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Weekly Market Commentary

A shortened holiday week saw the manufacturing sector steady at a muted level and a services sector maintaining solid growth. However, it was the August Jobs Report on Friday that rocked financial markets. It reported a paltry 22,000 new jobs versus 79,000 the prior month. More importantly, the prior two months were revised down a net 21,000. That immediately generated concern about a possible recession, yet it further increased expectations for a Fed rate cut in September and possibly additional cuts in October and November. Globally, the economic news remained at a relative status quo. The S&P 500 ended the week at 0.33% with Foreign Developed at 0.26% and Emerging Markets at 1.42%. In the US, Small Caps again outperformed Large Caps, as a greater...... (click for more)

Benefits of Tactical

CLIENT-CENTRIC INVESTING: 
UTILIZING TACTICAL MANAGERS TO IMPROVE RISK/RETURN

Characteristics of Client Portfolios

The most common method for building multi-asset portfolios is based on Modern Portfolio Theory (MPT). The biggest issue we have with this approach is that it is not aligned with most investors’ view of risk. MPT utilizes a process that seeks an efficient portfolio with a given level of risk measured by return volatility. This misalignment manifests itself when the market is down 36%, and a portfolio is down 33%. In this case, the manager is patted on the back (receives a bonus) for outperforming their benchmark, and the investor is out 1/3 of their investment…  (click for more)

Monthly Market Commentary

The economic data showed the US economy holding steady with moderate growth. It also signaled further reductions in inflation have stalled, but we see no noticeable increase in inflation from tariffs. The big market moving news came courtesy of Fed Chairman Powell. In a speech on Friday August 22 from the Economic Policy Forum in Jackson Hole, Wyoming, he signaled the green light was on for rate cuts to begin in September. That sent the Dow Jones Industrials index up 846 points that day. Adding to the enthusiasm was an announcement that same day from Canada that they were removing the 25% tariff on approximately 50% of US exports to Canada. While the S&P 500 rallied 1.91% for the month, Foreign Developed came in at 4.27% and Emerging Markets at...... (click for more)