| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.02% | 5.94% | 5.94% |
Distillate Capital's Q1 2026 letter focuses on how market volatility creates opportunities through systematic rebalancing. The firm's Small/Mid Cap Quality & Value strategy returned 5.94% net of fees, outperforming the Russell 2000's 0.92% return. The core thesis centers on fundamentals driving long-term returns, with value strategies outperforming through better underlying cash flow growth rather than valuation expansion. The strategy systematically rebalances from expensive to cheaper stocks, increasing portfolio-level free cash flows. In small caps, selectivity is critical given the large number of unprofitable and highly leveraged companies in the Russell 2000. The portfolio targets the intersection of low debt and attractive valuations, with significant energy sector exposure. Key risks include rich market valuations, technological disruption, geopolitical uncertainty, and high debt levels across markets. The manager remains confident that disciplined value investing focused on fundamentals will continue to generate superior returns despite short-term market volatility and valuation swings.
Fundamentals ultimately drive returns, and systematic rebalancing from expensive to cheaper stocks based on free cash flow metrics can generate superior portfolio-level fundamental growth and outperformance over time.
The manager expects fundamentals to continue driving returns over the long term, despite short-term valuation multiple swings. They believe systematic rebalancing into better-valued stocks will generate superior fundamental growth over time, and view current market dispersion as creating significant opportunities for value-based strategies.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX | energy, fundamentals, Quality, rebalancing, small caps, value | - | Distillate's small/mid cap value strategy outperformed in Q1 2026 through systematic rebalancing from expensive to cheap stocks, driving superior fundamental growth. The approach targets quality companies with low debt and attractive free cash flow yields while avoiding the unprofitable, leveraged names dominating small cap indices. Fundamentals ultimately drive returns despite valuation volatility. |
| Jan 18 2026 | 2025 Q4 | BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST | free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value | - | Distillate Capital warns of rich U.S. market valuations while positioning in quality, attractively valued stocks. Their strategies underperformed in 2025 as unprofitable companies outperformed, but the firm sees this as creating better entry points. With fundamentals as the only sustainable return driver, their systematic value approach and superior cash flow growth position them well for potential valuation normalization. |
| Oct 16 2025 | 2025 Q3 | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | - | Distillate warns the AI bubble has created dangerous market concentration and valuations reminiscent of the TMT bubble. Their systematic value approach trades at half the valuation of major benchmarks while generating superior fundamental growth through disciplined rebalancing. Despite recent underperformance, they maintain conviction in their quality-focused value strategy amid widespread market richness. |
| Jun 30 2025 | 2025 Q2 | 000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, large cap, momentum, Quality, valuation, value | - | Distillate warns that S&P 500 valuation expansion, which contributed 4.6% annually since 2017, could reverse and become a headwind given current rich levels. Their systematic value strategy trades at the widest discount to the market since inception, positioning for potential mean reversion while generating superior free cash flow growth through disciplined rebalancing. |
| Mar 31 2025 | 2025 Q1 | AAPL, ABBV, AMZN, BABA, CI, ELV, EPAM, GOOGL, JNJ, META, MSFT, NTAP, NVDA, ON, ORCL, PYPL, TMUS, TPG, TSLA, VTRS | AI, Leverage, Quality, small caps, tariffs, uncertainty, valuation, value | - | Distillate Capital navigates unprecedented uncertainty from tariffs, AI doubts, and fiscal unsustainability by focusing on quality companies with low leverage and stable cash flows. The strategy achieves record valuation spreads versus expensive large-cap stocks, positioning for potential outperformance similar to post-2000 conditions when cheaper, quality names significantly outperformed concentrated, expensive markets. |
| Dec 31 2024 | 2024 Q4 | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | free cash flow, fundamentals, Quality, small caps, valuation, value | - | Distillate's Small/Mid Cap strategy lagged in 2024 as expensive, lower-quality stocks outperformed, but the firm maintains its disciplined value approach. With the broader market expensive and concentrated in mega-caps, they see compelling opportunities in smaller companies with strong fundamentals and attractive valuations, offering 9.1% free cash yield versus expensive alternatives. |
