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Weekly Market Commentary

The actual economic news did not matter much. All focus was on the Iran War and disruption of oil flows. Investors, and certainly speculators, sold on the headline worries of a protracted conflict leading to stratospheric oil prices which, in turn, would lead to global stagflation. And forget about any Fed rate cuts! The S&P 500 ended the week at -1.90% with Foreign Developed at -2.05% and Emerging Markets at -0.35%. US Small Caps were down less than the S&P 500 and Value was down less than Growth, neither of which results points to a strong belief in doomsday fears. Treasury Bond yields rose on fears of oil inflation which resulted in fractional losses for Interest, but smaller losses for Blend and Credit, again pointing to less belief in the negative outlook.... (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)