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Epoch Investment Partners

When “Bits” Meet “Atoms”

The Digital Age and the transition from “atoms” to “bits” implies a capital-light economy in which technology is being substituted for labor and physical assets. Its impact is widespread and stretches beyond the technology sector. In the third part of our technology focused series we explore the key differentiator between the first and second machine ages, tech's impact on microeconomic factors, why the digital age entails a radical reevaluation of macroeconomics and implications for investors.

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When “Bits” Meet “Atoms”

The Winds Of Change: The Transition from Quantitative Easing to Quantitative Tightening

Regulators and investors are focused on leverage, but it was liquidity risk at the core of the last crisis and will likely be again in the next one. As banks move toward "quantitative tightening," higher interest rates and liquidity are the most significant macro risks, especially with many assets near historical highs.

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The Winds Of Change: The Transition from Quantitative Easing to Quantitative Tightening

Barron’s 2018 Roundtable

For the third straight year, CEO and Co-CIO Bill Priest joined eight other investment industry experts for the Barron's 2018 Roundtable. He spoke about the impact of market volatility, global growth, the impact of quantitative tightening and technology on capital markets, tax reform and even cryptocurrencies.

Part I - Bright Outlook for the Economy and Stocks >
Part II - William Priest: Bullish on Screen Technology and Chip Gear>
 

Barron’s 2018 Roundtable
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We are global equity investors with a distinct perspective on the long-term drivers of shareholder return.

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OUR INSIGHTS

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Advantage from Perspective

Long-term investment success demands a focus on essential truths that are not always obvious. We focus on investing in companies with the enduring elements that create value: free cash flow and managements committed to providing positive returns to shareholders. Like the companies in which we invest, we are committed to transparency. This includes sharing our global market perspectives and insights that help drive our investment decisions.

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OUR INVESTMENT PHILOSOPHY

Investors often view a company through the prism of accounting measures such as price-to-book value and price-to-earnings ratios. Epoch adopts a different approach. Earnings growth and dividends drive shareholder returns, and they come from a single source: cash flow. We focus on companies that are growing free cash flow and allocating it intelligently.

Reinvesting cash flows in internal projects or acquisitions is preferred when those actions will generate returns above the cost of capital. Otherwise, we believe company managements should return excess cash to shareholders through dividends, share buybacks or debt repayments -- collectively known as "shareholder yield."

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IN THE NEWS

Bill Priest in FTSE Global Markets

CEO and Co-CIO Bill Priest was featured in FTSE Global Markets. He discussed the impact of Quantitative Tightening and why higher interest rates and waning liquidity are the most significant macro risks.

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Kera Van Valen on CNBC.com

In a two part series on CNBC.com, Kera Van Valen, a portfolio manager for Epoch's Shareholder Yield strategies, highlights the benefits of investing in dividend paying stocks in uncertain times and the importance of active management in assembling a portfolio of dividend paying stocks.

It's a Smart Move to Invest in Dividend-Paying Stocks >
Shareholder Yield Must be Supported by Growing Free Cash Flow >
 

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