Bell Investment Advisors

MARCH 15, 2023

Original air date: Monday, March 13th, 2023 at 12pm PDT Presenter: Portfolio Manager Ryan Kelley, CFA® Slide 1: Annual Review and Outlook 0:00 Good afternoon. I’m a portfolio manager here at Bell Investment Advisors. The first is 2022 investment performance. Slide 4: 2022: U.S. Thanks for joining me.

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Brown Advisory

NOVEMBER 29, 2022

Tue, 11/29/2022 - 14:04. Brown Advisory considers climate change risks and opportunities across both our institutional “single-strategy” solutions—our long-only equity and fixed income strategies—and our “advisory” solutions for broadly overseeing an entire multiasset investment portfolio for individuals, families, endowments and foundations.

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The Big Picture

JULY 19, 2022

So, first, I found the book to be quite fascinating, very in depth and you managed to take some of the more technical arcana and make it very understandable. You began as a central bank portfolio manager in Finland. So, that relationship actually already started when I was a portfolio manager, right? ILMANEN: Yes.

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Brown Advisory

MARCH 31, 2023

Audio Updates: Large-Cap Sustainable Growth Strategy mhannan Fri, 03/31/2023 - 09:58 The strategy seeks to deliver competitive risk-adjusted returns over a full market cycle through a concentrated portfolio of companies that we believe offer durable fundamental strengths, sustainable competitive advantages and compelling valuations.

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Brown Advisory

NOVEMBER 29, 2022

Investing in a Resilient Future: Our Role in Supporting the Climate mhannan Tue, 11/29/2022 - 14:04 Download the Report We live in an age of technological miracles, but many of these miracles come with steep costs for society. We also describe our initial plans under the Net Zero Asset Managers initiative (NZAMi).

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Brown Advisory

FEBRUARY 21, 2022

Mon, 02/21/2022 - 08:13. The global equity universe offers a broad range of investment opportunities, allowing portfolio managers to be highly selective and pick quality businesses, unconstrained by geography or index composition. A differentiated approach to valuation. . Lessons from behavioral finance.

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Bell Investment Advisors

MAY 24, 2024

On Friday, May 24 th at 12pm Pacific time, Investment Advisor & Financial Planner Laurent Harrison, CFP® joined Bell Portfolio Manager Ryan Kelley, CFA® for an engaging discussion of the following topics: Stock & Bond Market Commentary Global Economic Update Inflation Concerns & the Federal Reserve Are Stocks Expensive?

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Discipline Funds

MARCH 7, 2023

This might seem odd, but it actually makes sense as consumers are borrowing more to offset lost disposable income from government spending, the housing slowdown and the large 2022 downturn in assets prices that coincided with interest rate increases. How bad will the current bust be? No one can know for certain.

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Brown Advisory

JUNE 1, 2023

This is achieved by investing in a concentrated portfolio of companies that, according to our analysis, generate durable levels of free cash flow, exhibit capital discipline and have attractive valuations. They have been chosen for their capital discipline and durable fundamental cash flow, together with an attractive valuation.

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The Big Picture

DECEMBER 6, 2022

But when you factor in, you know, legal costs, compliance, portfolio management, trading, there is a lot that goes into launching an ETF. How do you manage through volatility like we’ve seen in 2022? I think a lot of people were genuinely surprised by 2022. BERRUGA: Yeah. 21, were up 28 percent.

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Brown Advisory

MARCH 30, 2022

Investing in Turbulent International Equity Markets, with Impact mhannan Wed, 03/30/2022 - 09:22 War, humanitarian crises, geopolitical tensions, inflation fears and uncertainty over interest rate policies have added turbulence to equity markets. Numbers may not total due to rounding.

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Brown Advisory

JANUARY 17, 2024

Both types of error are due to a combination of either mis-assessing the business quality or its valuation (or both). Our 10/10/3 valuation framework using a 10% weighted average cost of capital is undoubtedly conservative and ends up with us missing some big opportunities as type 2 errors of omission. Good process, bad outcome.

