James MacGregor, CFA
26 Years at AB|34 Years of Experience
James MacGregor was appointed Chief Investment Officer of US Small and Mid Cap Value Equities in 2009. In this role, he acts as the lead portfolio manager for AB’s US Small and Mid Cap Value strategies. MacGregor was appointed Head of US Value Equities in 2019, responsible for all US Value portfolios in the areas of business management and talent development. From 2009 to 2012, he also served as CIO of Canadian Value Equities. From 2004 to 2009, MacGregor was director of research for Small and Mid Cap Value Equities, overseeing coverage of companies for the Small Cap and Small/Mid Cap Value services. He started as a research analyst covering a wide number of sectors for those same services. Prior to joining the firm in 1998, MacGregor was a sell-side research analyst at Morgan Stanley, where he covered US packaging and Canadian paper stocks. He also serves as a board member and volunteer for Xavier Mission, a charitable organization that provides basic services and opportunities for empowerment and self-sufficiency to New Yorkers in need. MacGregor holds a BA in economics from McGill University, an MSc in economics from the London School of Economics and an MBA from the University of Chicago. He is a CFA charterholder. Location: New York
Published Work
Efforts to secure supply chains and energy sources are creating powerful and enduring themes for equity investors—even in these turbulent times.
Value has been in a protracted slump versus growth for years, but it’s been undergoing something of a makeover during that time.
Today’s value stocks offer a magnificent mix of quality, forward-looking profitable firms.
Companies supporting efforts to create a more secure and stable world could provide equity investors with an attractive source of long-term returns.
Historically low valuations and positive earnings outlooks relative to large-cap stocks suggest that small-caps may lead an eventual economic rebound.
Mid-cap stocks often go unnoticed between their large-cap and small-cap siblings. But investors seeking exposure to value equities should take a closer look.
The race is on to redesign supply chains. Equity investors need a clear framework to figure out which companies are taking the right steps to adapt.
How can investors identify companies that can adapt their processes to compete in a less globalized world?
How can investors in value stocks gain confidence in a company’s ability to deliver results in 2022?
As earnings season winds down, we’re gathering intelligence to identify companies that will have advantages sustaining quality earnings and margins amid rising prices.
Market crises typically create fertile ground for value stocks to outperform in a recovery. Our research suggests that higher-quality stocks within the value cohort can deliver even better results over time.
US small-cap value stocks have enjoyed considerable success since value stocks began to outperform growth in October 2020. Even after the recent rally, we believe several forces will continue to drive the recovery in the months, and possibly years, ahead.
Small-cap US stocks rebounded sharply in the fourth quarter. Yet the recovery may still be in its early stages-particularly for smaller-cap value stocks-as pandemic risks recede and earnings drivers kick in during 2021.
Smaller stocks offer diversification benefits and investment opportunities that can't be found in their larger brethren. But because large-cap stocks have been so popular for the last 10 years, many investors have missed out on the compelling stories and advantages smaller companies can provide. Our research aims to shine some light on the universe of smaller stocks by examining their perceived risks, performance drivers and return potential-particularly amid a recovery from the COVID-19 pandemic and recession. The time is right for investors to consider smaller investments that have the potential to sparkle.
Value stocks have underperformed in the coronavirus crisis. Yet some higher-quality companies are now trading at valuations that underestimate their ability to withstand shorter-term stress-and their longer-term recovery potential.
The opportunity in value stocks is significant, with the spread between value and growth stocks as wide as it has been in almost 20 years. Companies that have quality metrics and an underlying investment catalyst will have the strength to deal with an uncertain economic climate, regardless of what any investor's market expectations are for 2020 and 2021.
Value investing has always been about challenging the consensus—but never more so than today. After several tough years, we're seeing signs of a value recovery brewing. Yet fresh approaches are needed to capture the potential in today's complex markets.
As trade tensions escalate, investors are flocking to stocks of smaller US companies, which rely less on foreign sales than their large-cap peers. But in some industries, tariffs could affect smaller companies in unexpected ways.
As concerns about inflation spread, it's time to gauge how different types of stocks will respond. Smaller companies in niche markets may be better positioned to cope with rising prices-especially in consolidating industries.