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MARKSTON

U.S. All Cap

Value with a Catalyst • Triple-Discount Valuation Mechanism

What Sets Us Apart

Value with a Catalyst and a Triple-Discount Valuation Mechanism

We employ a "Value with a Catalyst" research process.

Investments generally comprised of at least three of our seven “alpha generators.”

  1. Insider buying (including options activity)
  2. Stock repurchase by the company
  3. Management changes
  4. Sale or spin-off of a division
  5. Consolidating industries
  6. Tax loss carryforwards
  7. "Triple-discount valuation mechanism"

We believe equity prices are prone to short-term market dislocations due to investor’s narrow investment horizon leading to irrational behavior and overreaction. We seek to capitalize on these opportunities by identifying high quality businesses then applying our “Alpha Generators”. We have followed this disciplined  “Value with a Catalyst” approach since the firm’s inception in 1981 with the singular objective to uncover current value that has the ability to turn into future growth.

We attempt to exploit market opportunities with timely execution, rigorous discipline and a high degree of conviction. Over full market cycles, we seek to produce consistently strong absolute and risk adjusted returns for our large cap core clients.

Strategy Facts

Strategy Stats

Performance

Past performance is not indicative of future results. Performance is measured against the Russell 3000  index. Inception date 12/31/1997.
Past performance is not indicative of future results. Performance is measured against the Russell 3000  index. Inception date 12/31/1997.

Rolling 3-Year Performance vs. Index

Past performance is not indicative of future results. Chart reflects composite’s quarterly performance vs. the S&P 500 Index from 03/31/2011 thru 03/31/2021. Markston has  been independently verified firm-wide by Ashland Partners & Company, LLP from April 1,1981 through June 30, 2019 and by ACA Performance Services, LLC from January 1, 2017 to June 30, 2020. In addition, performance exams have been conducted on the S&P 500 Active Product composite from April 30, 1994 – June 30, 2020. Performance is calculated gross of fees. As such when advisory fees and other fees and expenses are deducted returns will be reduced.. Fee information is located on page 21 of LCC slide deck. A GIPS Compliant Presentation is considered to be an integral part of this report,. The above information is shown as supplemental information only and complements the GIPS Compliant Presentations provided on pages 22 and 23..  

Portfolio Stats

Risk Measures

Top 10 Holdings

Sector Breakdown

Top 5 Quarterly Contributors

Top 5 Quarterly Detractors

Documents

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