Brown Advisory

FEBRUARY 15, 2019

Last year, our annual outlook publication, Confronting the Unknown , focused on risk: how we define it, how we measure it, and what we saw as the major risks facing investors in 2018. All of this weighed heavily on equity returns across the globe in 2018. This is also a fitting moment to review the intersection of risk and valuation.

Valuation 52

Valuation Clients Portfolio Assets 52

Brown Advisory

JULY 24, 2018

Strong Defense: The Falling Opportunity Cost of Allocating to Bonds ajackson Tue, 07/24/2018 - 09:25 For years, “defense” in portfolios—i.e., Many noisy political topics have dominated the investment discourse in 2018, but underneath that noise and volatility, the drum beat of rising interest rates in the U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Brown Advisory

JULY 24, 2018

Tue, 07/24/2018 - 09:25. For years, “defense” in portfolios—i.e., Many noisy political topics have dominated the investment discourse in 2018, but underneath that noise and volatility, the drum beat of rising interest rates in the U.S. Robust Q1 2018 earnings growth improved the valuation picture for U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Walkner Condon Financial Advisors

FEBRUARY 24, 2022

The index’s loss of 6.24% in 2018 was paltry compared to its 38% loss in 2008 and three consecutive double-digit down years of 2000-2002. This helps to illustrate the fact that market corrections are common over most periods of time and should be viewed as the market resetting stock valuations back to a more fundamental level.

Marketing 52

Marketing Marketing Valuation Risk Tolerance 52

Trade Brains

FEBRUARY 25, 2024

Maruti Suzuki today has a portfolio of 16 car models with over 150 variants. crore in FY22 on account of the higher fair valuation gain on investments in debt mutual funds. 2018-19 ₹ 86,068.50 ₹ 7,650.6 2018-19 0 138.92 In India, the Company is in the business of manufacturing and selling passenger vehicles. 2019-20 0 53.04

Planning 64

Planning Manufacturing Sales Government 64

Brown Advisory

AUGUST 1, 2018

Investment Perspectives | Managing Risk ajackson Wed, 08/01/2018 - 10:37 In 1963, Bob Dylan warned us that the times, they are a-changin’—and while he wasn’t talking about capital markets, his words ring as true today for investors as they did for those growing up in the turbulent '60s. Concentration: Much of the U.S.

Management 52

Management Investing Investments Valuation 52

Brown Advisory

AUGUST 1, 2018

Wed, 08/01/2018 - 10:37. Market conditions may indeed be changing, and in ways that warrant a reassessment of portfolio positioning. Even as the “E” (earnings) component of the P/E ratio has increased in 2018 thanks to the strong economy and tax cuts, the “P” (price) component has moved up more, and valuations have risen perceptibly.

Management 52

Management Investing Investments Valuation 52

Trade Brains

NOVEMBER 24, 2023

2018-19 135.25 Financial Year OPM (%) NPM (%) 2022-23 40.86% 38.20% 2021-22 39% 43.44% 2020-21 33.28% 39.24% 2019-20 19.74% 15.61% 2018-19 18.85% 24.82% Average (5 Years) 30.34% 32.26% Return Ratios The company’s RoE was 22.50% in FY23, down from 27.04% in FY22, a 16.8% 2018-19 0 16.88 2021-22 200.44 2020-21 152.46

Planning 69

Planning B2C B2B Pharmaceutical 69

Brown Advisory

APRIL 18, 2018

Balancing Act | For Good Measure: How We Value Global Leaders achen Wed, 04/18/2018 - 11:03 Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio.

Valuation 52

Valuation Portfolio Sales Investing 52

Brown Advisory

APRIL 18, 2018

Wed, 04/18/2018 - 11:03. Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio. This makes ratios like the P/E ratio dangerous as a valuation tool.

Valuation 52

Valuation Portfolio Sales Investing 52

Trade Brains

DECEMBER 16, 2022

They use several valuation metrics to know more about the company. On a yearly basis, from 2018 to 2022, the company has a return on equity of 36.56%, 45.3%, 70.39%, 105.76%, and 104.53% respectively. The product portfolio includes dominant brands such as Pampers, Gillette, Whisper, Old Spice, Head & Shoulder, Ariel, etc.

Pharmaceutical 59

Pharmaceutical Manufacturing Engineering Distribution 59

Truemind Capital

NOVEMBER 29, 2020

That’s why we have been adding at least 10% of Gold exposure in our client’s portfolio since 2018. This has resulted in skyrocketing valuations of the stock markets. Nifty currently is trading at a multi-year’s high valuation. Flood of cheap money is finding its way to the stock markets around the world.

Asset Allocation 52

Asset Allocation Valuation Assets Portfolio 52

Brown Advisory

JULY 22, 2020

centric portfolio. Many venture portfolios take a similar approach, concentrating their bets around geographies and markets that have shown past success. By 2018, the U.S. Per the World Bank, from 1999 to 2018 China’s GDP per capita grew from $873 to $9,770—an annual growth rate of almost 13%.