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Brown Advisory

AUGUST 14, 2023

Over just the past three years we have witnessed unintended factor risks and opportunities manifest across the market due to COVID-19, meme-stocks, inflation, interest rates, the ongoing war in Ukraine, the European energy crisis, the “value-rally” in 2022, the U.S. banking crisis in 1Q23 and this is undoubtedly not an exhaustive list.

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The Big Picture

FEBRUARY 28, 2023

And then the related question is, how dependent are private markets on public market valuations? LAYTON: — some of the differences in valuation that have been out there. You do see some big valuations there. LAYTON: I think they’re very closely linked in many regards. There are some differences.

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Brown Advisory

FEBRUARY 14, 2023

Includes most recently available data as of July 21, 2022. Includes most recently available data as of July 21, 2022. Additionally, the EU voted to ban the import of deforestation-linked products in September 2022, suggesting there will be an increasing price to pay for inaction.

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Brown Advisory

FEBRUARY 14, 2023

Includes most recently available data as of July 21, 2022. Includes most recently available data as of July 21, 2022. Additionally, the EU voted to ban the import of deforestation-linked products in September 2022, suggesting there will be an increasing price to pay for inaction.

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Brown Advisory

FEBRUARY 14, 2023

Includes most recently available data as of July 21, 2022. Includes most recently available data as of July 21, 2022. Additionally, the EU voted to ban the import of deforestation-linked products in September 2022, suggesting there will be an increasing price to pay for inaction.

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Bell Investment Advisors

JUNE 29, 2023

I’m joined here today by Ryan Kelley, Lead Portfolio Manager and Research Analyst for Bell. A View from 1/1/2022 28:07 Ryan Kelley: Once we flip to this slide, same exact benchmarks. All I’ve done is instead of looking at year-to-date, I extended it out where it’s year-to-date plus 2022. Okay, great.

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The Big Picture

OCTOBER 24, 2022

She has a fascinating career, starting a PLS working away up as an analyst and eventually, head of outcome-based strategies for Morningstar, eventually rising from that position and portfolio manager to Chief Investment Officer. And how do we think about them from a valuation perspective? NORTON: Yeah. NORTON: Yeah.

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The Big Picture

AUGUST 29, 2023

But it was a tremendous experience because I had started off in bond trading, worked my way into portfolio management and running the bond indexing team for a number of years, and then I got asked to take this responsibility, which was much broader. Go to the decade before 2022, the equity side was something like 13%.

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The Big Picture

JULY 24, 2023

MIAN: So Stray Reflections is a macro advisory and community that works with portfolio managers, CIOs around the world. The fact that you’ve got declining risk appetite, declines are prolonged, deep and valuations mean revert. MIAN: Valuations are ebb and flow. Tell us a little bit about your research.

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The Big Picture

JANUARY 21, 2025

I did it during the coronavirus collapse in 2020, and I did it again in 2022. I think it’s very hard to say stocks are objectively cheap because all of these valuation metrics have, have become unreliable over the decades as the nature of the stock market has changed. I did it in 2008 in oh nine. That’s exactly right.

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The Big Picture

MAY 9, 2023

One, when people have asked me to compare and contrast today versus 2007, 2008, what you hear from a lot of people is, yes, there’s some fairly heady valuations. RITHOLTZ: So you mentioned earlier 2022 was so unusual. We’ve seen a couple of these events now. The banks, the large banks at least, are better capitalized.

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The Big Picture

OCTOBER 17, 2023

Then the volatility and, and the valuation makes an enormous difference. ’cause they, it’s a learning mechanism as a recommendation mechanism for portfolio managers and thinking about how to allocate capital. A year ago, summer of 2022, we saw people piling into private credit and private debt and private equity.

