WMC

How Some Members Use Valuentum’s Investment Services

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By Brian Nelson, CFA Thank you for your membership to Valuentum. We serve a wide variety of investors, including dividend growth investors, value investors, and pure Valuentum investors, among others. Many different types of investors and professionals use our research and financial analysis in a whole host of applications from individual stock-selection to the evaluation of closed-end funds to an overlay in a money-management setting and beyond. We wanted to make sure that you know that, if you’re a dividend growth or income investor, that there are others that use our website to utilize the Valuentum process, fair value estimates and other metrics. Similarly, if you’re a practitioner of the Valuentum system, I wanted to make sure that you are … Read more

Dividend Increases/Decreases for the Week of November 24

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Below we provide a list of firms that raised their dividends during the week ending November 24. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week                          BMO Equal Weight REITs Index ETF (BMQWF): now CAD 0.09 per share monthly dividend. CLPS (CLPS): now $0.10 per share special dividend, was $0.05. CMUV Bancorp (CMUV): now $0.12 per share quarterly dividend, was $0.10. Fastenal (FAST): now $0.38 per share special dividend, was $0.35.      Flex LNG (FLNG): now $0.75 per share quarterly dividend, was $0.125. Hormel Foods (HRL): now $0.2825 per share quarterly … Read more

Dividend Increases/Decreases for the Week of March 24

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Below we provide a list of firms that raised their dividends during the week ending March 24. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week                          Acer (ACEYY): now NT$1.50 per share dividend. AGF Management Limited (AGF.B:CA): now CAD 0.11 per share quarterly dividend, was CAD 0.10. Aimia Inc. CUM RT PFD SER 3 (AIM.PRC:CA): now CAD 0.3757 per share quarterly dividend. Aimia Inc. PFD-1 (AIM.PRA:CA): now CAD 0.3001 per share quarterly dividend. Alvopetro Energy (ALVOF): now $0.14 per share quarterly dividend, was $0.12. Badger Infrastructure Solutions Ltd. (BDGI:CA): now … Read more

Dividend Increases/Decreases for the Week March 25

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Below we provide a list of firms that raised their dividends during the week ending March 25. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week      1847 Holdings, LLC (EFSH): now $0.05 per share quarterly dividend. Armanino Foods of Distinction (AMNF): now $0.03 per share quarterly dividend, was $0.0275. Banco de Chile (BCH): now $0.855 per share annual dividend, was $0.513. BankUnited (BKU): now $0.25 per share quarterly dividend, was $0.23. BRP (DOOO): now CAD 0.16 per share quarterly dividend, was CAD 0.13. Chesswood Group (CHWWF): now CAD 0.04 per share monthly … Read more

Mortgage REITs Have Underperformed Significantly the Past Several Years

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Image: An ETF that tracks the mortgage REIT industry has fallen more than 31% on a price-only basis, while an ETF that tracks the S&P 500 has advanced more than 160% on a price-only basis, as measured from May 2013. By Brian Nelson, CFA Mortgage REITs (REM) are popular vehicles because of their deceptively enticing dividend yields, but we’ve never been bullish on the group. We’re reiterating our take today that these instruments are not for the individual investor or even prudent financial advisor and are more complicated vehicles than many investors believe. In May 2013, we first starting warning about the group, and the performance, as shown in the image above, hasn’t been pretty. On a price-only basis, the … Read more

ICYMI: Valuentum’s Brian Nelson on the Latest Howard Marks’ Memo: “Something of Value”

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Valuentum’s President of Investment Research Brian Michael Nelson, CFA, explains why there are not really value and growth stocks, why most of the research in quantitative finance is spurious and needs to be redefined on a forward-looking basis, and why enterprise valuation (not the efficient markets hypothesis) should be the organizing principle of finance. Nelson explains his views about valuation, what it means to be a value investor, and investing in the context of Oaktree Capital Howard Marks’ latest memo, “Something of Value,” January 11, 2021. Please don’t forget to give the second edition of the book “Value Trap” a 5-star rating on Amazon here. Thank you for your membership! —– Tickerized for holdings in the IWM. Valuentum members have … Read more

Value Is Not Static and the Qualitative Overlay Is Vital to Our Process

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With prudence and care, the Valuentum Buying Index process and its components are carried out. Our analyst team spends most of its time thinking about the intrinsic value of companies within the context of a discounted cash-flow model and evaluating the risk profile of a company’s revenue model. We have checks and balances, too. First, we use a fair value range in our valuation approach as we embrace the very important concept that value is a range and not a point estimate. A relative value overlay as the second pillar helps to add conviction in the discounted cash-flow process, while a technical and momentum overlay seeks to provide confirmation in all of the valuation work. There’s a lot happening behind the scenes even before a VBI rating is published, but it will always be just one factor to consider. Within any process, of course, we value the human, qualitative overlay, which captures a wealth of experience and common sense. We strive to surface our best ideas for members.

Dividend Increases/Decreases for the Week September 25

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Below we provide a list of firms that raised their dividends during the week ending September 25. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Accenture (ACN): now $0.88 per share quarterly dividend, was $0.80. Artesian Resources (ARTNA): now $0.2571 per share quarterly dividend, was $0.2496. Bancolombia S.A. (CIB): now $0.309 per share quarterly dividend, was $0.285. Bank of South Carolina (BKSC): now $0.17 per share quarterly dividend, was $0.16. The First of Long Island (FLIC): now $0.19 per share quarterly dividend, was $0.18. Fortis (FTS): now CAD 0.505 per share … Read more

Dividend Increases/Decreases for the Week Ending June 26

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Below we provide a list of firms that raised their dividends during the week ending June 26. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Andlauer Healthcare Group Inc. (ANDHF): now $0.05 per share quarterly dividend. ARMOUR Residential REIT (ARR): now $0.10 per share monthly dividend, was $0.09. AT&T 4.750% PFD SER C (T.PC): now $0.2969 per share quarterly dividend, was $0.2408. Delmar Bancorp (DBCP): now $0.025 per share dividend. Deswell Industries (DSWL): now $0.09 per share semi-annual dividend, was $0.08. Dynex Capital, Inc. 6.9% Series C PFD (DX.PC): now $0.4313 … Read more

Podcast: The Hazards of Mortgage REITs

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President of Investment Research Brian Nelson talks mortgage REITs and the concept of spread risk that may lead to steep book value declines and weakened dividend health across the industry. ~5 mins. If you cannot view the video below, please view the transcript that follows or select the link here. Kris Rosemann: Hi, I am Kris Rosemann for Valuentum Securities. Today on our podcast President of Investment Research Brian Nelson is going walk us through some of our thoughts on mortgage REITs (REM). Brian could you explain to us why we at Valuentum don’t like mortgage REITs and maybe go through some of the risks individual investors should be concerned with that are not as prevalent as a normal operating … Read more