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Hodges Friday Fast Five

"In the investment business, you go to school every day, but never graduate." - Don Hodges

Friday Fast Five - 9/9/2022

by Hodges Investment Team, on Sep 9, 2022 7:00:00 AM

Five interesting things that Hodges Capital research analysts discovered this week...

#1 GIPS®: 1,700+ organizations claim compliance with the Global Investment Performance Standards (GIPS®), according to the CFA Institute.

#2 APPRENTICESHIPS: The number of young people in apprenticeships appears to be increasing. According to the Department of Labor’s Registered Apprenticeship system, roughly 212,000 young people between 16-24 years of age were enrolled in such programs, which is an increase of 10% over 2019 and 104% since 2013.

#3 ACTIVE MANAGERS: The National Association of Active Investment Managers (NAAIM) Exposure Index moved lower for the third week to 32.26 from 54.86 in the prior week. Recent lows at the sub-20 level were hit in May and June of 2022.

#4 ROYALTIES: Bloomberg recently reported that The University of Texas oversees 2.1 million acres of land in the Permian Basin that brings in about $6MM per day. This flows into the Permanent University Fund that supports both the UT System and Texas A&M University System.

#5 EARNINGS EXPECTATIONS: Per Credit-Suisse - Since mid-June, bottom-up earnings estimate for 3Q and 2023 have fallen -5.5% and -3.7%. This is surprising given the strong positive surprises (+4.9%) witnessed in 2Q. While it is typical for projections to decline throughout the quarter, the recent trend is much weaker than normal.


Hodges Private Client is a program offered through Hodges Capital Management, Inc. (“HCM”). HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer, and investment advisor registered with the SEC.

This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions.

All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.

Hodges Friday Fast Five

We aim to help investors separate the news from the noise by providing our perspective. Every Friday the Hodges Private Client research analysts list the five most interesting things they discovered that week. Subscribe to receive the Hodges Friday Fast Five in your inbox every Friday. 

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