Recent research and quarterly newsletters

Research Reports - February 20, 2024

Rethinking Conventional Wisdom in a Shifting Investment Landscape

In this paper, we discuss the historically wide P/E discounts and dividend premiums which we believe bode well for the relative performance of EAFE over U.S. equities in the years to come. The debt maturity profile of the U.S. also presents challenges, given its extremely short-term composition. One-third of U.S. debt will mature in the coming year, all subject to higher refinancing rates. As this occurs, interest expense as a percent of tax revenues collected will soon approach and likely exceed 50% – a level seen only once before in the post WWII era.

Research Reports - March 30, 2023

A New Year …an Updated Outlook

In this paper, we review how our January 2022 view has played out – where we were on target, where we fell short, where the verdict is still out, and why we believe there’s never been a better time for an international core equities manager, such as ourselves.

Research Reports - December 14, 2022

Factors: A Look Under the Hood

In this paper, we share thoughts on SGA’s strategies and approach, and why we are more excited today than at any time in recent memory. Our conclusion is that if one believes the type of companies our process identifies makes sense – higher quality, consistent growers trading at relatively attractive valuations – we believe there has rarely been a time where the cost of owning such characteristics is more attractive than today.

Research Reports - January 27, 2022

Reflection & Inflection

The New Year is a time to reset, examine the past and, more importantly, to assess the future with a clear mind and a blank sheet of paper. In this paper we look beyond SGA’s own investment strategies to set a broader stage for thinking about the best way forward in 2022 and beyond.