2024-02-16 04:45:00 ET
Summary
- Lyrical Asset Management is an independent investment manager, purely focused on value investing. We manage concentrated portfolios with low turnover and little overlap with peers or benchmarks.
- Our International Value Equity strategy returned 13.8% in 2023, underperforming the EAFE and EAFE Value in a calendar year for the first time in our history.
- Since inception, in 2019, we have generated an 8.3% annualized return, with 110 bps and 150 bps of outperformance, against the EAFE and EAFE Value indices, respectively.
- Our stocks are near their cheapest relative valuation, despite superior growth, and we see the current opportunity set in international value as one of the best.
Our International Value Equity strategy ( LYRNX , LYRWX ) returned 13.8% in 2023, underperforming the EAFE and EAFE Value in a calendar year for the first time in our history. It was a frustrating year considering our underperformance was driven by multiple compression and market-cap factors, not fundamentals. In fact, as detailed below, our companies generated better earnings results this year than the indices....
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For further details see:
Lyrical Asset Management 2023 International Review Letter