FCF Perspectives

Entering 2024, our market outlook is cautiously optimistic, underpinned by a nuanced understanding of the global financial landscape. In the U.S., the enduring strength of companies with substantial free cash…

Free cash flow is a critical financial metric that offers a more transparent view of a company's profitability in the context of equity valuation. Historically, both free cash flow profitability…

Exchange-traded funds (ETFs) have become an increasingly popular investment option for investors of all levels of experience. The creation-redemption process of ETFs is one of the key features that sets…

Research Highlights This paper extends our previous research, starts with revisiting a two-dimensional framework for measuring active management using active shares and tracking errors. The limitations of the traditional framework…

FCF US Quality strategy takes a quantitative active approach to quality factor investing. In this paper, we conduct case studies that illustrate and expose some of the drawbacks embedded in…

This paper discusses how we apply active management and the common misconceptions around active and passive investing. We apply a framework to estimate the “pure alpha” opportunity of an active…

Pure Alpha: Evaluating Active Management in a Modern Way Click here to download This paper discuss how we apply active management and the common misconceptions around active and passive investing.…

Free cash flow analysis reveals the extent to which companies that invest heavily in R&D outperform their peers, suggesting investors should be looking to ensure these innovators form a core…

The Nasdaq 100 has skyrocketed in recent months, while bastions of the gig economy have launched IPOs without any clear path to future profitability, triggering uncomfortable comparisons with the Dotcom…

One of the major concerns, when a company goes public, is whether they have a clear path to profitability. Sometimes, that path can appear cloudy because of the number of…