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Epoch Investment Partners

Eric Sappenfield on Barron’s Income Roundtable

Portfolio Manager Eric Sappenfield participated in the Barron's Income Roundtable, discussing the market backdrop for dividend paying stocks and highlighted some companies that the Shareholder Yield strategy favors.

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Eric Sappenfield on Barron’s Income Roundtable

Secular Stagnation: “2% is the New 4%” for U.S. Growth

Over the last two years Lawrence Summers has been an energetic proponent of the secular stagnation thesis. In this paper, Global Investment Strategist Kevin Hebner joins co-CIOs Bill Priest and David Pearl to explore the underlying components of Mr. Summers' thesis and their investment implications.

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Secular Stagnation: “2% is the New 4%” for U.S. Growth

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
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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 Booth Appears on BNN’s Money Talk

Portfolio Manager Bill Booth was interviewed by Kim Parlee on BNN's Money Talk. He discussed potential market reactions to the U.S. elections and the outlook for Europe following Brexit and with its own contentious elections coming up.

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Eric Sappenfield on Barron’s Income Roundtable

Portfolio Manager Eric Sappenfield participated in the Barron's Income Roundtable, discussing the market backdrop for dividend paying stocks and highlighted some companies that the Shareholder Yield strategy favors.

Read the Article >

See More >

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