Focusing on Quality in a Mid-Cycle Market

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U.S. equity markets continue to set new highs, powered by an increasingly narrow group of stocks. Setting aside the cognitive dissonance-inducing earnings impacts from the pandemic and subsequent recovery, stocks continue to look expensive vs. their long-term earnings power. With leading economic indicators such as the 10-year Treasury yield, the ISM-Manufacturing PMI index, and upwards earnings estimates revisions all peaking in April, advisors are asking:

Are we seeing a rotation from growth-oriented cyclical stocks to higher-quality defensive names? If so, how can we find value opportunities for our clients among expensive U.S. equities?

Eric Lynch, Managing Director of Scharf Investments, will share his thoughts on today’s markets and discuss why quality matters and where compelling valuation opportunities exist both in the U.S. and abroad.

Mr. Lynch will be addressing a few key concepts during the webinar:

• Why we believe we’re at mid-cycle in this recovery
• What impact inflation could have on earnings
• Which sectors are outperforming and why
• How Scharf Investments defines quality value
• Where we see compelling valuations both domestically and abroad

The webinar will conclude with a live Q&A session.

Speakers

Jeffrey Royal
Director, Distribution (US Field Sales)
iM Global Partner

Jeffrey Royal is Director, Distribution for the US Field Sales team for iM Global Partner. He has nine years of experience in Asset Management. Previously, Jeff served as Regional Vice President of Resource Securities/C-III Capital Partners for four years, where he directly managed a team of wholesalers and developed strong relationships with Financial Advisors in the Independent BD and RIA Channels. Prior to Jeff’s time at Resource Securities/C-III Capital Partners, he held an Associate position at JPMorgan–Private Bank.

Eric Lynch
Managing Director – Investment Committee
Scharf Investments

Eric Lynch is the Managing Director of Scharf Investments and a member of the investment committee. He manages the institutional investment team and oversees the firm’s business development efforts. Eric is a primary analyst on companies in the Equity portfolio, and a contributing analyst on the Multi-Asset and Global Equity portfolios. He holds responsibility for new idea generation, research, analysis, and valuation, and presents recommendations to the investment committee.

Robert Huebscher
CEO and Founder
Advisor Perspectives

Robert Huebscher is the founder and CEO of Advisor Perspectives and serves as its editor-in-chief. He is a frequent speaker at industry conferences and has written extensively on topics including investment management, portfolio construction, financial planning and global economics.