The U.S. Value panel at the 2026 Ben Graham Conference, hosted by CFA Society New York and moderated by Financial Advisor Magazine editor-in-chief Evan Simonoff, brought together five portfolio managers who each defended value investing against a market that has rewarded a narrow band of technology winners. Christopher D’Agnes of Hamlin Capital Management, Anuca Laudat of Schafer Cullen Capital Management, Christina Malbon of Patient Capital Management, Justin Menne of Harbor Capital Advisors and Jennifer Wallace of Summit Street Capital Management each pitched a single name that captured how they work, then debated dividends, book value, the value trap and what AI does to a fundamental research process.
Also see: 2026 Sohn New York Conference: Full Coverage of Einhorn, Bravo, Goodwin, Chanos Pitches
A Stock That Pays You to Wait
D’Agnes, a portfolio manager on Hamlin’s quality-income-value equity strategy, pitched Penske Automotive Group (NYSE:PAG). He framed it as a representative holding for a portfolio that targets roughly double the S&P 500’s yield with mid-to-high single-digit dividend growth. Penske yields about 3.2% and has raised its dividend for 23 straight quarters, with a balance sheet under two times net debt and returns on equity above 20%. D’Agnes argued the market underrates the diversification beneath the headline of selling cars: 72% of new vehicles sold are premium, and service and parts, while a smaller share of revenue, drive 40% to 45% of profits in a far more annuity-like business as cars get older and more complex. He also pointed to Penske’s commercial truck and leasing operations turning up as the freight recession eases, and its Australian distribution of Rolls-Royce power engines into data centers. At about 12.5 times earnings, he called the valuation reasonable for a founder-led business with a strong record of capital allocation.
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