{"id":53997,"date":"2023-12-09T17:58:59","date_gmt":"2023-12-09T17:58:59","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/goldman-sachs-money-manager-digs-into-three-themes-for-long-term-growth\/"},"modified":"2023-12-09T17:59:00","modified_gmt":"2023-12-09T17:59:00","slug":"goldman-sachs-money-manager-digs-into-three-themes-for-long-term-growth","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=53997","title":{"rendered":"Goldman Sachs money manager digs into three themes for long-term growth"},"content":{"rendered":"

Most exchange-traded funds are passively managed \u2014 they are designed to mirror the performance of stock indexes and typically have low management fees. They can work out very well for investors, which has been the case for funds that track the S&P 500. But in the world of small-cap stocks, active management can be worth the extra expense to identify innovative companies or those trading at low valuations when considering their potential.<\/p>\n

\n

During an interview with MarketWatch, Greg Tuorto, who co-manages the Goldman Sachs Small Cap Core Equity ETF
\n GSC,<\/span>
\n described a bottom-up process through which he, his colleagues Raj Garigipati and Robert Crystal, and a team of analysts select companies for investment. He discussed how stocks are weighted and named examples of stocks within three themes the team likes in the current market.<\/p>\n

\u201cMore than 50% of new ideas come from existing companies in the portfolio. We will hear of a competitor or someone a management team is emulating,\u201d he said.<\/p>\n

The team maintains a long list of ideas and narrows it down to a group of 100 or fewer stocks. Tuorto said the portfolio is diversified and weighted by risk. <\/p>\n

There is limited exposure \u201cto companies that may be a bit further away from true profitability or free cash flow,\u201d Tuorto said. \u201cAs they get to the top of the portfolio, they are companies where we are intimately familiar with the management teams, the strategies and the long-term results.\u201d<\/p>\n

He also said that the management team selects stocks with an outlook of three or more years in order \u201cto make a significant return on our money.\u201d <\/p>\n

\u201cWe hope they get so big that we have to sell them, because they are no longer small-caps,\u201d Tuorto said. For new positions, the fund managers select companies with market capitalizations below $5 billion. \u201cWe will let our winners run to $6 [billion] or $7 billion,\u201d he said, adding that the \u201csweet spot\u201d for the fund is market capitalization of $2 billion to $4 billion.<\/p>\n

When asked about concentrated portfolio strategies favored by some active managers, Tuorto said that he prefers to have a portfolio of close to 100 names without heavy concentration at the top because \u201cthings happen, even with high-quality companies.\u201d He added that the small-cap space represents \u201ca different volatility stream than investing in large companies.\u201d<\/p>\n

Investment themes<\/h2>\n

Tuorto discussed three themes he and his colleagues favor and provided at least one example for each.<\/p>\n

Medical technology<\/h2>\n

It is reasonable to expect investors to overreact to any broad change in an industry, and this year\u2019s excitement over Ozempic, the weight-loss medication developed by Novo Nordisk A\/S
\n NVO,
\n -0.18%<\/bg-quote>,<\/span>
\n and competing GLP-1 drugs may be a good example in the large-cap world. Among the 11 sectors of the S&P 500
\n SPX,<\/span>
\n healthcare is the second-worst performer this year, with a 1.6% decline, while the full index has returned 20.9% (both with dividends reinvested).<\/p>\n

A recent GLP-1 development: <\/strong>Eli Lilly\u2019s Mounjaro three times more effective than Ozempic for weight loss, real-world study finds<\/p>\n

\u201cMany people felt medical technology would be a significant loser as everyone lost 100 pounds and there would no longer be hereditary diseases in cardio, as everyone took their GLP-1s,\u201d Tuorto said. But when many healthcare companies reported their third-quarter results, they were performing as expected, by \u201cgrowing and expanding their clinical presence.\u201d<\/p>\n

One healthcare stock Tuorto feels good about, regardless of the GLP-1 success, is Axonics Inc.
\n AXNX,
\n -1.83%<\/bg-quote>,<\/span>
\n which provides treatments for incontinence. There are various causes for this health issue, and the company \u201ctreats all those different things, with minimally invasive procedures for men and unique, topical products for women, to expand their clinical presence across all types of practitioners,\u201d he said.<\/p>\n

