Voya IM: Excess Capital Yield - A Fresh Perspective on Value Investing

You are receiving this email as a registered member of Morningstar.com and have asked to receive features, products and services from third party companies. This is a paid advertisement from the sponsor. [Voya Investment Management]( [Download Whitepaper]( [A Fresh Perspective on Value Investing] After a decade of lagging growth stocks, value investing is seeing a resurgence. But as traditional value metrics used for 100 years have struggled to remain relevant, we recognize that successful value investors must evolve with the changing market environment. It’s time to reassess how to take advantage of this opportunity through a new lens. We’ve developed a more modern approach to understanding a company's ability to create value for shareholders. [Introducing Excess Capital Yield] Excess capital yield provides a deeper, more forward looking view of the capital companies have to generate value in a variety of forms, including dividend growth, share repurchases, accretive M&A and/or organic investment. Factor performance analysis shows that this approach has historically demonstrated a sustained, meaningful advantage with less volatility compared with traditional metrics. See below. [Cumulative, cap-weighted quintile spread returns, R1000V ex-REITs and utilities] Source: FactSet, analysis by Voya Investment Management, data from 01/31/2013 through 12/31/2021. Past performance is no guarantee of future results. [Download Whitepaper]( Learn why leveraging excess capital yield can help you get the most out of value investing today. Past performance does not guarantee future results. This commentary has been prepared by Voya Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward‑looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) increasing levels of loan defaults, (5) changes in laws and regulations, and (6) changes in the policies of governments and/or regulatory authorities. There is no guarantee that any forecasts or opinions expressed in this event will be realized. Information should not be construed as legal, estate tax, retirement or financial planning advice. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to the general public. CID: 2247953 [Advertisement] [View online]( | [Unsubscribe]( from future Advertising Products and Features email | [Update]( your email preferences If you have questions about Morningstar.com or your membership, please send a note to joe@morningstar.com. [Click here]( to learn about Morningstar's privacy policy. © 2022 Morningstar, Inc. All Rights Reserved. 22 W. Washington St. Chicago, IL 60602