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Epoch Investment Partners

The Capital Reinvestment Strategy

Return on Invested Capital (ROIC) is a crucial metric in evaluating companies, yet investors pay more attention to growth in earnings, which can be misleading. Our latest whitepaper discusses the Capital Reinvestment Strategy which focuses on companies that use their free cash flow to reinvest and acquire, and in doing so have a persistently high level of ROIC well in excess of their weighted average cost of capital.  

The Capital Reinvestment Strategy

The Case for Trade Remains Overwhelming: But dislocated workers need more help

International trade has moved to center stage in the U.S. political debate, with anti-trade tirades and protectionist rhetoric dominating stump speeches and media coverage. Against this backdrop, Co-CIOs Bill Priest and David Pearl join Investment Strategist Kevin Hebner to explore three key questions: Why does trade matter so much? Why has protectionism become such a prominent issue in 2016? And, what are the economic and market implications if the protectionists prevail? Click here to read >

The Case for Trade Remains Overwhelming: But dislocated workers need more help

Bill Priest on Barron’s 2016 Roundtable, Part 1: A World of Opportunities

CEO and Co-CIO Bill Priest joined eight other investment industry experts for the Barron's 2016 Roundtable. He spoke about global growth expectations, the outlook for returns in equity markets and the threat of economic and political contagion.

Bill Priest on Barron’s 2016 Roundtable, Part 1: A World of Opportunities
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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 Featured on CNBC May 17, 2016

Co-Chief Investment Officer David Pearl appeared on CNBC to discuss investment opportunities in the current market environment.

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David Pearl Featured on BNN Money Talk - February 24, 2016

Co-Chief Investment Officer David Pearl appeared on BNN's Money Talk to discuss recent market volatility and where he is finding attractive investment opportunities.

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