Value, growth or growing value stocks?

— 26.03.2021

My colleagues at PYN recently suggested that I should write a column for an online publication on value investing. This is a topical issue as investors debate the old question of value vs growth. After thinking about it for a while, I decided against the idea. I don’t possess any data bank on value investing and I’ve actually never thought that we at PYN would be specifically only focused on value investing.

PYN Elite Fund seeks significant returns from high-growth economies whose stock markets have lagged in overall performance for one reason or another. In a way, each purchase we make is completely unique. Every allocation decision is influenced by the decision maker’s previous experience, historical data and a tremendous number of factors that are assigned various weights. The focus is always on pursuing strong growth and assessing the potential returns of each stock.

We don’t have a set of algorithms for picking stocks and triggering the decision to buy. At the same time, we try to be very disciplined: you can’t let yourself fall in love with a stock or get caught napping when a stock hits our target price. We apply the same disciplined approach to the stock markets of our target countries. Of course, we may adjust our target prices for market indices or individual stocks. Nevertheless, when we decide to buy, we must always know what we’re trying to achieve and what factors could contribute to it.

Read here more about the PYN Elite’s view of the Markets.

Investor Letter 1/2021.pdf