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Epoch Investment Partners

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

While regulators and many investors are focused on leverage, we are more concerned with liquidity risk, which was at the core of the 2007-2009 crisis and will likely be again at the next one. As central banks move toward "quantitative tightening," higher interest rates and waning liquidity are the most significant global macro risks, especially given that many assets are trading toward the high end of their historical ranges.

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

What Do We Mean When We Talk About Value?

It has long been common practice in the investment world to divide the market up into “value stocks” and “growth stocks,” but do these labels really represent reality?
- Does Value outperform?
- Does Growth have better earnings growth?
- Is there a better way to measure value?
The answers may surprise you.

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What Do We Mean When We Talk About Value?

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
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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

David Pearl on Morningstar Canada’s U.S. Equity Roundtable

Co-CIO and Portfolio Manager David Pearl participated in Morningstar Canada's U.S. Equity Roundtable where he discussed the U.S. economy and Epoch's Free Cash Flow approach. He also explored our thoughts on cyclical changes in the technology sector, increased volatility in health care, the impact of interest rates on financials and valuations in the consumer sectors. Morningstar detailed the summit in a three part article series.

Part I - U.S. Economy and Technology;
Part II - Free Cash Flow and Health Care;
Part III - Financials and Consumer Sectors;

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Kera Van Valen on Reuters

Shareholder Yield PM Kera Van Valen participated in the  Reuters Global Investment 2018 Outlook Summit. She discussed the shift in the technology sector that has made tech stocks viable for dividend investors. She also explored how non-tech companies have used technology to improving their productivity and ROEs.

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