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1、NEWERAVALUEINVESTINGRELATIVEVALUEDISCIPLINEThisbookdescribesaninnovativeinvestmentstrategycalled“RelativeValueDiscipline,”whichprovidesaframeworkforin-vestingintraditionaldividend-payingvaluestocks,aswellasundervaluedgrowthstocks.Thegraphicbelowillustrateshow
2、thestockselectionprocessworksstepbysteptowinnowathousandlargecapstocksdowntoafocusedportfoliooftwentytothirtyholdings.InvestmentUniverse•LargecapU.S.stocks•Approximately1,000companies•Marketcapover$3billionDivdend-PayingStocksLow-YieldingStocksinTraditionalVa
3、lueSectorsinGrowth-OrientedSectorsScreenedusing:Screenedusing:RelativeDividendYieldRelativePrice-to-SalesRatio(RDY)valuationmodel(RPSR)valuationmodelFocusList•Approximately100companies•LowpriceversushistoricalcompanyaverageTwelveFundamentalFactorAnalysisQuali
4、tativeFactors/QuantitativeFactors•BuggyWhip(productobsolescence)•PositiveFreeCashFlow•NicheValue(marketleadership)•DividendCoverageandGrowth•TopManagement•AssetTurnover•Sales/RevenueGrowth•InvestmentinBusiness/ROIC•OperatingMargins•EquityLeverage•RelativeP/E•
5、FinancialRiskPortfolioConstruction•RankeachFocusListsecuritybasedonbothqualitativeandquantitativeanalysis•Focusedportfolio(usuallybetweentwentyandthirtyholdings)•Highestconfidencepicks•CalculatedsectorbetsversusS&P500NEWERAVALUEINVESTINGADisciplinedApproachto
6、BuyingValueandGrowthStocksNANCYTENGLERJohnWiley&Sons,Inc.Copyright©2003byFremontInvestmentAdvisors,Inc.Allrightsreserved.PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsy
7、stem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photo-copying,recording,scanning,orotherwise,exceptaspermittedunderSec-tion107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpay-m
8、entoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,978-750-8400,fax978-750-4470,orontheWebatwww.copyright.com.RequeststothePublisherforpermi
