Active Insights Podcast: CS McKee Large Cap Value Team
CS McKee: “As very style pure value investors, we’re virtually always positioned with materially stronger value metrics than our value benchmark.”
In this podcast, Mark Goodwin, Chief Executive Officer of North Square Investments will discuss large-cap equity investing with CS McKee Portfolio Managers Mary Jane Matts, Ted Moore, and Graham Harkins. CS McKee is a partner firm in the North Square platform and manages the Large Cap Value Portfolio, which is a separately managed account investment strategy offered by North Square.
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For more information on the CS McKee Large Cap Value Portfolio, please visit csmckee.com.
This podcast was recorded October 1, 2025. The opinions expressed herein are those of North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice. The inclusion and performance of specific investments discussed represent only a sample of North Square’s Fund investments, and do not represent North Square’s Fund investments or performance as a whole. A complete list of North Square’s holdings is available upon request. There is no guarantee that any investments discussed at the time of this podcast will remain in North Square’s Fund(s). Past performance is not indicative of future results. It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. North Square reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. There is no guarantee that North Square’s assessment of investments will be correct. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account any specific investment objectives or risk tolerance you may have. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.
The securities mentioned are for illustrative purposes only and do not represent all securities purchased, sold, or recommended for clients. Past performance of these securities does not guarantee future results.
Definition of terms used in this podcast:
The earnings multiplier is a financial metric that frames a company’s current stock price in terms of the company’s earnings per share (EPS) of stock, that is very simply computed as price per share/earnings per share. It’s also known as the price-to-earnings (P/E) ratio.
The book value of a company is the difference in value between that company’s total assets and total liabilities on its balance sheet.
Cash flow refers to the movement of cash into and out of a company over a specific period, indicating its financial health and ability to generate returns. It is used to assess a company’s liquidity, profitability, and investment quality.
The dividend yield is the amount of money a company pays shareholders for owning a share of its stock divided by its current stock price. It is expressed as a ratio.
Momentum is the rate of acceleration of a security’s price—in other words the speed at which the price is changing. In stock investing, the momentum factor describes the tendency of winning stocks to continue performing well and losing stocks to continue performing poorly in the short term.
Intrinsic value refers to the innate or fundamental features of an asset, as opposed to the fluctuating price assigned by traders in the market. In equities markets, the intrinsic value of a stock is calculated from its cash flows
Short interest is the total number of a company’s shares that have been sold short but not yet bought back to cover the position. Investors sell borrowed shares hoping the price will fall, and this creates short interest until they repurchase and return the shares. Short interest is often expressed as a percentage of a company’s outstanding shares and serves as an indicator of bearish (negative) sentiment toward a stock.
Earnings growth is a financial metric that measures the increase in a company’s profitability, such as net income or earnings per share (EPS), over a specific period, typically expressed as a percentage. It serves as a key indicator for investors to assess a company’s financial health, operational success, and potential for future growth.
Alpha represents the excess return of an investment strategy compared to its benchmark index, after accounting for risk.
Earnings yield is a financial metric that represents a company’s annual earnings per share (EPS) as a percentage of its stock price, indicating the return from earnings for every dollar invested in the stock.
The price-to-book (P/B) ratio is a financial metric that compares a company’s market value to its book value, which is the value of all its assets minus its liabilities, helping investors identify undervalued stocks.
Book-to-price refers to the Book-to-Market Ratio (B/M ratio), which is the reciprocal of the more common Price-to-Book (P/B) ratio. The B/M ratio measures a company’s book value per share (the net asset value of the company) relative to its market price per share, indicating if a stock is trading at a discount or premium to its underlying asset value. A B/M ratio less than 1 suggests the stock may be undervalued, while a ratio greater than 1 indicates it might be overvalued.
The Russell 1000® Growth Index measures the performance of the large cap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.
The Russell 1000® Value Index measures the performance of the large cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment.
2025 North Square Investments, LLC.
North Square Investments, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request. Past performance is not indicative of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Nothing discussed herein constitutes and offer to buy or sell a particular security or investment strategy. No assurance, representation, or warranty is made by any person that any of North Square’s assumptions, expectations, objectives and/or goals will be achieved, Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future.