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Weekly Market Commentary

US economic news reported more upward momentum in manufacturing, a housing market that is plugging along, a steady jobs market and a still solid consumer. Yet there remains an uneasy tension in the financial markets around the Iran War between the extension of the ceasefire and the continuation of the naval blockade. That tension drove up oil prices which drove down the business outlook in Germany and Japan. The S&P 500 ended the week up at 0.55% with Foreign Developed at -2.74% and Emerging Markets at 0.85%. In the US, the continued rally in the AI and related technology sectors drove Growth to outperform Value and Large Caps to outperform Small Caps. Bond yields rose resulting in fractional losses in Interest and Blend and..... (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

As might be expected, the Iran War dominated the headlines, and the headlines dominated the financial markets. Meanwhile, we do not see the economy showing any ill effects from the war and from the surge in oil prices. Manufacturing continues its slow and steady rebound, the services sector is still solid, the consumer is holding steady and the job market retains its no hire/no fire status. The prewar inflation picture reported a modest level with February CPI at 2.4% versus 2.4% year over year versus the prior month. Overseas, the business activity surveys continue to report moderate to strong growth and February CPI reports from China and Brazil show inflation at modest to low levels. The S&P 500 ended the month at -5.09% with Foreign Developed... (click for more)