Investment Philosophies
Does anyone know about how different funds differentiate themselves in their investment philosophies? Looking to learn how each firmthinksabout investments (what do they focus on finding? Margins, moats, scale, trends?). Has proven difficult to find just perusing through their websites and haven't found a good thread on it here yet so figured I'd start one.
For reference, interested in L/S, Long only, Crossover, and pretty much anything other than Macro funds, as the question doesn't really apply to them (they don't really work based on fundamentals in the way other funds do, they are investing in line with a macro thesis/strategy, not like what features give Hershey's a sustainable moat).
Comments (13)
If a firm philosophizes or talks in reference to Marcus Aurelius or some stupid crap it's prob underperformed for last decade
ha ha
FWIW, Aurelius has done pretty well…
Every PM/CIO has their own style that usually falls under: value/quality, growth/momentum, or some type of arb play. I'm discussing discretionary managers and not quant strategies (which are more factor driven; e.g. not very interested in the specificity of a single name).
1. Value investors look for companies that are "unfavorable" either thematically (e.g. brick & mortar retail vs. e-commerce), financially ("stock taking a hit because of a substantial earnings miss"), or quantitatively ("stock is trading a p/b of 0.7x vs. peers of 0.9x"). Yourdue diligence过程是关于在一堆垃圾中找到宝石，因此您正在经历许多公司，应该期望找到可能很有趣的2/10（您认为该公司在B＆M空间中具有相对优势，或者正在过渡到电子商务零售业并最终转弯，或者收益失误是由于投资或重组，将来会导致更可扩展的业务，或that the valuation应该汇聚一个均值逆转）。优质的投资者寻求拥有强大资产负债表的公司，高现金EPS/non-gaapEPS比率，稳定的管理等。因此，在这种情况下，您的工作流程更多是要确定它们的增长速度比同行更快，或者将提出付款的计划（回购，股息等）。
2. Growth investors typically focus on industries seeing secular growth.TMT& consumer is seeing higher revenue growth rates than most other sectors, hence why they are the common targets of "growth" strategies and their investors. What you are primarily looking for here are companies that are growing faster than the pack, and then adjusting your valuation to see what happens if growth is 5% or 10% higher (what's the impact to TV and, ultimately, today's stock price). Because you like the industry, you generally are loading on beta and are peeling off the weaker companies (e.g. you assume you have a pile of gold, and want to weed out any fake stuff). Momentum investors are somewhat similar, except they are paying attention to either a) earnings momentum (sequential improvement in yoy revenue,ebitda，EPS）或B）价格动量（6-12个月的价格变化），或C）两者的组合。同样，由于您喜欢公司池的Beta，因此您认为每个公司都很好，并且您的DD除草了较弱的链接。
3. Arb-y stuff can be relative value (p/e is 3 std from normal spread relative to industry or peer), corporate action relation (merger/risk arb), mean-reverting strategies, and other discretionary strategies that rely on quantitative data. There are exceptions to this of course.
At the end of the day the reason why managers try to pick stocks or trades is because they believe they have a process that improves upon the naive (multi factor model)那些预期的回报stocks. All of the phrases you hear about "quality of earnings" or "moats" etc., are just extensions of these underlying philosophies. For example, that a company has a moat in and of itself does not make it a good investment. However, if you start adding information such as "wall street estimates are very low because they are based on weak margins due to rising competition" suddenly having a moat becomes a quality that might serve as a counter to the prevailing expectation.
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