Research papers Archives

Conviction investment and the importance of portfolio construction in generating long-term alpha

November 29, 2019

Successful equity investors understand that there are two fundamental, yet intrinsically linked processes, which must operate in tandem to achieve long-term outperformance. [...]

Natural resources are finite, and so is global economic growth

October 24, 2019

We believe limits to natural resources, and the effects of climate change may well prove to be the biggest structural headwind the [...]

Why the value anomaly is dead – In a structurally low-growth, low inflation, low interest rate world

September 23, 2019

This white paper is based on a lecture given to the Portfolio Construction Forum in Sydney on the 22nd of August 2019 [...]

The death of the value anomaly in a low growth world (Part 3)

August 22, 2019

Traditional value investing typically relies on investing in average businesses that are heavily reliant on a strong economy for compounding earnings growth. [...]

The search for management teams that can compound returns in a low growth world (Part 4)

July 25, 2019

IntroductionHigh-quality business executives are essential for compounding returns, as good stewardship is required to grow earnings over a long period of time. [...]

The importance of compounding returns in a low growth world (Part 2)

May 7, 2019

Introduction At Hyperion Asset Management (Hyperion), we believe the best way to achieve the financial benefits of long-term compounding returns is to [...]