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Contrarian Value Opportunities

February 2021 

Ultimately, we believe relative price follows relative earnings; many stock prices have dramatically underperformed earnings.

From our sub-adviser, Wellington Management
Andrew Corry, CFA
Senior Managing Director, Portfolio Manager for Hartford International Value Fund
Jim Shakin, CFA
Senior Managing Director, Portfolio Manager for Hartford International Value Fund

 

Today, we are finding opportunities outside the US that are at valuation extremes. Many of these firms are sensitive to the economic cycle and are weighed down by concerns that COVID-19 will persist, unemployment will remain high, interest rates and inflation will stay low, and/or dividends will not be restored in certain sectors. Given how poor sentiment is, positive news on these issues can provide much-needed reprieve to these stocks. Ultimately, we believe relative price follows relative earnings and, for many of these stocks, prices have dramatically underperformed earnings. We therefore expect a recovery in prices and, in particular, see opportunities in energy, banks, and other cyclicals.



Important Risks: Investing involves risk, including the possible loss of principal.

WP591  222030