Below are links to various letters and articles penned by Lyrical Asset Management over the years. In addition, links to certain news items are included.
Investment Letters

LAM 2016 Review Letter
January 25, 2017

January 25, 2017
LAM 2016 Review Letter

In 2016, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +16.0% (+15.1% net) and +16.3% (+14.9% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +12.0% and +17.3%, respectively.

DISCLAIMER: THIS COMMUNICATION DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. A PURCHASE OF THE SECURITY MENTIONED HEREIN ENTAILS NOT ONLY THE POTENTIAL FOR PROFIT BUT ALSO THE RISK OF LOSS. LYRICAL ASSET MANAGEMENT LP (“LAM”) DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION CONTAINED HEREIN. A LIST OF ALL RECOMMENDATIONS BY LAM IS AVAILABLE UPON REQUEST. PART PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

LAM 2015 Review Letter
February 2, 2016

February 2, 2016
LAM 2015 Review Letter

In 2015, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of -5.0% (-5.7% net) and -5.1% (-6.3% net), respectively.  Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +1.4% and -3.8%, respectively.

DISCLAIMER: THIS COMMUNICATION DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. A PURCHASE OF THE SECURITY MENTIONED HEREIN ENTAILS NOT ONLY THE POTENTIAL FOR PROFIT BUT ALSO THE RISK OF LOSS. LYRICAL ASSET MANAGEMENT LP (“LAM”) DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION CONTAINED HEREIN. A LIST OF ALL RECOMMENDATIONS BY LAM IS AVAILABLE UPON REQUEST. PART PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

LAM 2014 Review Letter
February 9, 2015

February 9, 2015
LAM 2014 Review Letter

In 2014, our U.S. Value Equity-EQ and U.S. Value Equity-CS composites returned +13.4% and +14.1%, respectively, compared to +13.7% for the S&P 500 Index and +13.5% for the Russell 1000 Value.

DISCLAIMER: THIS COMMUNICATION DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. A PURCHASE OF THE SECURITY MENTIONED HEREIN ENTAILS NOT ONLY THE POTENTIAL FOR PROFIT BUT ALSO THE RISK OF LOSS. LYRICAL ASSET MANAGEMENT LP (“LAM”) DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION CONTAINED HEREIN. A LIST OF ALL RECOMMENDATIONS BY LAM IS AVAILABLE UPON REQUEST. PART PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

LAM 2013 Review Letter
January 20, 2014

January 20, 2014
LAM 2013 Review Letter

In 2013, our US Value Equity-EQ and US Value Equity-CS returned +54.4% and +50.9%, respectively, compared to the +32.4% for the S&P 500 Index and +32.5% for the Russell 1000 Value.

DISCLAIMER: THIS COMMUNICATION DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. A PURCHASE OF THE SECURITY MENTIONED HEREIN ENTAILS NOT ONLY THE POTENTIAL FOR PROFIT BUT ALSO THE RISK OF LOSS. LYRICAL ASSET MANAGEMENT LP (“LAM”) DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION CONTAINED HEREIN. A LIST OF ALL RECOMMENDATIONS BY LAM IS AVAILABLE UPON REQUEST. PART PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

LAM 2012 Review Letter
January 20, 2013

January 20, 2013
LAM 2012 Review Letter

At year-end, we celebrated our four year anniversary of managing capital for our clients. Over this period we have produced a total return nearly double the return of the S&P 500 Index, net of our fees. Our U.S. Value Equity composite four year gross return of 167.3% is in the top 1% among all Large Cap, Mid Cap and All Cap Value products in the eVestment Alliance database. (Note that eVestment uses gross performance for such rankings. To be clear, our net performance was 140.9% over that period). We are proud of our accomplishments and excited for our future. We thank our clients for their early and continuing confidence.

DISCLAIMER: THIS COMMUNICATION DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. A PURCHASE OF THE SECURITY MENTIONED HEREIN ENTAILS NOT ONLY THE POTENTIAL FOR PROFIT BUT ALSO THE RISK OF LOSS. LYRICAL ASSET MANAGEMENT LP (“LAM”) DISCLAIMS ANY DUTY TO UPDATE THE INFORMATION CONTAINED HEREIN. A LIST OF ALL RECOMMENDATIONS BY LAM IS AVAILABLE UPON REQUEST. PART PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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Investment Letters

"LYRIX" EARNS FIVE-STAR RATING, TOP 1% RECOGNITION
March 9, 2016

March 9, 2016
"LYRIX" EARNS FIVE-STAR RATING, TOP 1% RECOGNITION

New York, NY – March 9, 2016 – Lyrical Asset Management LP (LAM), a registered investment advisor and an affiliate of Lyrical Partners, L.P., announced today that its mutual fund, Lyrical U.S. Value Equity Fund (“LYRIX”), received an inaugural ranking from Morningstar. As of March 7, 2016, upon achieving its three-year track record, LYRIX was awarded a Five-Star rating based on Morningstar’s risk-adjusted methodology, and its return was determined to be in the top 1% of the 1,167 funds in the “Large Value” category.  LYRIX’s portfolio management team is led by LAM’s Co-Founder and Chief Investment Officer, Andrew Wellington, and includes Co-Portfolio Manager and 15-year industry veteran, Caroline Ritter.

