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Weekly Market Commentary

Speculation on the direction of hostilities in Iran dominated the focus of financial markets. Meanwhile, there was good economic news on inflation and the May Retail Sales Report displayed a vibrant consumer with year over year “core” retail sales up a solid 4.57%. The S&P 500 ended the week at -0.15% with Foreign Developed at -1.45% and Emerging Markets at 0.05%. US Small Caps outperformed Large Caps, perhaps due to a view that they are less vulnerable to foreign upheavals. US Treasury yields declined on a flight to safety, resulting in comparable fractional gains for Interest, Blend and Credit. The Dollar also rallied on a flight to safety which led Global Bonds to post a fractional loss. Commodities were mixed with Precious Metals retreating in...... (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 month sure offered up enough headlines for everybody. Markets rallied on the announcement of a June 10, 2025 US/China framework to resolve trade issues. Then markets sunk with Isreal’s attacks against Iran’s nuclear and military facilities. Then they rallied with the successful US strike on Iran’s nuclear facilities and the ensuing Isreal/Iran cease fire. Meanwhile, the hard economic data continued to show a still steady US economy with some further progress on subdued inflation. Overseas, the EU has called for scrapping their European Green Deal as part of a series of efforts to make the bloc more competitive. China and the US further announced on June 27th an agreement loosening restrictions by China on the export to the US of rare earths....... (click for more)