Click on the images below to download information about The Boston Company, or click on one of the headings to the right to view strategy-specific materials.
LITERATURE
LITERATURE (Click links below)
Strategy Profiles
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A detailed synopsis of our strategies' philosophies, processes, and key differentiators. |
Fact Sheets
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As of 9/30/08 Quarterly strategy data including characteristics, top holdings and performance. |
Manager Commentaries
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As of 6/30/08 Quarterly commentary on market conditions and portfolio positioning. |
White Papers
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Click on one of the links below to jump to a summary of the white paper, or click directly on the "download" link to open the full version pdf. |
- Emerging Markets Value: The Prospects Remain Bright (November 2008) download
- A New Frontier for IP Video: Bridging the Gap Between Online Video Content and Consumer TVs (November 2008) download
- Personalized Medicine: Research Tools Advance New Opportunities Across The Healthcare Sector (September 2008) download
- Commodities: A Future Divided (April 2008) download
- Grain Stocks Are Now At 30-Year Lows (March 2008) download
- Change Is In The Air: The US sub-prime crisis hits global lending (October 2007) download
- Are Emerging Markets In A Bubble? (October 2007) download
EMERGING MARKETS VALUE: THE PROSPECTS REMAIN BRIGHT (November 2008)
The MSCI Emerging Markets Index surged to dizzying heights in October 2007, ending the month with a five-year annualized return of 35% in US dollars. The bull market traced its roots to a solid and sustained period of earnings growth and profit-margin improvement. Valuations eventually expanded, with China and India trading above 20x P/E, and the Index, as a whole, priced at a premium to US and developed market equities. Commentators pushed the theory of Emerging Markets decoupling, which suggested that the likes of India, China and Brazil could continue their brisk growth prospects despite a possible recession in the US and developed markets.
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A NEW FRONTIER FOR IP VIDEO: BRIDGING THE GAP BETWEEN ONLINE VIDEO CONTENT AND CONSUMER TVS (November 2008)
IP Video is a broad concept commonly defined as any video stream that is transmitted over a network using internet protocol technology. One of the most recognizable subsets of IP Video is the video content found on the web accessed through internet browsers. As numerous applications of online video have emerged, whether it be short form (user generated clips, sports highlights, news clips) or long form (TV shows, movies, sports events), online video streaming has experienced strong global adoption among consumers.
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PERSONALIZED MEDICINE: RESEARCH TOOLS ADVANCE NEW OPPORTUNITIES ACROSS THE HEALTHCARE SECTOR (September 2008)
The promise of personalized medicine has historically been stymied by technical challenges as the tools available were not only costly but slow and cumbersome. However, as analytical speeds increase and costs simultaneously decline, there are opportunities across the healthcare sector to capitalize on the wealth of data being produced.
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COMMODITIES: A FUTURE DIVIDED (April 2008)
As the prices of commodities have soared over the past few years, many consumers and investors are wondering, how much longer can it last? Since the last economic trough in 2001 and 2002, gold is up 211%, natural gas 322%, crude oil 334%, silver 349%, and copper 485%! While many economists and statisticians are waiting for prices to revert to a historical mean, we are reminded of a quote from the economist John Maynard Keynes, "in the long run we are all dead." Indeed, business cycles all occur with a boom and bust period, but there appears to be something larger at work as global economies are cooling and commodities prices remain stubbornly high.
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GRAIN STOCKS ARE NOW AT 30-YEAR LOWS: The Core Research Series: Grains are going higher, but is it really that bad for food companies? A dirt to dinner look at grain inflation (March 2008)
Over the past 30 years, there have been temporary grain spikes, mostly due to weather-related supply shocks. In each case, these periods were short-lived and prices ultimately returned to longterm averages with the following year's harvest. However, we believe this spike is different. Grain stocks are at dangerously low levels, yet key growth drivers - the step up in government-mandated bio fuel programs and strong demand from emerging markets - are likely to continue for the next 18 to 24 months. This combination of low-ending stocks and unprecedented demand growth suggests current elevated prices are sustainable in the intermediate term, perhaps longer.
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CHANGE IS IN THE AIR: The US sub-prime crisis hits global lending (October 2007)
The superb absolute performance in the MSCI EAFE and EM asset classes over the past five years has been driven by an intoxicating mix of low global interest rates, easy credit conditions, an explosion in private equity LBO and M&A activity, surging GDP growth in Emerging Markets (primarily China and India), and the strongest global earnings and profitability boom that has taken place in the past four decades.
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ARE EMERGING MARKETS IN A BUBBLE? Similarities to the tech bubble in the late '90s... (October 2007)
At the height of the US tech bubble in the late '90s, an incredible market narrowness unfolded that made it very difficult for active management strategies to outperform unless risk was eschewed in favor of a concentrated portfolio of very similar stocks. The characteristics of those stocks bear a striking resemblance to those that are driving the MSCI EM index ever higher today. That is, they were large cap and expensive.
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