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ValueTalks Podcast: NFJ CIO on Quality Value Investing

Mowrey, John

John Mowrey
Executive Managing Director, Chief Investment Officer
Senior Portfolio Manager/Analyst
NFJ Investment Group, LLC

John Mowrey, chief investment officer of NFJ Investment Group, fields questions about the firm’s innovative quality approach to value investing, today’s speculative market environment, and areas of opportunity for value equity investors. Recorded March 24, 2021.

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Topics discussed:
2:00       John’s background and history with NFJ
2:14       NFJ’s quality approach to investing
3:43       How NFJ measures quality
5:06       Importance of valuation and getting industry peer groups right
6:47       Use of data to create custom peer groups and analyze companies
12:34     Thoughts on the current speculative market environment
16:37     NFJ’s generalist approach to idea generation and diversification
20:52     Narrowing the opportunity set
24:53     Buy and sell decisions
28:07     Role of price momentum
32:19     Attractive value opportunities today, including specialty REITs, data centers and storage
39:00     Value opportunities in emerging markets
42:50     How NFJ defines and manages risk
47:45     Views on short interest and options
51:16     Lower quality versus higher quality
52:55     Value opportunities in today’s environment
58:50     Closing thoughts: value, emerging markets, income opportunities