| Oct 20 2024 | 2024 Q3 | AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM | cash flow, Leverage, Quality, risk management, small caps, valuation, value | - | Distillate warns of significant valuation risk with 40% of S&P 500 trading above 30x P/E, similar to 2000 bubble conditions. Their quality-focused small/mid cap strategy lagged in Q3 as speculative stocks rallied on rate cut hopes, but maintains 2.5x benchmark free cash flow yield while avoiding unprofitable, highly leveraged companies that dominate small cap indexes. |
| Jul 25 2024 | 2024 Q2 | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | - | Distillate's small/mid-cap strategy slightly lagged benchmarks as AI enthusiasm drove extreme market concentration to levels unseen since the late 1990s. The strategy maintains superior fundamentals with 8.3% free cash flow yield versus 3.6% for Russell 2000, while avoiding the leverage and unprofitability plaguing small-cap benchmarks. Firm stays disciplined on valuation despite short-term underperformance. |
| Apr 15 2024 | 2024 Q1 | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, free cash flow, international, Quality, small caps, valuation, value | - | Small/mid cap strategy significantly outperformed in Q1 by avoiding the leverage and profitability issues plaguing small cap benchmarks. Maintains 9.0% free cash flow yield versus Russell 2000's 4.1% through disciplined focus on quality and value. While AI creates spectacular momentum in select names, manager emphasizes capital preservation and margin of safety over speculative growth. |
| Jan 24 2024 | 2023 Q4 | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | - | Distillate's SMID strategy returned 29.5% in 2023, outperforming Russell 2000 by 12.6% through selective quality investing. Manager avoids mega-cap concentration risks, achieving 6.9% free cash flow yield versus 4.5% for S&P 500. Sees opportunity in small caps despite expensive headlines by focusing on profitable companies with low debt. Follows Charlie Munger's fish where the fish are philosophy. |
| Nov 10 2023 | 2023 Q3 | AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA | consumer spending, interest rates, Market Concentration, small caps, technology, valuation |
AAPL|MSFT|NFLX|NVDA|UNH 5HT.SI |
O'Keefe Stevens trimmed their 26% Nvidia position by 30% despite calling it potentially the world's best business, citing extreme valuation and competitive lifecycle risks. Small-cap carnage creates opportunities as Russell Microcap fell 8%. Rising rates forced Hersha Hospitality sale. Manager maintains defensive positioning with elevated cash earning 5%, ready for patient deployment. |
| Jul 13 2023 | 2023 Q2 | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | - | Distillate's small/mid cap strategy outperformed Russell 2000 benchmarks by 4.6-10.1% in H1 2023 through disciplined focus on quality companies with attractive valuations and low leverage. The approach avoids the structural issues plaguing broader small cap indices, achieving superior free cash flow yields while maintaining significantly lower debt levels than benchmarks. |
| Apr 14 2023 | 2023 Q1 | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | - | Distillate's SMID strategy outperformed benchmarks by 3.79%-7.14% in Q1 through disciplined focus on low-leverage, cash-generative companies trading at attractive free cash flow yields. Portfolio maintains significant quality advantages over Russell benchmarks while avoiding banking sector stress. Management sees compelling opportunities in current environment to invest in high-quality companies at attractive valuations despite macro uncertainties. |
| Jan 30 2023 | 2022 Q4 | - | - | - | |
| Jul 30 2022 | 2022 Q2 | - | - | - | |
| Apr 30 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
ValueThe letter extensively discusses value investing through free cash flow metrics, showing how systematic rebalancing into cheaper stocks drives superior fundamental growth. The cheapest quintile of stocks significantly outperformed more expensive ones, with returns driven by fundamentals rather than valuation expansion. |
Free Cash Flow Valuation Rebalancing Fundamentals Outperformance |
Small CapsFocus on small and mid-cap US stocks with emphasis on quality and selectivity. The strategy avoids unprofitable and heavily leveraged companies that dominate the Russell 2000, instead targeting the intersection of low debt and attractive valuations. |
Russell 2000 Selectivity Quality Leverage Profitability | |
EnergyEnergy sector represents 18.6% of the SMID strategy portfolio weight versus 6.7% in Russell 2000. Top contributors included energy names like APA Corp, Chord Energy, and HF Sinclair Corp, benefiting from the sector's attractive valuations. |
Oil Gas Energy Services Exploration Production | |
| 2025 Q4 |
AIAI continues to drive significant market performance with Alphabet benefiting from its differentiated positioning. The release of Gemini 3 model has been widely accepted as market leading, reducing competitive fears. However, concerns about AI disruptions are emerging in some sectors like clinical solutions. |
