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Kera Van Valen on Fortune 2018 Roundtable

- Are we due for a correction?
- How will tax reform impact cap ex and payout ratios?
- How is technology creating opportunities?

Shareholder Yield Portfolio Manager Kera Van Valen answered these questions and more in Fortune's 2018 Investment Outlook Roundtable.

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Kera Van Valen on Fortune 2018 Roundtable

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

Capital Markets Outlook: January 18, 2018

We discuss the key reasons for our continued constructive outlook on equity markets. Topics include inflation and interest rate expectations, the investment case for Europe, what we like and what we don't like about Japanese equities and the impact of Technology on capital markets.

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Capital Markets Outlook: January 18, 2018
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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

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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Steve Bleiberg in Investment Europe

Portfolio Manager Steve Bleiberg was featured in Investment Europe where he discussed why Growth and Value indexes don't necessarily measure growth or value.

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