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Investment Letters

Investment Letters

Q2 2021 Client Investment Letter

August 17, 2021

The continued economic re-opening and successful vaccine distribution in many regions (especially in the U.S.) allowed for a release of pent-up consumer demand. However, global supply lines remain somewhat dislocated…

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Investment Letters

Q1 2021 Client Investment Letter

May 14, 2021

The continued recovery from the Covid recession translated into strong returns for global equity markets and negative returns for bonds in the first quarter. The “risk-on” reflation trade is under…

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Investment Letters

Q4 2020 Client Investment Letter

February 8, 2021

To say 2020 was a challenging year would be a major understatement, and to say it was unprecedented has become cliché. We were all tested last year. Some of us…

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Investment Letters

Q3 2020 Client Investment Letter

November 9, 2020

As we entered 2020, we commented on how an 11-year bull market and an expanding but late-cycle global economy set the stage for difficult capital allocation decisions. We were concerned…

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Investment Letters

Q2 2020 Client Investment Letter

August 5, 2020

2020 remains a challenging year, to say the least. As each of us continues to react and adapt to ever-changing conditions, the Covid-19 pandemic marches on. During this tough time,…

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Investment Letters

Q1 2020 Client Investment Letter

April 30, 2020

As we entered 2020, we commented on how an 11-year bull market and an expanding but late-cycle global economy set the stage for difficult capital allocation decisions. We were concerned…

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Investment Letters

Q4 2019 Client Investment Letter

February 6, 2020

The fourth quarter of 2019 closed a year of surprisingly strong returns from global financial markets. Coming off a down market in 2018, global equities (led by the U.S.) rallied…

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Investment Letters

Q3 2019 Client Investment Letter

November 11, 2019

Global financial markets generated mixed returns in the third quarter. U.S. equities, led by large-caps, were slightly positive as were fixed income returns across the board. However, smaller-cap U.S. stocks,…

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Investment Letters

Q2 2019 Client Investment Letter

August 13, 2019

In June, global financial markets closed a second consecutive quarter of positive returns, though not without its fair share of noise and volatility. Ongoing trade tensions continued to generate turbulence,…

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Investment Letters

2019 Q1 Client Investment Letter

May 15, 2019

Global equity markets started this year on a positive note, generating broad gains in the first quarter, rebounding off a difficult end to 2018. Major investment-grade bond indices delivered a…

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Investment Letters

2018 Q4 Client Investment Letter

February 25, 2019

After reaching all-time highs in the third quarter, major U.S. equity indices fell sharply in the fourth quarter of 2018. The S&P 500 Index briefly entered bear market territory ¹…

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Investment Letters

2018 Q3 Client Investment Letter

November 20, 2018

While the third quarter saw a relatively calm environment for equities, especially U.S. stocks, in hindsight it was the “calm before the storm…”

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