Artificial Intelligence Gemini OpenAI Anthropic |
GLP1Eli Lilly's dominant position in the fast-growing GLP-1 drug market drove exceptional performance. Third-quarter results showed explosive demand for metabolic franchise with Mounjaro and Zepbound generating over $10 billion in quarterly sales and capturing leading US market share. |
Diabetes Obesity Mounjaro Zepbound Metabolic | |
SemiconductorsSemiconductor manufacturer Micron Technology continued providing positive contributions as a historically commoditised memory market shows transformation due to rising AI workloads and tight supply. DRAM pricing has continued to rise sharply, creating favorable environment for improved profitability. |
Memory DRAM AI Workloads Supply | |
DefenseStarted new position in Hensoldt, a European defence electronics company, classified as an Accelerator. Investment case underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defence spending with robust order book. |
Defence Electronics Sensor Solutions Electronic Warfare European Defence | |
| 2025 Q3 |
ValueThe manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. |
Free Cash Flow Valuation Systematic Rebalancing Quality Discount |
QualityThe strategy emphasizes stable businesses with strong cash flow profiles and low debt levels. The manager notes their focus on fundamental stability as measured by their proprietary cash flow stability score, which helps identify companies with consistent earnings power through market cycles. |
Cash Flow Stability Low Debt Fundamental Stability Consistent Earnings Through-Cycle | |
AIThe manager describes the current market environment as an AI bubble, drawing parallels to the TMT bubble of the late 1990s. They note that AI-related stocks have driven significant market concentration and valuation expansion, creating risks similar to previous technology bubbles. |
Bubble Concentration Valuation Expansion Technology Market Risk | |
Small CapsThe manager sees significant opportunity in small and mid-sized U.S. stocks, noting that the S&P 600 is cheaper than the S&P 500 after years of being more expensive. They emphasize selectivity is critical due to many unprofitable and heavily indebted companies in the space. |
Opportunity Selectivity Valuation Advantage Quality Bias Outperformance | |
| 2025 Q2 |
ValuationThe S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns. |
Free Cash Flow Multiples Risk Headwinds Bubble |
MomentumMomentum has been the dominant force in the market rally and the lone standout factor with surging relative performance. However, momentum generates the risk of disconnecting prices from fundamentals and has led to painful reversals in the past, with the manager expressing caution given stretched valuations. |
Factor Behavioral Reversal Disconnect Caution | |
ValueThe manager believes now is a moment to lean into value but emphasizes that proper definition of value is crucial. Their systematic rebalancing around value definitions has generated superior underlying free cash flow growth and protection against valuation risk, with their strategy trading at significantly cheaper levels than benchmarks. |
Systematic Rebalancing Protection Definition Cheaper | |
QualityQuality has been beneficial to long-term returns but has been a drag during speculative periods including the tech bubble, meme stock frenzy, and recently. The manager's focus on quality through eliminating negative free cash flow stocks and highly leveraged companies is expected to be accretive longer-term despite recent headwinds. |
Long-term Speculative Leverage Cash Flow Accretive | |
| 2025 Q1 |
TariffsAnnounced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale exceeds even Smoot-Hawley tariffs and comes at a time when the economy was already showing signs of fragility. |
Trade Policy Inflation Economic Shock |
AIAI technology faces mounting uncertainty as progress slows despite massive investments, with issues like hallucinations remaining endemic. Chinese company DeepSeek's low-cost model challenged assumptions about capital intensity barriers, while profitability concerns grow as companies like OpenAI struggle with revenue models. |
Data Centers Cloud Semiconductors | |
ValuationCurrent market conditions mirror March 2000 with extreme valuation dispersion between large expensive stocks and smaller cheaper alternatives. The strategy achieves record valuation spreads with 6.2% free cash yield versus S&P 500's 3.7%, similar to 2009 crisis levels. |
Value Quality Small Caps | |
UncertaintyMarkets face unprecedented uncertainty from confluence of tariffs, AI technology questions, and government spending sustainability. Unlike quantifiable risk, uncertainty cannot be mathematized, requiring investment processes focused on leverage, cash flow stability, and valuation rather than price volatility metrics. |
Risk Appetite Volatility | |
| 2024 Q4 |