Startup 52

Startup Government Clients Manufacturing 52

Brown Advisory

JULY 22, 2020

centric portfolio. Many venture portfolios take a similar approach, concentrating their bets around geographies and markets that have shown past success. By 2018, the U.S. 2018 Share of World Total Applications. million trademark filings in 2018 represented 46% and 51% of worldwide totals, respectively.

Startup 52

Startup Government Clients Manufacturing 52

Truemind Capital

MARCH 20, 2020

In good times i.e. when the market valuations are usually very high, everyone agrees to the logic of buying low and selling high. It simply states that the future is uncertain and unknown, therefore, the investments should be made at the prices equal to or lower than the long term fair valuations.

Asset Allocation 52

Asset Allocation Valuation Investing Investments 52

Brown Advisory

MARCH 15, 2019

In 2018, industrial stocks had their second-worst year relative to the broad market in two decades, but so far in 2019, the sector has come back strongly. Industrials within the S&P 500 ® Index underperformed the Index overall by 8% in 2018—one of the sector’s worst showings in twenty years. Fri, 03/15/2019 - 09:06. In the U.S.,

Valuation 52

Valuation Clients Sales Investing 52

Brown Advisory

MAY 10, 2018

achen Thu, 05/10/2018 - 11:18 Concerns over trade policy and potential trade wars have rattled equity markets in recent months. In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. and China in 2018, through early April.

Economy 52

Economy Portfolio Clients Sales 52

Brown Advisory

MAY 10, 2018

Thu, 05/10/2018 - 11:18. In this article, our head of asset allocation discusses how we are managing trade risk, while still embracing global growth opportunities in our portfolios. As a result, our portfolios currently seek exposure to asset classes and holdings with less dependency on foreign trade. Tariffs: Bark or Bite?

Economy 52

Economy Portfolio Clients Sales 52

The Big Picture

FEBRUARY 28, 2023

Tell us a little bit about the giant portfolio of companies you guys are managing. So we manage a portfolio of several dozen companies. When you add together all of our portfolio companies, it’s effectively $100 billion enterprise — RITHOLTZ: Wow. You sit on the board of directors on a number of portfolio companies.

Clients 147

Clients Investing Investments Assets 147

Brown Advisory

MAY 3, 2018

It's All Relative ajackson Thu, 05/03/2018 - 15:32 We are hearing a lot of questions from our clients about how rising interest rates may affect their municipal bond holdings. Still, many municipal bond investors are choosing to respond to fears of rising rates by reducing interest rate exposure and broadly shortening portfolio duration.

Portfolio 52

Portfolio Taxes Valuation Clients 52

Brown Advisory

MAY 3, 2018

Thu, 05/03/2018 - 15:32. We try to remind them that rising rates, despite their inevitable short-term effect on fixed-rate bond prices, do not necessarily mean long-term declines for bond portfolios generally or for municipal bond portfolios specifically. It's All Relative. This approach is not without its problems.

Portfolio 52

Portfolio Taxes Valuation Clients 52

Trade Brains

FEBRUARY 8, 2023

Year 2018 2019 2020 2021 2022 Total Income (in Crores) ₹1,658.46 ₹1,748.49 ₹1,731.72 ₹1,981.83 ₹2,300.69 Credit rating agencies generally trade at steep valuations on the back of an oligopolistic market, the asset-light nature of the business, limited capex requirement, and strong operating cash flows. Market Cap (₹ in Cr) 72,438.62

Pharmaceutical 52

Pharmaceutical Assets Investing Investments 52

Trade Brains

SEPTEMBER 17, 2024

While investing in unlisted shares involves higher risks due to limited liquidity and transparency, they often provide more stable valuations. Additionally, we examine the impact of market trends, regulatory changes, and upcoming IPOs on these companies valuations and growth prospects. to ₹4179 Cr in FY23. P/B Ratio 9.62

Financial Services 52

Financial Services Valuation Electronics Taxes 52

Brown Advisory

MAY 12, 2020

Reflections for Five Years of Global Leaders ajackson Tue, 05/12/2020 - 09:38 The Global Leaders strategy is focused on delivering long-term performance by building a concentrated portfolio of market-leading companies from across the globe. But if the goal is grow the value of a portfolio, slugging percentage is what matters”.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

MAY 12, 2020

The Global Leaders strategy is focused on delivering long-term performance by building a concentrated portfolio of market-leading companies from across the globe. S&P 500® Index, ROIC, 2003-2013 Data based on a McKinsey & Company study, “Valuation: Measuring and Managing the Value of Companies”. Tue, 05/12/2020 - 09:38.

