Key Takeaways
- • The 13th Annual Ben Graham Conference convened on June 23, 2026, at Fordham Law School in New York City, hosted by CFA Society New York, bringing together portfolio managers, analysts, and allocators to assess value investing opportunities across domestic and international markets.
- • International value investors highlighted small-cap and emerging markets as trading at valuations not seen in 55 years, signaling potential inflection points after a decade of emerging market underperformance and suggesting renewed investor interest in these asset classes.
- • The conference featured prominent value investing practitioners including Charles Royce, John Spears, Jennifer Wallace, and Bob Robotti, alongside moderator Consuelo Mack of WealthTrack, covering panels on US value, credit, alternatives, international value, and asset allocation strategies.
- • Emerging markets are entering a potential new era supported by AI infrastructure investments and localized technology development, according to institutional asset managers, positioning these markets for possible outperformance relative to developed markets.
- • The full-day event (8:00 AM – 6:00 PM ET) addressed current market volatility, structural challenges in value investing, and evolving opportunities as macroeconomic conditions and valuation spreads shift across geographies and market capitalizations.
Summary
The 13th Annual Ben Graham Conference took place on June 23, 2026, at Fordham Law School's Skadden Conference Center in Manhattan, hosted by CFA Society New York. The full-day event convened value investing professionals—including portfolio managers, research analysts, and institutional allocators—to assess the evolving landscape of value-oriented investing across both domestic and international markets. The conference was anchored by keynote remarks from Brian Belski, Founder, CEO, and CIO of Humilis Investment Strategies, and moderated by Consuelo Mack of WealthTrack.
A central theme emerged during the conference: international value investors reported that small-cap and emerging markets equities are currently trading at valuation levels unseen in 55 years. This assessment carries significant weight for institutional portfolios, as it suggests these segments may be approaching inflection points after nearly a decade of relative underperformance. The valuation compression in these markets reflects both structural shifts in global capital flows and cyclical opportunities as macroeconomic conditions evolve.
The conference programming encompassed multiple specialized panels addressing US value equities, credit markets, alternative investments, international value opportunities, and broader asset allocation frameworks. Featured speakers and panelists included renowned value practitioners Charles Royce and John Spears, alongside portfolio managers Jennifer Wallace and Bob Robotti. These veterans of value investing provided perspectives on identifying mispriced securities and constructing resilient portfolios amid market volatility.
A notable perspective emerged regarding emerging markets specifically: institutional investors and asset managers highlighted that these regions are entering a potentially transformative period, supported by expanding AI infrastructure investments and the development of localized technology solutions. This infrastructure buildout contrasts with the previous decade's relative stagnation and suggests structural tailwinds that could support both valuations and fundamental growth trajectories over the medium term. However, market sentiment toward these opportunities remains cautious, with India and other major emerging economies experiencing inflows despite muted near-term price appreciation.
The conference reflected broader recognition among sophisticated value investors that market dislocations—driven by volatility, sector concentration, and geographic divergence—are creating both challenges and opportunities. By convening practitioners across geographies and investment disciplines, the event underscored the profession's continued focus on fundamental analysis and disciplined capital allocation as foundations for generating alpha in an increasingly complex investment environment.
A central theme emerged during the conference: international value investors reported that small-cap and emerging markets equities are currently trading at valuation levels unseen in 55 years. This assessment carries significant weight for institutional portfolios, as it suggests these segments may be approaching inflection points after nearly a decade of relative underperformance. The valuation compression in these markets reflects both structural shifts in global capital flows and cyclical opportunities as macroeconomic conditions evolve.
The conference programming encompassed multiple specialized panels addressing US value equities, credit markets, alternative investments, international value opportunities, and broader asset allocation frameworks. Featured speakers and panelists included renowned value practitioners Charles Royce and John Spears, alongside portfolio managers Jennifer Wallace and Bob Robotti. These veterans of value investing provided perspectives on identifying mispriced securities and constructing resilient portfolios amid market volatility.
A notable perspective emerged regarding emerging markets specifically: institutional investors and asset managers highlighted that these regions are entering a potentially transformative period, supported by expanding AI infrastructure investments and the development of localized technology solutions. This infrastructure buildout contrasts with the previous decade's relative stagnation and suggests structural tailwinds that could support both valuations and fundamental growth trajectories over the medium term. However, market sentiment toward these opportunities remains cautious, with India and other major emerging economies experiencing inflows despite muted near-term price appreciation.
The conference reflected broader recognition among sophisticated value investors that market dislocations—driven by volatility, sector concentration, and geographic divergence—are creating both challenges and opportunities. By convening practitioners across geographies and investment disciplines, the event underscored the profession's continued focus on fundamental analysis and disciplined capital allocation as foundations for generating alpha in an increasingly complex investment environment.
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