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  "documentTitle": "BCG Investor Perspectives Series Q2 2023",
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      "text": "June 5–8",
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      "text": "Investors' top priorities for the companies they invest in are to protect and grow their top line, while ensuring financial resilience, profitability, and cash generation.",
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      "text": "Source: BCG Investor Perspectives Series, Q2 2023, June 5–8, 2023 (n = 151). Note: SG&A = selling, general, and administrative. For additional BCG perspectives on resilience, visit https://www.bcg.com/en-ca/capabilities/business-resilience. For BCG's views on macroeconomic topics, visit https://www.bcg.com/en-ca/bcg-henderson-institute/center-for-macroeconomics. 1The average across 23 investor pulse checks was calculated using the percentage of investors that were bullish for the current calendar year at the time of each survey.",
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      "text": "Investors' top priorities for the companies they invest in are to protect and grow their top line, while ensuring financial resilience, profitability, and cash generation.",
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      "text": "Investors expect companies to balance continued investments for the medium term with longer-term growth and to deliver on shorter-term expectations, such as earnings guidance and analyst consensus.",
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      "text": "An unclear growth strategy and outlook is a top-three reason for trapped value for 43% of investors. A lack of management credibility (for example, because of failures to meet expectations or guidance) is a top-three reason for 36% of investors. A lack of a clear and compelling investment thesis or inadequate investor messaging is a top-three reason for 30% of investors. Key risks such as excessive leverage is a top-three reason for trapped value for 33% of investors, while 32% flag potential macroeconomic, industry, or other secular headwinds. Only 10% of investors identify having business units that focus on new economy assets (such as, renewable or green energy, electric vehicles, or software-as-a-service solutions that provide outsized growth and upside potential but that represent only a relatively small portion of the overall company) as a common source of trapped value.",
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      "text": "When asked about companies' concern that they are undervalued and trading at a discount to their intrinsic value, investors noted several common root causes.",
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      "text": "Many investors (76%) rank growth and protecting the top line as a top-three priority for financially healthy companies, up from 63% in February 2023. A majority of investors (62%) choose building financial resilience and managing cash flow as a top-three priority for financially healthy companies (up from 55% in February 2023), and 34% highlight preserving or expanding gross margins (up slightly from 32% in February 2023). Only 25% and 20% of investors prioritize supply chain resilience and SG&A efficiency, respectively—somewhat less than in February 2023 (33% and 28%, respectively).",
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      "text": "Most investors (91%) consider it important to invest in business capabilities, compared with the series average of 89%. A significant share of investors (83%) want companies to deliver on guidance and consensus, which is considerably higher than the series average of 67%.",
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