Letters

At Lyrical, we support our clients with frequent, insightful communication

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U.S. Letters
International Letters
Global Letters
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.
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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.
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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
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LAM 2020 U.S. Value Review Letter
In 2020, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +13.6% (+12.8% net) and +13.2% (+12.1% net), respectively. Comparatively, the S&P 500 and S&P 500 Value produced total returns of +18.4% and +1.4%, respectively.
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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.
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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.
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LAM 2019 U.S. Value Review Letter
In 2019, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +26.5% (+25.6% net) and +24.3% (+22.8% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +31.5% and +26.5%, respectively.
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LAM 2018 U.S. Value Review Letter
In 2018, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of -21.0% (-21.6% net) and -17.9% (-18.9% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of -4.4 % and -8.3%, respectively.
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LAM 2017 U.S. Value Review Letter
In 2017, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +19.0% (+18.1% net) and +22.7% (+21.3% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +21.8% and +13.7%, respectively.
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LAM 2016 U.S. Value Review Letter
In 2016, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +16.0% (+15.1% net) and +16.3% (+14.9% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +12.0% and +17.3%, respectively.
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LAM 2015 U.S. Value Review Letter
In 2015, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of -5.0% (-5.7% net) and -5.1% (-6.3% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +1.4% and -3.8%, respectively.
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LAM 2014 U.S. Value Review Letter
In 2014, our U.S. Value Equity-EQ and U.S. Value Equity-CS composites returned +13.4% and +14.1%, respectively, compared to +13.7% for the S&P 500 Index and +13.5% for the Russell 1000 Value.
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*Please note that we have included historical investment letters and news items in their original form. We have included additional and updated important notes and disclaimers at the Notes & Disclaimers section of this website. The information in this section is not complete without, and must be read in conjunction with, such notes and disclaimers.