Saturday, May 17, 2025
Online Only
9:30 am –10:15 am (Central Time)
Income Investing SIG Meeting
Update on Income Portfolio
with Frank Erzinger, AAII Houston
Following a review the performance of the AAII Houston Income portfolio, Frank will update us on changes in fund families including exchange traded, closed end, and mutual.
10:30 am – noon (Central Time)
Rethinking Value:
The Next Generation of Free Cash Flow Investing
with
Michael Mack, VictoryShares and Solutions
Michael presents a modern approach to Free Cash Flow (FCF) investing, emphasizing its advantages over traditional valuation metrics like price-to-book. He highlights how high FCF yield companies can outperform those assessed purely on price-to-earnings ratios, using a case study of NVIDIA in 2013 as an example. He also discusses the impact of market concentration on valuations and proposes an investment strategy that incorporates high FCF yield for better long-term growth. Finally, he outlines the methodology of the VictoryShares Index, which prioritizes FCF while managing risk and sector balance.
What You’ll Learn:
- Why Value Investing?
- The Benefits of Taking a Forward-Looking Approach to Free Cash Flow (FCF)
- How to Incorporate High Free Cash Flow Yield into a Portfolio
Presentation: A copy of Michael’s presentation may be accessed from the AAII Houston website.
Registration: This meeting will be online only. Please register for the meeting at AAII Houston May Chapter Meeting. Registration is free for everyone. After registering, you will receive a confirmation email containing information about joining the meeting.
Michael Mack is a client portfolio manager with the VictoryShares and Solutions team. In this role, he leverages his experience in portfolio management and product development to help support and grow the firm’s rules-based ETFs and custom investment solutions.
Prior to joining Victory Capital, Mr. Mack was the director of research and a portfolio manager at Pacer ETFs, where he helped design and develop the firm’s ETF platform and investment strategies. From 2011 to 2012, Mr. Mack was an Associate with Cameron Capital Management.
Mr. Mack holds a B.S. in economics from Arizona State University and master’s in finance from Villanova University.