Q1 2021 Client Investment Letter
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…
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…
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…
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…
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,…
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…
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…
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,…
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,…
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…
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…
While the third quarter saw a relatively calm environment for equities, especially U.S. stocks, in hindsight it was the “calm before the storm…”
The second quarter brought renewed strength in U.S. equities, which posted gains on the heels of modest losses earlier in the year…