LAM 2022 Global Review Letter
The Global Value portfolio outperformed the MSCI World index by 290 bps in 2022. For the first three quarters of the year, the portfolio was slightly behind the index, before surging in the fourth quarter, with a +15.1% return, compared to +9.8% for the MSCI World.
LAM 2022 Global Impact Value Equity Strategy (GIVES) Review
The Global Value portfolio outperformed the MSCI World index by 290 bps in 2022. For the first three quarters of the year, the portfolio was slightly behind the index, before surging in the fourth quarter, with a +15.1% return, compared to +9.8% for the MSCI World.
The Bigger Picture
Value investing was all the rage in the aftermath of the 1990s tech bubble. As technology and overvalued “nifty fifty” stocks imploded and took down the S&P 500, value stocks soared for years.
LAM 2022 International Review Letter
Our international portfolio outperformed the MSCI EAFE index by 220 bps in 2022. For the first three quarters of the year we were slightly ahead of the index, before surging in the fourth quarter, with a +19.8% return, compared to +17.3% for the MSCI EAFE.
LAM 2022 U.S. Value Review Letter
2022 was a mixed year. Most significantly, it was the worst down year for the S&P 500 since 2008. But we ended the year with strong fourth quarter performance and outperformed the S&P 500 for the second year in a row.
LAM 2021 Global Review Letter
We had a good year, beating both the World and World Value Indices by around 100 bps, and we continue to think we are still in the early stages of a value upcycle
LAM 2020 Global Review Letter
The pandemic tested our mettle, but our strategy and the companies in our portfolio navigated well through the volatile environment. We seek to own attractive businesses at attractive valuations, and this discipline helped us manage through a challenging time with confidence.
LAM 2021 International Review Letter
In 2021, the International Value Equity composite produced a gross return of +16.9% (+16.1% net). Comparatively, the MSCI EAFE and MSCI EAFE Value produced total returns of +11.3% and +10.9%, respectively.
LAM 2021 U.S. Value Review Letter
In 2021, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +30.5% (+29.6% net) and +32.1% (+31.0% net), respectively. Comparatively, the S&P 500 and S&P 500 Value produced total returns of +28.7% and +24.9%, respectively.
LAM 2020 International Review Letter
In 2020, the International Value Equity composite produced a gross return of +6.3% (+5.5% net). Comparatively, the MSCI EAFE and MSCI EAFE Value produced total returns of +7.8% and -2.6%, respectively.
