2024-07-24 10:10:00 ET
Summary
- Distillate Capital Partners LLC was formed in 2017 and is based in Chicago, IL. The firm is 100% employee-owned, and DCP’s partners each have invested significantly in the firm’s investment strategies.
- The first half of 2024 has produced an enormously divergent set of returns and valuations with a very small set of stocks riding a wave of artificial intelligence enthusiasm while the rest of the market has lagged sharply behind.
- The S&P 500’s 14.5% price gain this year has far eclipsed its 5% increase in rolling next-twelve-month consensus estimated free cash flows in the first half of 2024.
- While concentration on its own is not necessarily problematic, it is concerning when it is the result of stretched relative valuations, which in our view is very much the case currently.
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Letter Summary
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For further details see:
Distillate Capital Q2 2024 Letter To Investors