Letter to shareholders - Value Equities Q3 2014

“Hugging the benchmark pays off… so long as most people keep doing it. History has shown that such periods always come to an end. When that happens, the rewards for value investors can be swift and large.”
In their latest Letter to Shareholders, Sparinvest’s Value Equities team look at the prospects for European recovery; compare a tough Q3 2014 with a similar period three years ago, look at ways for Value investors to buy IT companies at acceptable prices (case study – Western Digital) and look at earnings improvement in Japan (case study – Yamaha Motor). Read more here.