All themes
Valuation dispersion
3 managers wrote about this in 3 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2026 Q10% of 54
- 2026 Q21% of 296
- 2026 Q30% of 53
- Emerald Focused Equity StrategyJun 2026
As the chart below illustrates, the valuation spread between the highest-quality companies and the broader market has compressed to multi-decade lows.
Read the letter → Index concentration, valuation dispersion and the market’s willingness to extrapolate dominant narratives have created an environment where we observe plenty of the behavioral extremes the strategy looks to exploit.
Read the letter →Opportunity in small/mid caps: Valuation spreads are wide, investor positioning is light, and improving earnings create a setup for continued market broadening.
Read the letter →