With the S&P 500 Index pushing to new highs, many advisors are confronting a familiar challenge: how to maintain equity exposure without taking on unnecessary valuation risk. In a recent webcast, AI, Valuations, and Concentration Risks: Why Free Cash Flow Matters More Than Ever, Victory Capital client portfolio manager Michael Mack made the case for why free cash flow (FCF) has become one of the most effective tools for identifying durable, high-quality opportunities in today's market. During the discussion ...

FCF's Influence on Growth The start of the webinar highlighted a historical account on the dominance of growth and value, which tends to come in cycles. Attendees were asked how they allocated to both factors, which resulted in a relatively balanced outcome — 23% towards growth and 15% to value in today's market. "I congratulate our audience on having a healthy growth allocation because that's been beneficial over time,†Mack said upon seeing the results, mentioning that the resilience of growth over time ca ...

当前市场估值环境与投资挑战 - 标普500指数在今年多次创下历史新高，引发投资者对估值是否已见顶以及当前是否为投入新资金合适时点的疑问[1] - 市场不确定性导致投资者犹豫不决甚至观望，在这种环境下，应用自由现金流等客观指标有助于过滤市场噪音[1] - 公司将强劲的自由现金流视为高质量企业的标志，这些企业在估值高企的市场中可能处于更有利的位置[1] 自由现金流作为核心投资指标的应用 - 自由现金流指标可用于应对当前市场的估值风险，因为当前估值水平与股票基本面指标之间存在脱节[3] - 通过购买高自由现金流的股票来降低估值风险是公司建议的解决方案[3] - 自由现金流指标同样适用于成长因子，研究表明当成长因子与自由现金流结合时可能发挥最佳效果[3] - 公司强调自由现金流盈利能力或自由现金流投资回报率的重要性，企业产生自由现金流的能力越强，其业务增长的可能性就越大[4] Victory Capital的自由现金流ETF产品线 - VictoryShares Free Cash Flow ETF（VFLO）是旗舰产品，跟踪Victory美国大盘自由现金流指数，该指数旨在筛选估值吸引且增长前景稳固的高质量大盘公司[2] - VictoryShares Free Cash Flow Growth ETF（GFLW）跟踪Victory自由现金流增长指数，提供对美国公司的敞口，这些公司不仅表现出高自由现金流盈利能力，还具有随时间推移复合产生自由现金流的潜力[3] - 公司近期推出两只国际自由现金流ETF：VictoryShares International Free Cash Flow ETF（IFLO）和VictoryShares International Free Cash Flow Growth ETF（GRIN），旨在让投资者通过高质量、高自由现金流公司的视角扩大国际机会集[5][6] - VictoryShares Small Cap Free Cash Flow ETF（SFLO）作为小盘股补充，表明自由现金流指标可应用于广泛场景，帮助投资者构建多元化投资组合[6] 自由现金流策略的普适性与研究支持 - 研究发现自由现金流策略在不同地区和资产类别中都有效，这增强了其吸引力[7] - 公司的目标是基于自由现金流构建多元化投资组合[7] - 自由现金流增长指数衡量的是那些从投资资本中产生高自由现金流并显示出更高增长特征的盈利公司表现[13]