In an effort to provide our clients with detailed insight into the markets, RS Investments publishes Research Papers and White Papers on current and topical subjects. These papers offer thoroughly researched analysis and are intended to serve as an educational tool for you.

"Commodities Investing: Challenging Conventional Assumptions about Correlation and Diversification"

    

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RS Global Natural Resources portfolio managers offer a differentiated perspective on the role of commodities in a diversified portfolio. 
 

"ROIC: The Essential Measure of Value"

   

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Authored by the RS Value Team, this White Paper discusses the key tenet of the Team's investment philosophy - the significant correlation between a company's improving returns on invested capital and its stock performance over longer periods of time. The paper covers the following topics:

• The correlation between improving ROIC and company performance
• Calculating ROIC and understanding its value
• Management mind-set and capital allocation decisions 
• Finding companies with improving ROIC 
• Putting theory into practice: RS Investments' Value Process
• ROIC in action: how a change in leadership can signal ROIC improvements

"Extracting Value from Natural Resources"

   

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Authored by MacKenzie Davis and Ken Settles, co-portfolio managers of RS Global Natural Resources Fund, RS Global Natural Resources Long/Short Equity Strategy, and related institutional composites, this White Paper discusses the value in resource-related stocks and their role over the next decade. The paper will attempt to answer the following questions:

• Where are we in commodity price cycles?
• What is the outlook for natural resources?
• Why invest in natural resources?
• What are the potential benefits of investing in actively managed, value-oriented fundamental equity strategy versus other natural resource investment vehicles?

"Brazil: Cause for Optimism?"

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Prepared by Tom Record, Investment Team Member of RS Emerging Markets Fund. The Research Paper addresses
the following:

• What makes Brazil less vulnerable in this crisis?
• How sensitive is the economy to commodity prices and external demand?
• Reforms and Politics

"Russia Regroups"

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Prepared by William Sutcliffe, co-portfolio manager of RS Emerging Markets Fund. Topics covered in the Research
Paper include:

• How has the global financial crisis impacted the Russian economy? 
• How is the Russian government confronting the economic crisis, and how might this impact the country's
  corporate sector? 
• What should investors keep in mind as they consider the deep discounts priced into many Russian share prices?