The treatments are provided by medical professionals, but Tuorto expected Axonics eventually to provide medication directly to consumers. \u201cBy going after the doctors first, they have built up a significant amount of credibility,\u201d he said.<\/p>\n

Tuorto expects Axonics to achieve a 20% annual growth rate for revenue, \u201cwith a meaningful capacity to build free cash flow \u2026 because of the investments they have made.\u201d<\/p>\n

He also said that Axonics provides a good example of the difference between small and large companies. A small company \u201ccan focus myopically on a specific need,\u201d he said. In this case, Axonics first developed treatments for male incontinence and then expanded \u201cto the female market, post-birth and post-procedure,\u201d in a deliberate manner.<\/p>\n

Another medical-technology example that Tuorto named is iRhythm Technologies Inc.
\n IRTC,
\n +2.64%<\/bg-quote>,<\/span>
\n which makes electrocardiogram monitoring devices. <\/p>\n

\u201cWe think this company has been unfairly punished, as if the GLP-1 approach means we will never see cardio companies again,\u201d he said. He expects to see \u201ca mid-teens\u201d growth pace for iRhythm\u2019s revenue.<\/p>\n

Cybersecurity<\/h2>\n

\u201cOver past two years in software, there has been a big IT shakeout,\u201d Tuorto said. \u201cMany companies that went public haven\u2019t stood the test of time.\u201d<\/p>\n

But he expects the cybersecurity industry to continue to have \u201can enduring, underlying buying pressure from enterprise,\u201d because \u201cwe find out about data breaches much later than we should.\u201d<\/p>\n

According to Tuorto, Tenable Holdings Ltd.
\n TENB,
\n +0.83%<\/bg-quote>
\n has \u201ca unique approach to state and local government security.\u201d He noted that the federal government had selected a company with a market cap of less than $5 billion as \u201ca preferred vendor to determine exposure to breaches or data-security loss.\u201d<\/p>\n

\u201cThese companies are highly prized, with six to eight taken over by private equity alone,\u201d he said.<\/p>\n

With \u201ca really strong outlook for growth,\u201d Tenable \u201ccan fit in as part of a large public company or be a target for a takeover,\u201d Tuorto said.<\/p>\n

Casual dining<\/h2>\n

Tuorto said the casual-dining industry \u201chas gone through a re-evaluation of what customers will want and restaurants will provide.\u201d<\/p>\n

He said that weaker performers, such as Sweetgreen Inc.
\n SG,
\n -0.87%<\/bg-quote>
\n and Shake Shack Inc.
\n SHAK,
\n -1.20%<\/bg-quote>,<\/span>
\n had \u201cdisappointed loyal customers by changing menus, not managing loyalty programs, or through a lack of consistency across restaurants.\u201d<\/p>\n

Tuorto named two casual-restaurant companies held by the fund. The first is Cava Group Inc.
\n CAVA,
\n -3.30%<\/bg-quote>,<\/span>
\n which went public in June. Cava has built \u201ca positive feedback loop\u201d though its real-estate strategy and its consistent menu, he said.<\/p>\n

Another of Tuorto\u2019s favorites in the space is Wingstop Inc.
\n WING,
\n +0.58%<\/bg-quote>,<\/span>
\n which has been successful in expanding its menu, he said.<\/p>\n

A top holding<\/h2>\n

When asked about Meritage Homes Corp.
\n MTH,
\n +2.63%<\/bg-quote>,<\/span>
\n which is the fund\u2019s second-largest holding, Tuorto said he had been impressed with the builder\u2019s \u201cability to change its approach for the type of market it is in,\u201d which has helped with \u201cearnings resiliency.\u201d<\/p>\n

This could be especially important if the U.S. moves into a recession next year or if economic growth slows considerably. Then again, \u201cthere is a significant dearth of available housing stock,\u201d he said.<\/p>\n

