Letters

At Lyrical, we support our clients with frequent, insightful communication

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U.S. Letters
International Letters
Global Letters
The Bigger Picture​
Value investing was all the rage in the aftermath of the 1990s tech bubble. As technology and overvalued “nifty fifty” stocks imploded and took down the S&P 500, value stocks soared for years.
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LAM 2022 U.S. Value Review Letter
2022 was a mixed year. Most significantly, it was the worst down year for the S&P 500 since 2008. But we ended the year with strong fourth quarter performance and outperformed the S&P 500 for the second year in a row.
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LAM 2022 International Review Letter
Our international portfolio outperformed the MSCI EAFE index by 220 bps in 2022. For the first three quarters of the year we were slightly ahead of the index, before surging in the fourth quarter, with a +19.8% return, compared to +17.3% for the MSCI EAFE.
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LAM 2022 Global Review Letter
The Global Value portfolio outperformed the MSCI World index by 290 bps in 2022. For the first three quarters of the year, the portfolio was slightly behind the index, before surging in the fourth quarter, with a +15.1% return, compared to +9.8% for the MSCI World.
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LAM 2022 Global Impact Value Equity Strategy (GIVES) Review
The Global Value portfolio outperformed the MSCI World index by 290 bps in 2022. For the first three quarters of the year, the portfolio was slightly behind the index, before surging in the fourth quarter, with a +15.1% return, compared to +9.8% for the MSCI World.
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LAM 2021 U.S. Value Review Letter
In 2021, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +30.5% (+29.6% net) and +32.1% (+31.0% net), respectively. Comparatively, the S&P 500 and S&P 500 Value produced total returns of +28.7% and +24.9%, respectively.
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LAM 2021 International Review Letter
In 2021, the International Value Equity composite produced a gross return of +16.9% (+16.1% net). Comparatively, the MSCI EAFE and MSCI EAFE Value produced total returns of +11.3% and +10.9%, respectively.
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LAM 2021 Global Review Letter
We had a good year, beating both the World and World Value Indices by around 100 bps, and we continue to think we are still in the early stages of a value upcycle
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LAM 2020 U.S. Value Review Letter
In 2020, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +13.6% (+12.8% net) and +13.2% (+12.1% net), respectively. Comparatively, the S&P 500 and S&P 500 Value produced total returns of +18.4% and +1.4%, respectively.
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LAM 2020 International Review Letter
In 2020, the International Value Equity composite produced a gross return of +6.3% (+5.5% net). Comparatively, the MSCI EAFE and MSCI EAFE Value produced total returns of +7.8% and -2.6%, respectively.
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LAM 2020 Global Review Letter
The pandemic tested our mettle, but our strategy and the companies in our portfolio navigated well through the volatile environment. We seek to own attractive businesses at attractive valuations, and this discipline helped us manage through a challenging time with confidence.
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LAM 2019 U.S. Value Review Letter
In 2019, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +26.5% (+25.6% net) and +24.3% (+22.8% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +31.5% and +26.5%, respectively.
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LAM 2018 U.S. Value Review Letter
In 2018, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of -21.0% (-21.6% net) and -17.9% (-18.9% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of -4.4 % and -8.3%, respectively.
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LAM 2017 U.S. Value Review Letter
In 2017, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +19.0% (+18.1% net) and +22.7% (+21.3% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +21.8% and +13.7%, respectively.
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LAM 2016 U.S. Value Review Letter
In 2016, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of +16.0% (+15.1% net) and +16.3% (+14.9% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +12.0% and +17.3%, respectively.
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LAM 2015 U.S. Value Review Letter
In 2015, the U.S. Value Equity-EQ and U.S. Value Equity-CS composites produced gross returns of -5.0% (-5.7% net) and -5.1% (-6.3% net), respectively. Comparatively, the S&P 500 and Russell 1000 Value produced total returns of +1.4% and -3.8%, respectively.
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LAM 2014 U.S. Value Review Letter
In 2014, our U.S. Value Equity-EQ and U.S. Value Equity-CS composites returned +13.4% and +14.1%, respectively, compared to +13.7% for the S&P 500 Index and +13.5% for the Russell 1000 Value.
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*Please note that we have included historical investment letters and news items in their original form. We have included additional and updated important notes and disclaimers at the Notes & Disclaimers section of this website. The information in this section is not complete without, and must be read in conjunction with, such notes and disclaimers.