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Series 3: Ep 6: Sam Witherow - Identifying and Evaluating Dividend Yield and Dividend Growth Stocks as an Income Investor
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Today on the Enquire Podcast, we are joined by J.P. Morgan portfolio manager, Sam Witherow, to discuss investor relations in 2024. We discuss highlights from Sam’s career, the suite of income products he runs at J.P. Morgan, and the requirements of these funds. We delve into the importance of having a flexible mindset in this industry. Sam also tells us what would put him off of buying a high-yield stock, his outlook on 2024, and the biggest challenges he has faced as a portfolio manager. Finally, Sam breaks down how often he meets with his portfolio companies, how he gives feedback, what a good presentation looks like to him, and the primary information sources he uses. Thanks for listening in!
Key Points From This Episode:
- Insight into Sam’s career and highlights from his favorite roles at J.P. Morgan over the years.
- A look at the suite of income products he and his team run at J.P. Morgan.
- The requirements of these funds and how they balance income and capital gains.
- Trends across different markets.
- Why having a flexible mindset is so important in this market.
- Red flags that would put Sam off from buying a high-yield stock.
- His frustrations with how companies communicate around hese red flags.
- What the year has been like for Sam so far and his outlook for the rest of 2024.
- Lessons from Sam’s biggest challenge as a portfolio manager over the past few years.
- Primary information sources he uses when analysing a company and how they can help.
- What a good investor presentation looks like to Sam.
- The differences he sees between European and US management teams.
- How often he meets with his portfolio companies and why he loves conferences.
- The way his team gives feedback to companies.
Quotes:
“Ultimately, of course, clients want great total returns and amazing yields. We all want to have our cake and eat it to some extent.” — Sam Witherow [0:16:40]
“Once a company stops growing, it doesn’t matter what the payout ratio is, eventually the dividend will get cut.” — Sam Witherow [0:17:50]
“We’ve been through a period of exceptional margin expansion driven by very unusual pricing power. So, lots of businesses found pricing power for the first time in a decade.” — Sam Witherow [0:22:27]
Links Mentioned in Today’s Episode:
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