An Active Approach to Sustainable Equity Returns
by David Dalgas, CFA, Chief Investment Officer—Global Core Equity,
Kenneth Graversen, Portfolio Manager and Senior Research Analyst—Global Core Equity,
Klaus Ingemann, CFA, Portfolio Manager and Senior Research Analyst—Global Core Equity
Cash is a powerful indicator for equity investors. Unlike accounting earnings, which are often misleading, cash flows provide a clear picture of a company’s underlying performance. When combined with detailed fundamental research on a company and industry, cash can provide effective intelligence on a company’s future growth and stock price appreciation potential.
In this paper, we present case studies to demonstrate how an investment approach focused on cash flows can identify companies that generate strong and sustainable equity returns.
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