With the full impacted of tariffs uncertain, investors are aiming to mitigate risk by focusing on defensive sectors and U.S. small caps.

Screening for high levels of excess capital is a good starting point for finding winners—but persistent stock picking comes from fundamental analysis to identify companies that best use their dry powder.

Mergers and acquisitions were on the rebound even before Trump’s re-election bid, and they’re set to accelerate with the new administration’s softer regulatory stance. This could be a particular benefit to tech, investment banks and small caps.

After a decade of lagging growth stocks, value investing is seeing a resurgence. But as traditional value metrics used for a century have struggled to remain relevant, we recognize that successful value investors must evolve with the changing market environment. It’s time to reassess how to take advantage of this opportunity through a new lens.