Q2 2023 Update Webinar Replay
Original broadcast details
Date: Thursday, July 13, 2023
Executive Summary
At the halfway point of 2023, we believe Lyrical is having a deceptively good year.
It may not seem that good on the surface since we are trailing the S&P 500 and S&P 500 Value, but the returns of both those indices have been largely driven by a handful of mega-cap growth stocks. Excluding those stocks, our U.S. composites have materially outperformed the rest of the stocks in those indexes this year. We are also outperforming 94% of our Morningstar peer group with our LYRIX mutual fund’s first half returns ranked in the 6th percentile.
Q3 2023 Update Webinar Replay
Original broadcast details
Date: Thursday, October 12, 2023
Executive Summary
3Q23 was a strong quarter of relative performance; our U.S. strategies outperformed the S&P 500 in both up and down months.
We had a flat quarter of absolute performance, outperforming the S&P 500’s decline of over 3%, and the S&P 500 Value’s decline of over 4%. Year-to-date, our LYRIX mutual fund outperformed 98% of the 382 funds in our Morningstar peer group.
Large Cap or Mid Cap?
We often are asked what the right size and style box is for our U.S. portfolio. From a style perspective we are clearly deep on the value side of the spectrum. Less clear is where we fit from a size perspective.
As of year-end 2022*, the average market capitalization of our capitalization-scaled (LAM-CS) portfolio construction was $37 billion. This appears significantly smaller than the $234 billion of the S&P 500 Value index or the $151 billion of the S&P 900 Value index. On the other hand, it is significantly larger than the $5.8 billion of the S&P Midcap 400 Value index. So, where should investors place Lyrical? Large Value or Mid Value?
For nearly all our clients, they place us in the large-cap value box, mainly because our portfolio closely resembles the constituents of the S&P 500 Value and S&P 900 Value, once you eliminate the gross distortion of cap weighting.
Value Investor Insight Interview with Andrew Wellington & Matt Mangiacotti
In this interview with Value Investor Insight, Chief Investment Officer Andrew Wellingtonand Senior Analyst Matthew Mangiacotti delve deeply into their investment philosophy and strategy. Andrew and Matt cover a range of topics, from Lyrical’s ‘finding gems amid the junk’ approach, to their strategy when considering disruption (including how AI has impacted their portfolio companies), and what keeps them optimistic and grounded as investors navigating the noise of the market.
Don’t Get Your Value from an Index
Value stocks have a long history of delivering market-beating returns. But how you get your Value exposure is a critical decision. For large-cap value, it is tempting to get exposure through low-cost passive products. However, these products have a serious problem: they track the large-cap value indices, and you don’t want to get your value from an index.
A Value Investor’s Guide to Impact Investing Replay
Original broadcast details
Date: Thursday, September 7, 2023
Description: Discover a fresh perspective on the compatibility of value investing and impact investing in this 30-minute presentation. Lyrical Asset Management’s Co-Portfolio Managers, Dan Kaskawits and John Mullins, discuss the common misperception that the two approaches to investing are mutually exclusive and offer insights into the challenges of finding gems amidst the junk.
The Opportunity in International Equities Replay
Original broadcast details
Date: Thursday, June 27, 2023
Description: Deepen your understanding of the current opportunities in international equities with Lyrical Asset Management’s Co-Portfolio Managers, John Mullins and Dan Kaskawits, as they take a closer look at what has driven the U.S. equity market’s recent outperformance over international equities and share why you may want to consider adding more to your international exposure going forward.
