Comments from a month in China
June 8, 2023 | Global Alpha Capital Management
Navigating China’s evolving economy: Discovering hidden opportunities amid challenges.
A concentrated portfolio of global, international, and emerging markets small
capitalization stocks employing a fundamental approach to identify companies
with unrecognized and accelerating earnings growth potential.
Highlights
Small Cap Specialist: Exclusively focused on the small cap market
Experienced and Stable Team: Seasoned partners with proven investment results
Rigorous Research: Detailed fundamental research supported by management meetings and secular themes
Robust Portfolio Construction: High conviction portfolios driven by security selection and designed to mitigate factor risks
Philosophy
Earnings growth per share drives stock prices
Secular growth themes support outperformance
Identify good companies with unrecognized growth potential
Long-term investment horizon for value realization
Investment process
Research Prioritization of 11,000 names
Engage with companies, including around 1,000
management meetings per yearAnalyze the universe based on capitalization and quality metrics
Fundamental Research
Rigorous bottom-up analysis on 250-300 names
Seek undiscovered value in companies with strong earnings growth
Forecast intrinsic value using a range of valuation tools
Investment Themes
Find companies expected to benefit from secular growth themes
Environment, Social & Governance
ESG factors integrated into investment analysis
Utilize proprietary scoring system designed for the small-cap universe
Portfolio Construction & Risk Management
Build high conviction portfolios of 50-70 stocks
Focus on adding value from security selection and minimizing factor risk
Global Small Cap Strategy
A concentrated portfolio of global small capitalization stocks employing a fundamental approach to identify companies with unrecognized and accelerating earnings growth potential.
International Small Cap Strategy
A concentrated portfolio of non-North American developed countries (EAFE) small capitalization stocks employing a fundamental approach to identify companies with unrecognized and accelerating earnings growth potential.
Emerging Small Cap Strategy
A concentrated portfolio of emerging markets small capitalization stocks employing a fundamental approach to identify companies with unrecognized and accelerating earnings growth potential.
Insights
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The battle against inflation
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