We've all heard about the FAAMG/FAANGs and their increasing share within the S&P 500 and other market capitalization-based indexes. In recent periods, the average stock (equally-weighted) in the S&P 500 has underperformed the benchmark by margins not seen since the internet bubble period of the late 1990s.
The intensifying concentration in recent years has made the search for alpha in the large cap market significantly more difficult. Certain macro trends have eclipsed business fundamentals as drivers of investment decisions, and a small set of the largest stocks have primarily driven index performance as a result.
We believe a return to more historic norms for performance drivers is on the horizon given the patterns we have seen in the data from past decades. As investors re-evaluate their investment strategies in today’s uncertain world, a more rational consideration of business fundamentals and value criteria to inform decision making should prevail. Please join portfolio manager Vladimir De Vassal for this timely discussion.
Speaker: Vladimir de Vassal, CFA
Vladimir de Vassal, CFA, serves as Lead Portfolio Manager and Director of Quantitative Research for Glenmede Investment Management LP. Mr. de Vassal and his team manage quantitatively based equity portfolios, including several mutual funds and long/short strategies. He is responsible for the creation of our entire suite of quantitative investment offerings.
Mr. de Vassal joined The Glenmede Trust Company, N.A. (GTC) in 1998 after serving as Vice President and Director of Quantitative Analysis at CoreStates Investment Advisors and as Vice President of Interest Rate Risk Reporting/Analysis at CoreStates Financial Corp. At GTC, he has provided proprietary research and analytical support to domestic and international funds, private equity, The Pew Charitable Trusts and high net worth clients.
Graduating with highest honors from Drexel University in 1982, Mr. de Vassal received a B.S. with dual majors in finance and accounting. At that time, he was given the Outstanding Student in Accounting and Finance Award. He received an M.B.A. from Drexel University in 1987. In 1992, he earned the Chartered Financial Analyst® designation.
Mr. de Vassal is the fifth recipient to be awarded the Lipper Award for Excellence in Fund Management, a designation which recognizes outstanding managers who have delivered consistently strong risk-adjusted returns to their investors and, in the opinion of Lipper’s research analysts, represent the best of the fund industry. Val is a three-time winner of the Philadelphia Prize awarded by the Financial Analysts of Philadelphia for articles addressing investment insight. In addition, Mr. de Vassal has published extensively in periodicals such as Barron's, The Wall Street Journal, The Journal of Wealth Management, The Journal of Portfolio Management, Worth and The Journal of Fixed Income. He is a frequent speaker at investment conferences and universities, including the Wharton School at the University of Pennsylvania, Princeton, Penn State and Drexel.