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.
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.
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.
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.
Commentary: Income and U.S. Government Bond Strategies
Given our skeptical view on the Fed and its motives, the duration of the portfolio has remained constant through much of the second quarter as we have focused more on diversifying the portfolio to weather many economic outcomes.
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.
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