Separately Managed Accounts Commentary

Commentary: International ADR Strategy
We remain constructive about the outlook for international markets in the second half of the year. Though Value has outperformed, the fluctuating leadership between Value and Growth and Growth’s recent outperformance suggests a more balanced core position led by bottom-up stock selection.

2nd Quarter 2021

      Commentary: International Growth ADR Strategy
      We see the fundamentals of our companies as strong and in many cases strengthening. In spite of macroeconomic factors, such as rising inflation expectations, that can impact valuations, we believe that as economies normalize and we enter mid to later cycle conditions, this creates a favorable backdrop for high quality growth stocks.

      2nd Quarter 2021

          Commentary: Municipal Bond Strategies
          The reopening trade is priced into the municipal market but there is opportunity, as munis in general have performed better than other fixed income asset classes in rising rate and inflationary environments.

          2nd Quarter 2021

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