David Harding's Presentation at London Value Conference: Key Value Metrics to Focus On

Continuing our notes from the London Value Investor Conference 2013, the next speaker is David Harding of Winton Capital.  He presented a background of his firm's strategy and touched on what important value metrics investors should focus on.


Winton Capital is one of Europe’s largest hedge fund managers with $25bn AUM. It primarily uses a trend following/ momentum, quantitative approach across many asset classes so at first sight  Harding was an odd guest at a value conference.

After reading Joel Greenblatt’s Little Book That Beats the Market, Harding became interested in utilising value in a systematic way. He said that Winton’s research findings echoed Greenblatt’s research finding a real edge using quantitative value. Winton do incorporate a value approach into some of their trading, although it did sound  as if it was a side show compared to their main trend following approach.

The key value metrics  that Harding discussed were return on assets and earnings yield. He noted that results could be significantly improved by equal weighting stocks rather than using capitalisation weighting.


Be sure to check out other investor presentations: notes from the 2013 London Value Investor Conference.

Discount to the London Value Investor Conference 2013

We're excited to announce a special discount for Market Folly readers to the upcoming London Value Investor Conference 2013 that benefits children's charity Place2be.

London Value Investor Conference 2013

£100 Discount Code: MARKETFOLLY123 
Click here to register

Market Folly has managed to secure a very limited number of discounted tickets to the forthcoming London Value Investor Conference 2013.  This year's conference takes place on the 9th of May 2013 at Central Hall Westminster with the following excellent speaker line-up:

- Howard Marks, Oaktree Capital - The Most Important Thing
- Michael Price, MFP Investors - The Peter Cundill Foundation Address
- David Harding, Winton Capital - Searching for Value in Data
- Anthony Bolton, FIdelity China Special Situations Fund - Q&A Session
- Nick Purves and Ian Lance, RWC - New Challenges for Value Investors
- Richard Oldfield, Oldfield Partners - Still Simple, Still not Easy
- Plus speakers from smaller, less well known funds (see the full list of speakers here)

As part of their presentation, each of the speakers will give at least one current investment idea.  Winton Capital has also kindly agreed to sponsor a drinks reception after the event, which will be a great opportunity for networking amongst the value investing community.

With 8 weeks to go, the number of delegates attending is already well ahead of the total who came last year.  It is expected that the 2013 conference will be the largest gathering of value investors ever outside of the USA.

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In order to claim your special £100 discount to this conference,
please use the code MARKETFOLLY123 when signing up here.

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The last London Value Investor Conference donated its profits to the children's charity, the SMA Trust.  This year's conference will be supporting the children's charity Place2be.