ValueThe letter extensively discusses valuation disparities between large expensive mega-cap stocks and smaller companies. Distillate's strategies focus on attractive valuations with their Small/Mid QV offering 9.1% free cash to enterprise value yield compared to expensive broader markets. The firm emphasizes being disciplined on valuation and finding high quality companies at attractive prices. |
Valuation Free cash flow Enterprise value Yield Expensive |
QualityQuality is a core focus of Distillate's investment process, emphasizing companies with stable cash flows and low leverage. The letter discusses how their Small/Mid QV strategy filters out highly leveraged and fundamentally unstable stocks, seeking companies with both low leverage and high free cash yields while avoiding unprofitable companies. |
Cash flow stability Leverage Fundamentals Profitable Stable | |
Small CapsThe letter provides detailed analysis of small cap performance, noting that smaller US stocks rallied in July with lower quality companies outperforming higher quality ones. Despite challenging conditions for quality-focused strategies, Distillate sees compelling valuations among smaller stocks and maintains their disciplined approach to small cap investing. |
Russell 2000 Small companies Dispersion Outperformance Quality | |
| 2024 Q3 |
ValuationThe letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap. |
Free Cash Flow P/E Ratios Enterprise Value Market Cap Premium |
QualityThe manager emphasizes their focus on quality companies with stable cash flows and low leverage. Their small/mid cap portfolio avoids unprofitable and highly levered stocks, which caused underperformance during the quarter as the most speculative names rose most sharply. The portfolio's free cash flow yield is around 2.5x that of the benchmark. |
Cash Flow Stability Leverage Profitability Debt Levels Fundamentals | |
Small CapsSmall cap indexes lifted in the quarter with many of the most levered and least profitable stocks rising most amid hopes for lower interest costs. The manager notes significant valuation and quality concerns among smaller stocks, with small stock indexes including a large portion of unprofitable stocks and very high debt loads at present. |
Russell 2000 Leverage Profitability Interest Rates Refinancing | |
| 2024 Q2 |
ValueThe letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. |
Valuation Free Cash Flow Premium Discipline Expensive |
AIArtificial intelligence enthusiasm has driven extraordinary performance concentration in a small subset of large-cap stocks. The letter compares the current AI boom to the late 1990s internet development, noting that while AI could be transformational, business models must support the capital deployed and share prices. |
Artificial Intelligence Technology Concentration Transformation Bubble | |
Small CapsSmall cap stocks have significantly lagged large caps, with the S&P 500 vs Russell 2000 performance gap reaching levels not seen since the late 1990s. Small cap benchmarks are burdened by unprofitable and highly leveraged companies, creating opportunities for selective value investors. |
Russell 2000 Underperformance Leverage Debt Opportunity | |
| 2024 Q1 |
AINVIDIA has become the dominant AI story with market cap rising to $2.5 trillion from $350 billion, creating valuation concerns. The manager draws parallels to Cisco's bubble peak, noting NVIDIA trades at 20x forward sales versus the S&P 500's 2.7x. While AI represents transformative technology, the manager emphasizes difficulty predicting long-term winners and prefers avoiding rich valuations. |
NVIDIA Semiconductors Valuation Technology Growth |
ValueThe strategy maintains a significant valuation advantage with 9.0% free cash flow yield versus Russell 2000's 4.1%. The manager emphasizes finding attractive combinations of value and quality while avoiding expensive, unprofitable, and highly leveraged stocks. International opportunities also offer compelling valuations with the strategy's 8.2% FCF yield. |
Free Cash Flow Valuation Quality Margin of Safety | |
Small CapsSmall cap space faces systemic risks including substantially more leverage than large companies and 15% of Russell 2000 by weight not expected to generate positive free cash flows. The manager's strategy achieves 7.7% FCF/EV versus Russell 2000's 3.1% by avoiding expensive, unprofitable, and highly leveraged situations. |
Leverage Profitability Risk Management Russell 2000 | |
| 2023 Q4 |
ValueManager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. |
Free Cash Flow Valuation Selectivity Yield Premium |
QualityStrategy emphasizes fundamental stability and low leverage, avoiding companies with debt and profitability issues. The approach focuses on businesses with stable cash generation profiles and minimal debt burdens compared to broader benchmarks. |
Fundamental Stability Low Leverage Cash Flow Debt Profitability | |
