Fundamental research is vital for generating alpha

ON NORTH AMERICA

Brown Advisory's Ken Stuzin says despite the market's recent run, US growth stocks are not particularly expensive.

Despite the market’s recent run in which major indexes find themselves to be the recipients of healthy valuations, we continue to find many superior business models trading below fair value for nothing more than short-term considerations. Today, US growth stocks are not particularly expensive, but there are certainly pockets where select valuations have had a nice run, causing us to trim certain positions and reallocate the capital to better opportunities. Salesforce, a pioneer in cloud computing and Software-as-a-Service applications, had a significant run in 2010. While we believe t...