Investment Insights
December 20 2020

Finding Value in the Darkest of Times: Evaluating Opportunities in the Small Cap Value Universe During COVID-19

17 min read

Justin Howell, CFA, Managing Director, Portfolio Manager, TD Epoch; Stephen Salzone, CFA, Director, Portfolio Manager & Research Analyst, TD Epoch

The recent market dislocation caused by COVID-19 crisis has created a historic opportunity to buy U.S. Small Cap Value stocks at attractive valuations. However, “value” is not what it seems when viewed through the metric of “price to book value.” Going forward, “value” requires a redefinition utilizing finance terminology and not accounting measures. 

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