Distillate Capital Partners’ Q2 2022 Investor Letter

Distillate Capital Partners LLC, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. Through the sharp sell-off in the first half of 2022, Distillate’s U.S. FSV strategy held up better than the overall market with a decline of 15.80% net of fees vs. a 19.96% decline for the S&P 500 Index. For the same period, Distillate’s Intl. FSV strategy performed roughly in line with the iShares MSCI ACWI ex-US ETF, posting a total return of -18.07% net of fees versus -18.00% for the benchmark. Meanwhile, Distillate’s U.S. SQV’s 2022 first half total return after fees of -17.22% was better than the total return for the iShares Russell 2000 ETF of -23.48% and the iShares Russell 2000 Value ETF’s total return of -17.43%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.