Commentaries

By K. SEAN CLARK, CFA®, Chief Investment Officer

Market Moves: Charting Our Strategies, September 2020

In April, the market rallied sharply with the S&P 500 as it posted its biggest monthly gain since 1987, up 12.82%. Drivers for the rally included improving COVID-19 trends, slow re-opening plans for the economy, and possible treatments on the horizon. With earnings season in full swing, the number of buyback cancellations…

Election Uncertainty Abounds, but History Can Help Ground Investors’ Nerves

September 25, 2020 | In prior market commentary and updates, we have highlighted the normal election year trends and our expectations…

Market Moves: Charting Our Strategies, August 2020

In April, the market rallied sharply with the S&P 500 as it posted its biggest monthly gain since 1987, up 12.82%. Drivers for the rally included improving COVID-19 trends, slow re-opening plans for the economy, and possible treatments on the horizon. With earnings season in full swing, the number of buyback cancellations…

Market Moves: Charting Our Strategies, July 2020

In April, the market rallied sharply with the S&P 500 as it posted its biggest monthly gain since 1987, up 12.82%. Drivers for the rally included improving COVID-19 trends, slow re-opening plans for the economy, and possible treatments on the horizon. With earnings season in full swing, the number of buyback cancellations…

By JAMIE MULLEN, Senior Portfolio Manager

3Q 2020 SMA Fixed Income Commentary

If the health of the U.S. economy remains on solid ground, then the speed and direction of the Fed policy change this year is quite interesting.

3Q 2020 — Tax-Free Fixed Income

A lower and flatter yield curve took center stage for tax-free bonds through the first quarter of 2019, taking an encore from the sound performance during the back half of 2018.

2Q 2020 SMA Fixed Income Commentary — “Whatever It Takes” Squared

If the health of the U.S. economy remains on solid ground, then the speed and direction of the Fed policy change this year is quite interesting.

2Q 2020 — Tax-Free Fixed Income

A lower and flatter yield curve took center stage for tax-free bonds through the first quarter of 2019, taking an encore from the sound performance during the back half of 2018.

By MAIRA THOMPSON, Senior Portfolio Manager

3Q 2020— Another Fickle Value Rally?

The market reversed course in the first quarter with the S&P 500 Index climbing 13.1% after a bruising fourth quarter decline which narrowly missed the 20.0% bear market territory.

2Q 2020— One for the Record Books

The market reversed course in the first quarter with the S&P 500 Index climbing 13.1% after a bruising fourth quarter decline which narrowly missed the 20.0% bear market territory.

1Q 2020— Dividend Stocks Reset Expectations

The market reversed course in the first quarter with the S&P 500 Index climbing 13.1% after a bruising fourth quarter decline which narrowly missed the 20.0% bear market territory.

4Q 2019— The Power of Dividends

The market reversed course in the first quarter with the S&P 500 Index climbing 13.1% after a bruising fourth quarter decline which narrowly missed the 20.0% bear market territory.

By MASON WEV, CFA®, CMT, Portfolio Manager

3Q 2020— Coronavirus Pandemic Feeds Dislocations Between Winners and Losers

2020 has proven to be the one of the most turbulent and challenging years in recent memory and for many investors,…

2Q 2020— COVID-19 Feeds Dislocations Between Winners and Losers

Investors’ burgeoning hope and subsequent buying frenzies led to a massive 20% rebound in the S&P 500 and other risk assets…

1Q 2020— Quick, Dramatic Pain, but Long-Term Opportunity

When we look at the title of our fourth quarter commentary, “2020 Should Be Highlighted By Stable Fed Policy & Election-Driven…

4Q 2019— 2020 Should Be Highlighted by Stable Fed Policy & Election-Driven Opportunities

While 2018 featured rising interest rates and losses among virtually all major asset classes, 2019 was the polar opposite. Both stocks…

By TONY SOSLOW, CFA®, Senior Portfolio Manager

3Q 2020 — Small Cap Rallies as Economic Conditions Continue to Improve

72.6% of the Navigator® Small Cap portfolio is positioned in small-cap stocks with the balance in mid-cap stocks and cash. Industrials…

3Q 2020 — All Cap Focused on Re-Opening Trends

The Navigator® All Cap strategy remains positioned in approximately 67.5% in large-cap stocks and the remainder in mid/small-cap cap stocks and…

3Q 2020 — International Equity Continues to Shine in Third Quarter

The Navigator® ADR/International Equity remains positioned in approximately 17.4% in emerging markets with the balance in developed economies. Our weight in…

3Q 2020 — SMID Remains Steady in Third Quarter

Navigator® SMID Cap is positioned approximately 63.3% in small-cap stocks with the balance in mid-cap stocks and cash. Industrials are now…

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