Commentaries

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

Market Moves: Charting Our Strategies, April 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…

So, Now What?

April 21, 2020 | Though far from certain, it appears that the worst of COVID-19 MAY be behind us, and perhaps…

Market Moves: Charting Our Strategies, March 2020

A global equity bear market took hold in March as COVID-19 spread exponentially from China through Europe and to the U.S. Global cases neared 900,000 by quarter end with the U.S. leading the way with nearly 200,000 cases.

Into the Unknown

March 23, 2020 | We are certainly living in scary and uncertain times. The outbreak of the coronavirus has turned the…

By JAMIE MULLEN, Senior Portfolio Manager

1Q 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.

Q1 2020 SMA Fixed Income Commentary— The Economy: Saved by Zero

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.

Q4 2019 SMA Fixed Income Commentary— 2020: Time to Play the Stimulus Music

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.

4Q 2019 — 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

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.

3Q 2019— A Fork in the Road?

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 2019— The Search for Yield Continues

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

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…

3Q 2019— What Recession Worries? Stocks Enjoy Their Best First Three Quarters Since 1997

2019 has been a year of turbulent headlines for the markets, with the U.S./China trade war switching between hot and cold….

1Q 2019— Snapback Rally on Powell Pivot and Inverted Yield Curve Bookend Volatile Quarter

After a brief but stunning fourth quarter 2018 decline, markets staged a fierce comeback in the first quarter. It all started…

By TONY SOSLOW, CFA®, Senior Portfolio Manager

1Q 2020 — International Equity’s Lower Risk Profile Shines

The Navigator® International Equity/ADR strategy delivered annualized gains of 0.22% gross (-2.74% net) vs. the loss of -0.64% for the MSCI…

1Q 2020 — All Cap Focused on Survive and Thrive

For the first quarter of 2020, the Navigator® All Cap Core U.S. Equity strategy had a return of -25.42% (-26.03% net)…

1Q 2020 — SMID to Benefit from Quality/Value Focus

Since inception, the Navigator® SMID Cap Core U.S. Equity strategy delivered annualized gains of 5.49% gross (2.37% net) vs. 4.91% annualized…

1Q 2020 — Small Cap Intensifies Balance Sheet Scrutiny

For the five years ending March 2020, the Navigator® Small Cap Core U.S. Equity strategy delivered annualized loss of -1.81% gross…

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