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The Big Picture

SEPTEMBER 26, 2023

Hey, fast forward 15 years, and now these guys are doing the same thing in 2022 when, when fixed income is down by by double digits, and there’s a little bit of panic in that space. What ended up happening, however, in 2022, I’m sure everybody recalls that the Fed said, you know, this inflation thing might not be transitory.

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The Big Picture

OCTOBER 8, 2024

And I think what I’m trying to imply is there’s a lot of informational value that’s already held within the valuations where these equities are trading that you can calculate, you know, a sense of the implied market probability of success for an opportunity for a company. There, 00:10:35 [Speaker Changed] There is.

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Sara Grillo

NOVEMBER 14, 2022

Macchia mentions that there are firms that have sprung up offering no load products, products that report into your portfolio management system, wrap-able products, etc. Our scheduled meetups are here: December 14th, 2022. 29 February, 2022). January 11 th , 2023. February 8 th , 2023. March 8 th , 2023. May 10 th , 2023.

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The Big Picture

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. RITHOLTZ: Sure. RITHOLTZ: Wow.

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The Big Picture

APRIL 11, 2023

 The transcript from this week’s, MiB: Aswath Damodaran: Valuations, Narratives & Academia , is below. You’re known as the dean of valuation. He said, oh, dean of valuation, it’s easier to say. So let’s start with the question, what led you to focus on valuation? RITHOLTZ: Right. And I said, why?

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The Big Picture

MAY 21, 2024

And one of the worst performing factors has been valuation. So we’re now in an environment where all the 45-year-old portfolio managers out there have been, have worked their entire careers in these momentum fueled markets, and they’ve been trained to believe that valuation doesn’t matter.

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The Big Picture

MARCH 26, 2024

00:09:37 [Speaker Changed] So again, I was on the avatar side of this y avatar broader organization, which was institutional money management, managing money for a lot of large corporate plans and foundations and endowments. And I was a portfolio manager, so I was doing bottom up research and picking stocks. We sure was.

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The Big Picture

MARCH 21, 2023

I was a fixed income portfolio manager and trader, which is a ton of fun. PIMCO out on the West Coast, read the first thing I wrote in the Journal of Portfolio Management. But plenty of valuation measures, it has no applicability for price-to-sales. Program didn’t feel right. I then got just very lucky.

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The Big Picture

MARCH 14, 2023

Everybody wants to sell a company when they get a good valuation. And so what we do is we balance out those macro views with the risk assessment, the quantitative assessment, to form a realistic portfolio. BERNSTEIN: I think — RITHOLTZ: Well, 2022, clearly, was a macro investors paradise — BERNSTEIN: Yes.

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Aleph

JANUARY 14, 2023

Picture Credit: David Merkel, with an assist from the YouImagine AI image generator || Boldly flying in front of a stained glass window Portfolio Management Sick of the ups and downs of the markets? 2023 is merely a sequel to 2022, already anticipating the FOMC stopping Jan 13, 2023 Experts Spent Years ‘Angst-ing’ Over Value.

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The Big Picture

DECEMBER 17, 2024

Barry Ritholtz : This week on the podcast, another extra special guest, Tony Kim, is managing director at BlackRock, where he heads the fundamental equity technology group helping to oversee all of the active technology investments BlackRock makes. I must have worked for 30, 40 portfolio managers across four, four or five investment firms.

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The Big Picture

JUNE 3, 2024

At TCW Barry Ritholtz : You were at the Trust company of the West, you’re a senior vice president, you’re a portfolio manager, you’re a quantitative analyst. And it took us until 2022 to get back to that level. And you know, it’s the same thing when valuation gets outta control too. Yeah, yeah.

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Aleph

FEBRUARY 11, 2023

Portfolio Management and Finance The buying binge that has propelled US equities almost without interruption for four months is nearing a point where past rebounds caved in [link] Valuations are in the 97th percentile. Stock buybacks already get taxed from the capital gains of the seller. Some are backing away in 2023.

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