Portfolio 52

Portfolio Clients Investing Investments 52

Brown Advisory

MARCH 28, 2019

Investment committees for endowments and foundations have a wide range of responsibilities, but ultimately their job boils down to a single task: Ensure that the portfolio can deliver funds to the organization in the short term, without unintentionally spending down principal over the long term. SOURCE: Bloomberg. Bureau of Labor Statistics.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Brown Advisory

MARCH 28, 2019

Investment committees for endowments and foundations have a wide range of responsibilities, but ultimately their job boils down to a single task: Ensure that the portfolio can deliver funds to the organization in the short term, without unintentionally spending down principal over the long term. SOURCE: Bloomberg. Bureau of Labor Statistics.

Asset Allocation 52

Asset Allocation Portfolio Assets Clients 52

Trade Brains

MAY 22, 2023

Fiscal Year Operating Revenue Net Proft 2022 13,391 1,550 2021 8,958 746 2020 6,556 357 2019 7,248 472 2018 5,228 300 5-Yr CAGR 20.7% 2018 2,006 14.9 (net The present valuation at a high P/E of 56 and P/B of 18.5 This happened as the company changed its tax regime to follow a more favorable one. 2021 4,197 17.8 2020 3,589 10.0

Sales 52

Sales Manufacturing Distribution License 52

Trade Brains

NOVEMBER 20, 2022

After a sixfold jump in two-and-a-half years, it has got a lofty valuation! These have been accredited with ISO 9001-2015, ISO 14001-2015, and 45001:2018 Quality certificated. Diversified product portfolio. 2018 2841 60. Mar 2018 4.29 Mar 2018 19.33 Let’s begin, shall we? Approval under 5 PLI schemes.

Electronics 52

Electronics Manufacturing Medical Clients 52

ClearMoney

DECEMBER 5, 2021

—HBO’s Last Week Tonight with John Oliver, March 11, 2018. Given bitcoin’s dramatic price changes, it is not surprising that many are speculating about its possible role in a portfolio. Adding it to a portfolio could mean paring back the allocation to investments such as stocks, property, or fixed income.

Commission 52

Commission Retail Sales Distribution 52

Brown Advisory

OCTOBER 2, 2018

ajackson Tue, 10/02/2018 - 12:30 Diversification is a powerful tool for investors. Index from 1988-2018. Against that backdrop, we think the best way to earn attractive returns while reducing risk is to diversify one’s portfolio across the globe. Why Invest in Europe and Asia (Even as U.S. Stocks Charge Ahead)?

Investing 52

Investing Investments Clients Assets 52

Brown Advisory

OCTOBER 2, 2018

Tue, 10/02/2018 - 12:30. Index from 1988-2018. . Against that backdrop, we think the best way to earn attractive returns while reducing risk is to diversify one’s portfolio across the globe. Equity valuations in Europe at the time were more attractive than those in the U.S. Why Invest in Europe and Asia (Even as U.S.

Investing 52

Investing Investments Clients Assets 52

Validea

SEPTEMBER 4, 2024

While his fund experienced a notable downturn in 2018, Einhorn has since staged a comeback. The stock’s low valuation across multiple metrics (price-to-book, price-to-sales, price-to-earnings, price-to-cash flow, EV/EBITDA, and shareholder yield) makes it a top pick for this strategy.

Healthcare 52

Healthcare Sales Valuation Investing 52

Investing Caffeine

FEBRUARY 1, 2022

As I have discussed numerous times in the past, money goes where it is treated best, which is why interest rates, cash flows, and valuations play such a key role in ultimately determining long-term values across all asset classes. With that said, I am always quick to point out that diversification in a portfolio is important (i.e.,

Math 52

Math Assets Investing Investments 52

The Big Picture

DECEMBER 6, 2022

And my answer was, “Hey, not everybody wants to buy a passive index around the satellite of a core portfolio or even just, hey, I have an idea, I think this is going to change the world.” BERRUGA: So many of our clients were struggling to find alternative sources of income for their portfolios. Is that who the Global X investor is?

Clients 162

Clients Investing Investments Management 162

Brown Advisory

JUNE 19, 2019

Treasuries, investors also desire the stability and diversification that a longer Treasury portfolio can provide. During major stock market corrections in this century, Treasuries served as a powerful counteragent to stock-market losses in balanced portfolios. 12/31/2000-12/31/2018). Downside Protection From Fixed Income.

Investing 52

Investing Investments Clients Government 52

Trade Brains

MAY 6, 2023

It touched an all-time high of 600 Rs in January 2018. To start with, on January 25th, 2018, Vakrangee bought an Rs, 112 crore stake in PC jewellers. To make matters worse in just 5 days after the deal on 30th January 2018 Vakrangee sold off its stake in PC jewellers. in 2018 from 22.5% Happy Investing!

Banking 52

Banking License Government Investing 52