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Weekly Market Commentary

More dire Iran War headlines whipsawed the markets, leading to a substantial negative week for the S&P 500. However, some interesting developments occurred below the surface. First, US Small Caps posted a fractional “gain” for the week. Secondly, Industrial Metals posted a sizable “gain” for the week. Finally, the price for West Texas Intermediate Crude did not rise again and, in fact, closed at the exact same level as two weeks ago, suggesting to us that perhaps the war premium on the price of oil has peaked out. Meanwhile, news on the US economy showed a continuing steady rebound in manufacturing, modest growth in the services sector and a steady labor market. Overseas, business surveys softened a bit in Germany and Japan. The S&P 500 ended the week down.... (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 market volatility masked solid underlying economic data and strong performance from more economically sensitive asset classes. Perhaps most importantly for the economy is a solid rebound in manufacturing while the services sector remains solid, although housing remains lackluster. Overseas, Japan’s new Prime Minister is promising new tax breaks and stepped-up defense and industrial spending and reports from Japan, China and Brazil show no signs of tariff inflation. 

The S&P 500 ended the month at -0.87% with Foreign Developed Markets at 4.23% and Emerging Markets at 5.50%. US Large Cap Growth, home to the AI trade, suffered a continued sell... (click for more)