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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Apr 16, 2026
Lyrical Asset Management's U.S. Value Equity strategy underperformed in 1Q26, declining 6.7% net versus the S&P 500's 4.3% decline. Despite excellent fundamental performance with 92.4% of portfolio companies increasing next twelve months earnings per share by an average of 5.7%, the portfolio suffered from significant valuation compression affecting 75.5% of holdings. Sector allocation was a minor headwind as the portfolio was underweight the best performing sectors. The manager emphasizes that if valuations had remained unchanged, returns would have been 11 percentage points higher. Portfolio positioning appears attractive going forward with a 11.3x NTM P/E ratio that declined 7% during the quarter, combined with average historical growth rates of 10.9% that exceed the S&P 500 by over 4 percentage points. Additionally, the portfolio's earnings are characterized as less economically sensitive than the broader market, providing potential defensive characteristics.
Value investing approach focused on companies trading at attractive valuations with strong earnings growth potential and lower economic sensitivity than the broader market.
Portfolio positioning looks attractive with NTM P/E of 11.3x down 7% over the quarter, average historical growth rate of 10.9% that is 4+ percentage points faster than the S&P 500, and earnings that are less economically sensitive than the S&P 500.
Moderate Conviction Bullish
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