Namely, after decomposing portfolio returns into three factors — changing valuation, dividend income, and dividend growth — they show that although the valuation factor has varying effects, value -
focused portfolios dominate growth on both of the other two components.
Lamar Villere, a
portfolio manager at New Orleans - based Villere & Co., said that he has been reducing his exposure of small and mid-cap companies with international revenues and is
focusing more on those that
dominate their domestic niche in order to offer protection from the effects of tariffs.