Special update from Larry Grossman
From: Michael Keppler President, Keppler Asset Management, Inc., New York, an SEC-registered investment management and advisory firm founded in 1992. The firm specializes in the develop-ment of value-oriented integrated portfolio approaches which focus on sophisticated asset allocation as well as market, sector, and stock selection strategies designed to exploit market inefficiencies in order to achieve above-average investment returns, while allowing for effective risk manage-ment through the implementation of the margin-of-safety concept and inter-national diversification. Keppler Asset Management Inc. is investment advisor to institutional investors and helps manage 10 global/regional equity public mutual funds and one private placement. Since 1994, funds advised by Keppler have won eight Standard & Poor’s Micropal performance awards. Previously, Keppler worked in various capacities in the securities business with Commerzbank AG, one of the largest German banks in both Frankfurt and New York. Between 1983 and 1985, he received special training at leading New York investment banks, i.e. Morgan Stanley and Donaldson, Lufkin & Jenrette. From 1987 through 1992, he headed the Global Investment Strategy, Portfolio Management and Institutional Sales Departments of Commerzbank Capital Markets Corp., a New York investment bank, as First Vice President. Michael Keppler, who holds an MBA from the University of Regensburg, has been an active contributor to numerous investment conferences. He has coauthored a book on Emerging Markets and published in leading investment journals both in the United States and in Germany. Michael is an advisor in Gary A. Scott's International E-Club. I believe, now is a good time to invest in good old global value portfolios, like the Global Advantage Major Markets High Value Fund, a global equity fund managed by State Street Global Advisors and advised by Keppler Asset Management. The Global Advantage Major Markets High Value Fund was up 60.1 percent last year and should continue to do well over the next 3-5 years. The latest net asset value per share was Euro 1,417.42 as of April 12, down 2,5 percent from its all-time high reached on March 29. The fund trades every Wednesday and at the last trading day of each month. For more information please contact Stephan Marx at State Street Bank Luxembourg Tel. 011 352 4640 10379 or Fax. 011 352 643 1325. Here are the arguments (from our April Strategy-Update) why our Top Value Strategy is expected to do well over the next 3-5 years. About 2/3 of the Global Advantage Major Markets High Value Fund assets are invested according to the Top Value Strategy, the rest is in exceptional companies The largest Holding is a 10 percent investment in Warren Buffett's Super Value Stock "Berkshire Hathaway"). 5 Percent is in cash. … there are some indications that a shift from "New Economy" stocks into "Old Economy" stocks may have started. Should this trend persist - and I strongly believe that it ultimately will - it should give the Top Value Strategy plenty of room for superior performance in the future. Based on our analyses, the Top Value Model Portfolio is now about 24 percent undervalued, while the cap-weighted MSCI World Index is about 18 percent overvalued. Our valuation work is based on current valuation, current relative valuation, historic valuation and historic relative valuation. But not only are our top ranked markets attractively priced compared to the MSCI World Index, the actual annual growth rates of earnings, cash flow, book value and dividends compare very favorably with Europe, the United States and with the MSCI World Index: There is no change in our performance ratings this month. The Top Value Model Port-folio contains Australia, Austria, Belgium, Germany, Hong Kong, and Norway at equal weights. Our current ratings suggest that these markets offer the highest expectation of superior performance. Michael Keppler
E-Mail: KAMNewYork@aol.com
Michael Kepler, New York, USA - Biography
Where to invest now…
Annual Growth Rates (%) Earnings Cash Flow Book Value Dividends(as of March 31, 2000)Top Value Model Portfolio 21.3 14.1 4.2 10.1Europe 15.8 4.6 5.0 8.9USA 14.8 6.3 9.2 -1.6MSCI World Index 10.9 3.6 5.7 5.4
April 12, 2000
Similar Articles
The following articles contain content that is similar to this article, "Special update from Larry Grossman":
- Michael Keppler, New York, USA
- Best Value Major Market Update
- What to do When Markets Crash
- Value Markets and Big Savings
- Seven Best Markets for Investing Now