Here\u2019s a look at projected compound annual growth rates for sales, based on consensus calendar-year estimates among analysts polled by FactSet. The table also includes consensus EPS estimates for three years. <\/p>\n\n\n\n\n\n\n\n\n\n
\n Company<\/strong><\/p>\n<\/td>\n\n Ticker<\/strong><\/p>\n<\/td>\n\n Two-year estimated sales CAGR through 2025<\/strong><\/p>\n<\/td>\n\n Estimated 2023 EPS<\/strong><\/p>\n<\/td>\n\n Estimated 2024 EPS<\/strong><\/p>\n<\/td>\n\n Estimated 2025 EPS<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Axonics Inc.<\/p>\n<\/td>\n\n AXNX,
\n -1.83%<\/bg-quote>\n <\/td>\n		\n 21.0%<\/p>\n<\/td>\n\n -$0.14<\/p>\n<\/td>\n\n $0.35<\/p>\n<\/td>\n\n $0.73<\/p>\n<\/td>\n<\/tr>\n
\n iRhythm Technologies Inc.<\/p>\n<\/td>\n\n IRTC,
\n +2.64%<\/bg-quote>\n <\/td>\n		\n 18.4%<\/p>\n<\/td>\n\n -$3.18<\/p>\n<\/td>\n\n -$2.23<\/p>\n<\/td>\n\n -$1.23<\/p>\n<\/td>\n<\/tr>\n
\n Tenable Holdings Ltd.<\/p>\n<\/td>\n\n TENB,
\n +0.83%<\/bg-quote>\n <\/td>\n		\n 14.1%<\/p>\n<\/td>\n\n $0.70<\/p>\n<\/td>\n\n $0.79<\/p>\n<\/td>\n\n $1.02<\/p>\n<\/td>\n<\/tr>\n
\n Cava Group Inc.<\/p>\n<\/td>\n\n CAVA,
\n -3.30%<\/bg-quote>\n <\/td>\n		\n 18.8%<\/p>\n<\/td>\n\n $0.10<\/p>\n<\/td>\n\n $0.14<\/p>\n<\/td>\n\n $0.20<\/p>\n<\/td>\n<\/tr>\n
\n Wingstop Inc.<\/p>\n<\/td>\n\n WING,
\n +0.58%<\/bg-quote>\n <\/td>\n		\n 14.7%<\/p>\n<\/td>\n\n $2.39<\/p>\n<\/td>\n\n $2.83<\/p>\n<\/td>\n\n $3.41<\/p>\n<\/td>\n<\/tr>\n
\n Meritage Homes Corp.<\/p>\n<\/td>\n\n MTH,
\n +2.63%<\/bg-quote>\n <\/td>\n		\n 4.5%<\/p>\n<\/td>\n\n $19.70<\/p>\n<\/td>\n\n $18.70<\/p>\n<\/td>\n\n $20.34<\/p>\n<\/td>\n<\/tr>\n
\n Source: FactSet<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Click on the tickers for more about each company, ETF or index.<\/p>\n

Click\u00a0here\u00a0for Tomi Kilgore\u2019s detailed guide to the wealth of information available for free on the MarketWatch quote page.<\/p>\n

A new fund, but an older strategy<\/h2>\n

The Goldman Sachs Small Cap Core Equity ETF is a new fund, with annual expenses of 0.75% of assets. It was established on Oct. 3 and only has about $10 million in assets under management. But it follows a similar strategy for stock selection and is managed by the same team as the Goldman Sachs U.S. Small Cap Equity Portfolio, which was established in June 2018, is distributed by Goldman to European clients and is rated four stars (out of five) by Morningstar. <\/p>\n

There is no guarantee that the two funds\u2019 performance will match closely, because of differences in how the two funds time their trading activity and in how they are regulated. <\/p>\n

The older fund\u2019s three-year average annual return (after expenses) through October was 7.3%, and its five-year average return was 6.4%. These haven\u2019t been very good periods for small-cap stocks, but the fund has outperformed its benchmark by a significant margin. In comparison, the three-year average return for the Russell 2000 Index was 3.9% and the five-year average return for the index was 3.3%, according to FactSet.<\/p>\n

Don\u2019t miss: <\/strong>Nvidia and Microsoft CEOs say industrial companies will benefit most from AI. Here are stocks to put on your watch list.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most exchange-traded funds are passively managed \u2014 they are designed to mirror the performance of stock indexes and typically have low management fees. They can work out very well for investors, which has been the case for funds that track the S&P 500. But in the world of small-cap stocks, active management can be worth […]<\/p>\n","protected":false},"author":1,"featured_media":53998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-53997","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nGoldman Sachs money manager digs into three themes for long-term growth | Prosfunds<\/title>\n<meta name=\"description\" content=\"Most exchange-traded funds are passively managed \u2014 they are designed to mirror the performance of stock indexes and typically have low management fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=53997\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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