and Governance (ESG) investment considerations.
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June 24, 2009
This note looks at whether the market in aggregate is attractive on a yield basis, and the increasing relevance of dividend yield to equity investment.
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July 14, 2008
The long bull run has driven up the total remuneration of Chief Executive Officers but the size of their salary increase does not always correlate to the performance of their companies. We examine executive pay and its relationship, if any, to company valuation and shareholder returns.
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June 2, 2008
At first glance, the equity market is offering a wider valuation dispersion than we have seen for a while, and is somewhat cheaper than its highs of 2007. What does this mean for value investing? We look at valuation and earnings over the past few decades to get some perspective.
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January 31, 2008
There has been intense recent focus on turnover and its effect on taxation. The debate has been distorted because the retail sector tends to ignore the consequence of unrealised portfolio gains. We investigate the real impact of turnover and suggest a simple pragmatic approach to emphasising dividend franking credits.
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September 20, 2007
Many US quant managers suffered from poor performance during the credit crunch of July/August 2007, mainly due to excessive leverage. This newsletter examines the implications for Australian quant managers.
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September 19, 2006
This piece, following on from the theme of our 2006 Round Table, examines the relationship between high conviction equity management and size of funds under management.
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May 5, 2006
This newsletter looks at how different stock selection criteria have performed in bull and bear markets over the last fifteen years for which we have credible stock level data.
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February 20, 2004
There are two common variations of long/short investing - market neutral and equitised, this newsletter considers their different roles in a portfolio.
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May 21, 2003
This newsletter deals with the importance of being discriminating with value investing in order to differentiate the good quality value stocks ('fallen angels') from the poor quality ones ('old dogs').
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March 10, 2003
Originally the domain of hedge funds, long/short investing is increasingly moving into the mainstream as institutional managers offer such products.
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December 4, 2002
With the advent of a number of high profile corporate debacles, executive remuneration has again become a hotly debated issue.
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September 16, 2002
In our last newsletter we drew attention to some of the problems that the style segmentation of Australian equities can create for Australian investors.
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August 15, 2002
Following US practice, there has been a move in Australia to configure domestic equity managers on the basis of value and growth investment styles. More: Read this newsletter...
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July 24, 2002
Emerging markets have weathered the latest tempest on financial markets quite well as attractive valuations relative to developed markets have proved something. More: Read this newsletter...
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June 17, 2002
Value investing bases stock selection on low prices relative to income and assets. Value managers currently crowd the top quartile of equity manager performance. More: Read this newsletter...
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February 28, 2002
If you look at a recent risk/return chart from a performance survey of Australian equity managers you might conclude that active equity returns improve. More: Read this newsletter...
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December 13, 2001
Investment managers with smaller funds under management have a clear performance advantage relative to larger counterparts in Australian equities.
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October 31, 2001
The year to September 2001 continued the resurgence in the reward to value investing which can be dated to the burst of the technology bubble in March 2000.
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