Quarterly Newsletter


Special Commentary


Quarterly Commentary, First Quarter 2020 | April 16, 2020

The first quarter of 2020 is a period that we will all remember. There is no modern precedent for what we are currently going through. The COVID-19 pandemic has affected us all, and for now presented us with a new normal of daily life.

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Quarterly Commentary, Fourth Quarter 2019 | January 27, 2020

2019 represented a banner year for investors across most major asset classes. The strong returns of stocks and other risk-based assets were driven by attractive starting valuations, accommodative monetary policy, and the easing of trade and geopolitical tensions. At the same time, falling interest rates caused by recession fears provided a tailwind for bonds, as bond prices move opposite rates.

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Quarterly Commentary, Third Quarter 2019 | October 31, 2019

U.S. stocks continued to grind higher in the third quarter despite elevated bouts of volatility along the way. This now familiar pattern of market selloff followed by market strength has resulted in very strong YTD performance for most broad U.S. stock indices, but only modest returns on a 1-year basis. Trade related headlines, the actions of the Federal Reserve, and manufacturing data remain among the biggest drivers of markets at this time.

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Quarterly Commentary, Second Quarter 2019 | July 5, 2019

U.S. equity markets once again proved resilient in the second quarter, as a May selloff was quickly followed by one of the best June’s on record. The S&P 500 ended the quarter at new highs and with total returns of 10% over the trailing 12-month period. These returns were achieved despite a 20% correction in the fourth quarter of last year and a 7% drawdown in May. Not surprisingly, recent volatility has been highly correlated to trade war news. Similarly, recent rallies have been highly correlated to the Federal Reserve and investor expectations for easy monetary policy going forward.

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