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INVESTMENT PERSPECTIVE

We seek to invest where the market has underpriced a company relative to our estimate of value, where we can identify potential catalysts to close the gap between our perception and the market’s perception of value and where we see an asymmetric return profile with much greater upside potential than downside risk.

T+1 - TSW Never Passive

Perspectives
March 2024

What is Changing?

T+1 is short for “trade date plus one day”, and it refers to the required settlement timeframe for equities traded in U.S. capital markets. Beginning in late May of this year, all such transactions must settle in one business day after the trade executes. This is a change from T+2 or “trade date plus two business days”.

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Why the Change?

The U.S. Securities and Exchange Commission adopted a new rule to shorten the settlement process from two days to one day. This rule, effective on May 28, 2024, is “designed to benefit investors and reduce the credit, market, and liquidity risks in securities transactions faced by market participants.” Read more here https://www.sec.gov/news/press-release/2023-29.

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Are we READY?

TSW has worked with brokers globally for over 10+ years to make sure they understand our requirement to match trades on trade date and stand prepared for T+1 settlement under the new rule. Yes, we are READY!

IMPORTANT DISCLOSURE: The content above is intended for informational purposes only. No part of this may be reproduced in any form, distributed, or referred to in any other publication, without express written permission of TSW.

©2024 Thompson, Siegel & Walmsley LLC (“TSW”). TSW is an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. All information contained herein is believed to be correct but accuracy cannot be guaranteed. TSW and its employees do not provide tax or legal advice. TSW is a trademark in the United States Patent and Trademark Office.

March 2024

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More News and Insights

Perspectives
June 2024

Flavors of Value Within Domestic Equity

The need to be explicit in describing flavors of value, particularly in context to the domestic market environment, has changed over the last handful of years given the market backdrop that witnessed one of the largest valuation gaps in history between the most expensive U.S. stocks and its cheaper cohorts.
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Perspectives
January 2024

Market Microstructure Shift Notable Implications

The market microstructure is undoubtedly a complex structure comprising a wide breadth of investors with varying investment styles, time horizons, and philosophies.
Read More

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Thompson, Siegel, & Walmsley LLC ("TSW") is a registered investment adviser located in Richmond, VA and founded in 1969.

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© XXXX Thompson, Siegel & Walmsley LLC ("TSW"). All rights reserved. TSW is an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. All information contained herein is believed to be correct, but accuracy cannot be guaranteed. TSW and its employees do not provide tax or legal advice. This website is for U.S. investors only. If Non-U.S. investor, please consult the rules and legal requirements for your specific jurisdiction. TSW is an indirect wholly owned subsidiary of Perpetual Limited.

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‍General Economic & Market Commentary Disclosure: Any comments and general market related projections are based on information available at the time of writing and believed to be accurate; are for informational purposes only, are not intended as individual or specific advice, may not represent the opinions of the entire firm and may not be relied upon for future investing. Certain information contained in this material represents or is based upon forward-looking statements, which can be identified by the use of terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of an Account may differ materially from those reflected or contemplated in such forward-looking statements. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decisions. Past performance is not indicative of future results.