B.S. / MBA., Drexel University
Portfolio Manager, Quantitative Equity
Vladimir de Vassal, CFA®
Vladimir de Vassal, CFA®, serves as Lead Portfolio Manager and Director of Quantitative Research for Glenmede Investment Management LP. Mr. de Vassal and his team manage quantitatively based equity portfolios, including several mutual funds and long/short strategies. He is responsible for the creation of our entire suite of quantitative investment offerings.
Mr. de Vassal joined The Glenmede Trust Company, N.A. (GTC) in 1998 after serving as Vice President and Director of Quantitative Analysis at CoreStates Investment Advisors and as Vice President of Interest Rate Risk Reporting/Analysis at CoreStates Financial Corp. At GTC, he has provided proprietary research and analytical support to domestic and international funds, private equity, The Pew Charitable Trusts and high net worth clients.
Graduating with highest honors from Drexel University in 1982, Mr. de Vassal received a B.S. with dual majors in finance and accounting. At that time, he was given the Outstanding Student in Accounting and Finance Award. He received an M.B.A. from Drexel University in 1987. In 1992, he earned the Chartered Financial Analyst® designation.
Mr. de Vassal is the fifth recipient to be awarded the Lipper Award for Excellence in Fund Management, a designation which recognizes outstanding managers who have delivered consistently strong risk-adjusted returns to their investors and, in the opinion of Lipper’s research analysts, represent the best of the fund industry. Val is a three-time winner of the Philadelphia Prize awarded by the Financial Analysts of Philadelphia for articles addressing investment insight. In addition, Mr. de Vassal has published extensively in periodicals such as Barron’s, The Wall Street Journal, The Journal of Wealth Management, The Journal of Portfolio Management, Worth and The Journal of Fixed Income. He is a frequent speaker at investment conferences and universities, including the Wharton School at the University of Pennsylvania, Princeton, Penn State and Drexel.
B.S. / MBA., Drexel University
Insights by Vladimir de Vassal, CFA
Large Cap Growth Update
Strategy Underperforms But Remains Well-Positioned
The Glenmede Quantitative Large Cap Growth Strategy underperformed the Russell 1000 Index by about -3.2% in Q2. Portfolio Manager Val de Vassal discusses the strategy’s stock selection outperformance in the Materials sector and the negative relative contributions from stock selection in Information Technology and Health Care. We believe this diversified strategy is well positioned with its multifactor approach favoring stocks with cheaper valuations, stronger fundamentals, positive earnings/revenue estimate trends and attractive technicals.
Pendulum Swinging Toward Value
Rising interest rates are leading investors to rediscover value stocks. After dramatically underperforming growth stocks in 2020, value stocks have begun to recover. GIM Portfolio Managers Val de Vassal, CFA, and Jordan Irving discuss the current rebound in value stocks as well as 2021/2022 projected earnings growth rates.
What the Future Holds: Will Today’s Mega Cap Growth Leaders Become Tomorrow’s Laggards?
In spite of the unusual market conditions of 2020, investors have continued to support mega cap growth stocks which appear to be significantly overvalued. With multiple indicators signaling significant risk based on historical trends, Quantitative Equity Portfolio Manager Val de Vassal reviews the ever-increasing market concentration and potential for a cyclical shift that could reduce the dominance of today’s market leaders.
Large Cap Growth Update
Value and Fundamentals Remain Out of Favor
The second quarter risk rally saw the Russell 1000 Growth Index experience a historic surge, led by stocks with negative earnings and those with high price-to-earnings ratios. These conditions were challenging for the Glenmede Large Cap Growth Equity Strategy, which emphasizes value and attractive fundamentals. Portfolio Manager Val de Vassal, CFA, discusses performance, the environment which included the reconstitution of the Russell equity indexes, and the outlook for the second half of 2020.
Large Cap Core Update
Lower Market Cap Holdings Deliver
As equity indexes sharply rebounded, the Glenmede Large Cap Core Equity Strategy outperformed in the second quarter, as it benefitted from its holdings with lower market capitalizations than the Russell 1000 Index. However, increasing market concentration of the largest cap stocks and outperformance by companies with negative earnings still are negatively impacting the strategy, which seeks to remain true to its balanced investment principles. Looking ahead, Portfolio Manager Val de Vassal, CFA, notes that the portfolio is positioned at a historic discount relative to the benchmark.
Is a Return to a More Rational Market on the Horizon?
Even before coronavirus concerns drove the rapid first quarter correction, the late stage bull market appeared unhealthy by a number of indicators. Market concentration in a small number of the largest technology and internet-related names continues today after the sharp downturn, but we believe investors will return to a more rational mindset that rewards attractive fundamentals. Val de Vassal, CFA GIM's lead portfolio manager and director of quantitative research, reviews the data.