In: Commentaries

All Cap Core Commentary
1Q 2019 — Value and Quality Characteristics ­Remain Solid in All Cap
April 18, 2019

For the first quarter of 2019, the Navigator® All Cap strategy had a gain of 9.81% gross (9.01% net) versus a…

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U.S. Small Cap Commentary
1Q 2019 — Small Cap Rallies with Value and Quality
April 16, 2019

For the five years ending March 31, 2019, the Navigator® Small Cap Core U.S. Equity strategy delivered annualized gains of 7.49%…

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ADR/International Equity Commentary
1Q 2019 — International Equity Continues to Shine in 2019
April 16, 2019

The Navigator® International Equity/ADR strategy delivered annualized gains of 5.98% gross (2.85% net) vs. the gains of 2.57% for the MSCI…

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U.S. SMID Cap Commentary
1Q 2019 — SMID Steady as Russell 2500 Gallops Ahead
April 16, 2019

Since inception, the Navigator SMID Cap Core U.S. Equity strategy delivered annualized gains of 11.67% gross (8.39% net) vs. 10.34% annualized…

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The Soslow Report
1Q 2019 — Slower Bad, Slow Good
April 16, 2019

In last quarter’s commentary entitled “Ignore the Deafening Noise” I urged readers to focus on the likely future of Fed policy and economic activity at the expense of the media’s obsession with the current flattening of the yield curve,

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Kazatsky Corner
Another Arrow in the Quiver for California Investors: Taxable Municipal Bonds
April 16, 2019

A more dovish pivot from the Fed has helped extend a fixed income rally that began in the latter part of…

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Multi-Strategy Commentary
1Q 2019— Growing Late Cycle Concerns: V-Shaped Decline and Recovery
April 16, 2019

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

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Opportunity Update Commentary
1Q 2019— Snapback Rally on Powell Pivot and Inverted Yield Curve Bookend Volatile Quarter
April 16, 2019

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

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High Dividend Equity Commentary
1Q 2019— Second Wind for Dividend Stocks
April 16, 2019

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.

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Tax-Free Fixed Income Commentary
1Q 2019 — Tax-Free Fixed Income
April 11, 2019

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.

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Taxable Fixed Income Commentary
1Q 2019— Taxable Fixed Income
April 11, 2019

Fixed income returns were robust during the quarter based on the Fed’s change in messaging to a dovish stance.

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SMA Fixed Income Commentary
Q1 2019 SMA Fixed Income Commentary— Winter is Coming for Game of Thrones Fans, but is it Spring for Fixed Income?
April 11, 2019

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.

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Fixed Income Total Return Commentary
1Q 2019 — Mirror Images
April 10, 2019

It certainly has been a bit of a wild ride for the markets over the past six months, as the S&P…

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Kazatsky Corner
Tax Reform Impacts Call Into Question Coastal Muni Values
February 13, 2019

Over a year has passed since the implementation of federal tax reform and high tax states are just beginning to feel…

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Opportunity Update Commentary
4Q 2018 — Fourth Quarter Lows Likely to be Retested, but Long-Term Valuation Picture Improved
January 28, 2019

The fourth quarter of 2018 began on a positive note, but few knew what turbulence was to come. Markets reached new…

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Multi-Strategy Commentary
4Q 2018 — Playing Defense
January 22, 2019

Investors and asset managers alike are happy to turn the page from 2018 to 2019. Last year was a tough year…

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ADR/International Equity Commentary
4Q 2018 — International Equity Remains a Value Opportunity
January 17, 2019

The Navigator® International Equity ADR strategy delivered annualized gains of 3.74% gross (0.68% net) vs. the gains of 0.68% for the…

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U.S. SMID Cap Commentary
4Q 2018 — Compelling Opportunities in SMID Cap
January 17, 2019

Since inception, Navigator SMID strategy delivered annualized gains of 9.72% gross (6.50% net) vs. 8.02% annualized gains for the Russell 2500…

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All Cap Core Commentary
4Q 2018 — All Cap’s Quality and Value Characteristics Remain Solid
January 17, 2019

For the fourth quarter of 2018, the Navigator® All Cap Core U.S. Equity strategy had a loss of 17.71% gross (-18.37%…

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U.S. Small Cap Commentary
4Q 2018 — Small Cap Maintains 5-Year Advantage
January 17, 2019

For the five years ending December 31, 2018, the Navigator® Small Cap Core U.S. Equity strategy delivered annualized gains of 4.69%…

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