Monday, January 19, 2015

January 16th 2015 Screens for Value:



N.B. Performance spread between UV and OV screens since inception (Sept 2004) is +5.90% pa 


The first table summarizes the changes in the screens that occurred in the last two weeks


As you can see the Undervalued stocks that left the screen had relative performance of +6.65% while the two leaving the Overvalued declined an average of 6.16% relative. 

Current undervalued list

Since starting the monthly screens Sept 2004, these stocks have outperformed the S&P by 4.66 pa  or 2.46% better than our universe.

The same stocks organized by Sector 


As is  evident, the UV list has a major weighting in Energy which may remain a liability for a while.


Current Overvalued List

Since inception (Sept 2004) this monthly screen has underperformed the S&P by -1.27 % or -3.44% vs our universe of over 500 equities.

The same stocks by Sector


Here we see a big weighting in Consumer Cyclicals (see Home Building comment)

PERFORMANCE OF SCREENS IN THE 1ST TWO WEEKS OF JANUARY


The S&P 500 was off 2% in the first 2 weeks of the year. The Overvalued Screen outperformed the market by 0.52% while the Undervalued was off 1.06% relative.  Utilities (+6.78% rel.) largely accounted for the OV positive results and the Energy Sector hurt the Undervalued.




Friday, January 9, 2015

Corequity 2014 Performance Results

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