Distillate Capital’s Q3 2021 Investor Letter

Distillate Capital, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. Distillate Capital’s U.S. and International Fundamental Stability & Value strategies returned -1.49% and -7.06% on a net of fees basis for the quarter, respectively. The U.S. portfolio lagged its S&P 500 benchmark by around 2.1% in the quarter, causing the year-to-date performance to trail that benchmark by around 2.2%. The international portfolio likewise lagged its benchmark, the iShares MSCI ACWI ex-US ETF, in the quarter, and year-to-date performance is trailing the benchmark by a more substantial 6.6% after outperformance of around 8.0% last year. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.