119 Value Stocks are Back w/ Stephen Jenkins and Jackie Au, Sionna Investment Managers

Listen on The Move


Every stock market correction is unique, with its own causes and consequences. There are some similarities between the current market decline and past declines.

Take today's example; following a period of speculation and excess that began in 2020, tech stocks have taken a beating, some from as early as Q2 2021. It's reminiscent of the tech rout in 2000, when value stocks outperformed technology stocks.

In fact, value stocks are outperforming, and providing both meaningful relative positive returns, across the board in this stock market rout. Value is outperforming in large-cap U.S., small-cap U.S. segments, foreign-developed stocks and emerging market stocks. If you're wondering whether this resurgence in value stocks is fleeting, it's advisable to recall that the forces that are shaping inflation and inflationary volatility are likely to outlast our expectations, our hopes.

Value investing great Stephen Jenkins, Co-CIO, and Portfolio Manager, and Jackie Au, Portfolio Manager, Sionna Investment Managers join us this episode for an enlightening and insightful conversation, sharing their wisdom about value investing's long term durability, how they do value investing, the relative underperformance of value factor vs. growth factor (value stocks did what value stocks always do, they just didn't do as well as growth stocks), and how the regime change of inflationary volatility and rising rates that has crushed growth stocks is favourable to value investors.

We also get a good look at some of the names and sectors they favour, with Stephen and Jackie talking about names they are holding, that fulfill their definitions of value stocks that demonstrate strong fundamentals.

Where to find the Stephen Jenkins and Jackie Au:

Stephen Jenkins, Co-CIO, Sionna Investment Managers
Jackie Au on Linkedin
Sionna Investments

Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin

Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin

"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.

We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

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