Small CapsManager sees tremendous opportunity in small cap stocks despite headline valuations appearing expensive. The SMID QV strategy offers substantially better free cash flow yields with negligible debt and no exposure to unprofitable stocks. |
Russell 2000 SMID Opportunity Selectivity Outperformance | |
| 2023 Q3 |
AIManager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations. |
Artificial Intelligence GPU Technology Growth Valuation |
SemiconductorsExtensive discussion of NVDA's dominant GPU market position and competitive dynamics. Manager notes competition years behind but fighting hard to gain share. Discusses technology company lifecycle being shorter than other industries, with Intel losing CPU market share to AMD as example. |
GPU CPU Competition Market Share Technology | |
Small CapsManager highlights small and micro-cap space getting decimated with Russell Microcap down 8% and Russell 2000 down 5% in Q3. Notes individual small-cap stocks routinely down 10%+ from earnings misses. Views this as opportunity area when uncertainty and pessimism are high. |
Russell 2000 Microcap Opportunity Valuation Underperformance | |
HotelsDetailed analysis of Hersha Hospitality sale to KSL Capital Partners for $10 per share. Manager discusses debt maturity issues, refinancing challenges due to rising rates, and balance sheet concerns. Notes travel sector vulnerability to consumer spending pullback. |
REIT Debt Refinancing Interest Rates Travel | |
| 2023 Q2 |
ValueManager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. |
Valuation Free Cash Flow Selectivity Quality Fundamentals |
QualityStrategy focuses on companies with stable cash flows, low leverage, and strong balance sheets. Manager avoids highly leveraged situations and companies with negative free cash flow estimates, particularly important in the small cap space where fundamentals are more volatile. |
Cash Flow Stability Low Leverage Balance Sheet Fundamentals Risk Management | |
Small CapsThe SMID QV strategy targets small and mid-cap companies, achieving attractive valuations by avoiding the leverage and unprofitable company issues that plague broader small cap benchmarks. Strategy maintains 150 stocks with significant valuation advantages over Russell 2000 benchmarks. |
Small Cap Mid Cap Russell 2000 Diversification Outperformance | |
| 2023 Q1 |
ValueDistillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. |
Free Cash Flow Valuation Selectivity Yield Enterprise Value |
QualityThe strategy emphasizes companies with little debt and consistently generate cash flows. Portfolio has 0.8x leverage ratio versus 2.0x-2.9x for Russell benchmarks. Zero exposure to stocks with negative free cash flow estimates, compared to 17% and 16% for Russell 2000 benchmarks. |
Low Leverage Cash Generation Debt Avoidance Stability Risk Management | |
Credit StressBanking system faces strains particularly among smaller banks with risks of further distress given pockets of high leverage, lower credit quality, and uncertainty around commercial lending. Silicon Valley Bank and Signature Bank collapses highlighted maturity mismatches and deposit flight risks. |
Banking Regional Banks Deposit Flight Leverage Commercial Real Estate |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 26, 2023 | Fund Letters | Distillate Capital Small/Mid Cap Quality & Value | AAPL|MSFT|NFLX|NVDA|UNH | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Neutral | NASDAQ | Artificial Intelligence, Gpu, market leader, Options Hedging, Position Reduction, semiconductors, technology, valuation | Login |
| Oct 26, 2023 | Fund Letters | Distillate Capital Small/Mid Cap Quality & Value | 5HT.SI | Hersha Hospitality Trust | Real Estate | Hotel & Resort REITs | Neutral | NYSE | balance sheet, buyout, debt maturity, hospitality, Hotel, Interest rates, REIT, Travel | Login |
| TICKER | COMMENTARY |
|---|---|
| APA | APA CORP was the top contributor with 0.91% impact to relative returns vs Russell 2000 |
| CHRD | CHORD ENERGY COR contributed 0.55% impact to relative returns |
| DINO | HF SINCLAIR CORP contributed 0.52% impact to relative returns |
| PTEN | PATTERSON-UTI contributed 0.38% impact to relative returns |
| CF | CF INDUSTRIES HO contributed 0.38% impact to relative returns and was the largest sale with -1.7% weight |
| ICLR | ICON PLC was the largest detractor with -0.32% impact to relative returns |
| FBIN | FORTUNE BRANDS I detracted -0.22% from relative returns |
| VYX | NCR VOYIX CORP detracted -0.22% from relative returns |
| HRB | H&R BLOCK INC detracted -0.20% from relative returns |
| TNET | TRINET GROUP INC detracted -0.19% from relative returns |
| SNX | TD SYNNEX Corporation was purchased with 1.1% weight |
| BTU | Peabody Energy Corporation was purchased with 1.1% weight |
| UAN | CVR Energy, Inc. was added from 0.4% to 0.8% weight |
| EPAM | Enphase Energy, Inc. was trimmed from 1.1% to 0.7% weight |
| MATX | Matson, Inc. was trimmed from 1.1% to 0.8% weight |
| OVV | Ovintiv Inc was sold with -1.6% weight |
| CSL | Carlisle Companies Inc. was sold with -1.2% weight |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