“When we launched Lyrical Asset Management, we resolved to create something uncommon in the traditional equity arena,” said Jeffrey Keswin, LAM’s Chief Executive Officer. “We embraced a benchmark blind approach, combining value and quality attributes in a disciplined, straightforward, low-turnover portfolio.  We are gratified by the results to date and to have rewarded our early investors for their confidence in us and our investment program.”

LYRIX invests in 33 companies, diversified by industry but concentrated enough to drive differentiated performance. Assets in Lyrical Asset Management’s LYRIX mutual fund exceed $1.0 billion.


LYRICAL ASSET MANAGEMENT WINS LONG-BIASED EQUITY FUND – LONG TERM PERFORMANCE AWARD AT 2015 INVESTORS CHOICE AWARDS
April 1, 2015

April 1, 2015
LYRICAL ASSET MANAGEMENT WINS LONG-BIASED EQUITY FUND – LONG TERM PERFORMANCE AWARD AT 2015 INVESTORS CHOICE AWARDS

New York, NY – April 1, 2015 – Lyrical Asset Management LP (LAM), a registered investment advisor and an affiliate of Lyrical Partners, L.P., announced today that Lyrical Long-Only Partners LP received the Long Biased Equity Fund – Long Term Performance award at the annual 2015 Investors Choice Awards.  The event recognizes fund managers that have achieved outstanding risk-adjusted absolute returns. The scoring methodology incorporates both a set of qualitative criteria, covering the investment process, risk management, and depth of research team, and quantitative measures, including annualized net returns, volatility, and maximum drawdown.  The sum of qualitative and quantitative scores, in equal measure, determines the winner in each category.  LAM’s portfolio management team is led by Co-Founder and Chief Investment Officer, Andrew Wellington, and includes Co-Portfolio Manager and 15-year industry veteran, Caroline Ritter.

“When we launched Lyrical Asset Management, we resolved to create something uncommon in the traditional equity arena,” said Jeffrey Keswin, LAM’s Chief Executive Officer.  “We embraced a benchmark blind approach, combining value and quality attributes in a disciplined, straightforward, low-turnover portfolio.  We are gratified by the results to date and to have rewarded our early investors for their confidence in us and our investment program.”

Over the six years ended December 31, 2014, LAM’s U.S. Value Equity strategy returned 324%, net of fees, or 27% per annum, outperforming the S&P 500 benchmark by 10% per annum, net of fees.  U.S. Value Equity invests in 30-40 companies, diversified by industry but concentrated enough to drive differentiated performance.


LYRICAL ASSET MANAGEMENT’S MUTUAL FUND RANKED #1 IN LARGE CAP VALUE IN WALL STREET JOURNAL
September 12, 2014

September 12, 2014
LYRICAL ASSET MANAGEMENT’S MUTUAL FUND RANKED #1 IN LARGE CAP VALUE IN WALL STREET JOURNAL

New York, NY – September 12, 2014 – Lyrical Asset Management LP (LAM), a registered investment advisor and an affiliate of Lyrical Partners, L.P., announced today that as of June 30, 2014 and for the second straight quarter, Lyrical U.S. Value Equity Fund (NYSE: “LYRIX”), a 1940 Act Mutual Fund, was the #1 performing large cap value fund for the past twelve months as reported by the Wall Street Journal. LAM’s investment management team is led by Co-Founder and Chief Investment Officer, Andrew Wellington, and includes Co-Portfolio Manager and 15-year industry veteran, Caroline Ritter.


Andrew Wellington CNBC Interview 1/6/14
June 1, 2014

June 1, 2014
Andrew Wellington CNBC Interview 1/6/14

LYRICAL ASSET MANAGEMENT’S UCITS FUND RANKED #1 NORTH AMERICA EQUITY BY CITYWIRE GLOBAL
April 9, 2014

April 9, 2014
LYRICAL ASSET MANAGEMENT’S UCITS FUND RANKED #1 NORTH AMERICA EQUITY BY CITYWIRE GLOBAL

Lyrical Asset Management, LP (LAM), a registered investment advisor and an affiliate of Lyrical Partners, L.P., announced today that its Coventum-Lyrical UCITS product was ranked the #1 performing Equity – North America UCITS Manager over the trailing three years ended March 31, 2014, by Citywire Global. The Coventum-Lyrical portfolio management team is led by LAM’s Co-Founder and Chief Investment Officer, Andrew Wellington, and includes Co-Portfolio Manager and 15-year industry veteran, Caroline Ritter.


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