Separately Managed Accounts Commentary

Commentary: All Cap Growth Strategy

It remains to be seen whether proper policy and political actions will keep growth resilient or whether an already softening economy will be further harmed by adverse events.

2nd Quarter 2019

      Commentary: U.S. Equity Strategy

      The two most interesting things we see today are the wild outperformance of low volatility stocks, especially over the last year, and the associated underperformance of value stocks.

      2nd Quarter 2019

          Commentary: International Growth ADR Strategy

          Through our repeatable bottom-up process that relies on deep fundamental research, we are finding opportunities to deploy capital into businesses with franchise characteristics and durable growth drivers.

          2nd Quarter 2019

              Commentary: International ADR Strategy

              Global equity markets continued their 2019 advance in the second quarter with the MSCI ACWI ex USA Index rising 2.98%, but May witnessed the first material market drawdown of the year, triggered by renewed trade friction between the U.S. and China and related concerns about global growth.

              2nd Quarter 2019

                  Commentary: Municipal Bond Strategies

                  The municipal bond market is changing. Investors just haven’t realized it yet. In our minds it has led to a mispricing of risk broadly. As such, we are running portfolios more conservatively. Mindful of the fact that when price and fundamental value diverge, there tends to be a reckoning.

                  2nd Quarter 2019

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