The Undervalued screens performed in line with our universe of stocks which were down 3.7% relative to the S&P 500. The Overvalued Screens, on the other hand, did quite a bit worse: -13.5% relative to the Universe or -17.1% relative to the S&P.
This chart shows the performance of the indices of the monthly screens for value (UV - Undervalued and OV - Overvalued). The table below gives the indices of relative performance and the spreads.
In absolute terms, the changes in market value were +7.25% for the UV and -7.12% for the Overvalued excluding income. The spread was 14% in favor of the UV.
(c) 2015 Robert L. Colby
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