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Weekly Market Commentary

After AI jitters took down technology stocks and with them the S&P 500 two weeks ago, sentiment reversed this week and that sector led to the S&P 500 recovering most of those losses. Meanwhile, the fundamental trend in the economy led to more gains in those sectors most sensitive to the economy. The key to those trends seems to be more evidence of a rebound in manufacturing. Also, inflation fears remain subdued from good news in January’s CPI Report which came in at 0.2% versus 0.3% the prior month and 2.4% versus 2.7% year over year the prior month. Globally, there also appears to be no inflation impact from the tariffs based upon reports from China and Brazil. The S&P 500 ended the week up 1.07% with Foreign Developed at 0.86% and Emerging...... (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)