In: Commentaries

Multi-Strategy Commentary
1Q 2018 — Single Digit Returns, Double Digit Volatility
April 30, 2018

The first quarter of 2018 finally delivered a long-awaited correction in equities. As usual, the trigger was unanticipated. To our eyes,…

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Opportunity Update Commentary
1Q 2018 — The First Quarter Was Back to Normal
April 18, 2018

The first quarter of 2018 proved a stark contrast to 2017’s steady and smooth ride up. To begin the year, markets…

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Fixed Income Total Return Commentary
1Q 2018 — Keep Calm and Carry On
April 18, 2018

The global markets experienced a sharp bout of volatility in the first quarter, in stark contrast to the tame markets investors…

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All Cap Core Commentary
1Q 2018 — All Cap Starts Positive — Barely
April 17, 2018

For the first quarter of 2018, Navigator All Cap strategy gained 0.31% gross (-0.44% net) versus a 0.64% loss in the…

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U.S. Small Cap Commentary
1Q 2018 — Navigator Small Cap Slightly Outpaces Benchmark
April 17, 2018

For the three years ending March 31, 2018, the Navigator Small Cap strategy delivered annualized gains of 8.51% gross (5.32% net)…

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The Soslow Report
1Q 2018 — The Old Normal
April 17, 2018

Politics aside (always a dangerous opening salvo), the current administration self classifies as pro-business. Agnostically, I classify it as pro-cyclical. Before…

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High Dividend Equity Commentary
1Q 2018 — Dividend Growers over the Long Run
April 12, 2018

First Quarter 2018 Growth continued to outperform value as higher interest rates, inflation worries and tough tariff talk from Washington marked…

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Taxable and Tax Free Fixed Income Commentary
1Q 2018 — Lawyers, Guns and Tariffs
April 12, 2018

Volatility has hit the fan As 2018 began, higher volatility in the markets was a distant memory from before the 2008…

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Portfolio Perspectives
Bond Market Disconnect: High Yields ­Delivered Despite Treasuries’ Tumult
March 12, 2018

From September 1, 2017 to February 28, 2018, the bond market experienced adjustments as economic data continued to surprise to the…

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Portfolio Perspectives
The Tax Law Changes and Their Impact on Debt Markets
February 27, 2018

The recent changes to the U.S. tax code are likely to have a ripple effect within several areas of the fixed…

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Opportunity Update Commentary
4Q 2017 — Bears’ Fears Are Only Imagined
January 25, 2018

The Roman philosopher Seneca said that “We are often more frightened than hurt; and we suffer more from imagination than reality.”…

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Multi-Strategy Commentary
4Q 2017 — The Ride Was Smooth and Up
January 25, 2018

The year 2017 was very profitable for both U.S. stock markets and the U.S. high yield bond markets. The ride was…

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Fixed Income Total Return Commentary
4Q 2017 — Another Great Year in the Books
January 23, 2018

2017 was an exceptional year for the global economy and stock markets. The major equity markets stand at or near record…

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U.S. SMID Cap Commentary
1Q 2018 — SMID Cap Celebrates Five-Year Anniversary with Continued Gains
January 22, 2018

Since inception, Navigator SMID strategy delivered annualized gains of 15.72% gross (12.34% net) vs. 11.55% annualized gains for the Russell 2500…

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U.S. Small Cap Commentary
4Q 2017 — Navigator Small Cap Keeps Pace with Benchmark
January 22, 2018

For the three years ending December 31, 2017, the Navigator Small Cap strategy delivered annualized gains of 11.78% gross (8.50% net),…

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ADR/International Equity Commentary
1Q 2018 — ADR Begins Second Decade
January 22, 2018

The Navigator International Equity/ADR strategy delivered annualized gains of 10.00% gross (6.77% net) vs. the gain of 5.89% for the MSCI…

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All Cap Core Commentary
4Q 2017 — All Cap’s Performance Lead Widens
January 22, 2018

For the fourth quarter of 2017, Navigator All Cap strategy gained 8.28% gross (7.49% net) versus a 6.34% gain in the…

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High Dividend Equity Commentary
4Q 2017 — Dividend Growers Post another Strong Year
January 22, 2018

In 2017, global equity markets fired on all cylinders with higher stock prices adding more than $9 trillion in market value….

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The Soslow Report
4Q 2017 — Fearless
January 22, 2018

Four years ago, our largest local health insurance provider, Independence Blue Cross (IBC), introduced a new advertising campaign with the slogan:…

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Taxable and Tax Free Fixed Income Commentary
4Q 2017 — Sweet Dreams
January 19, 2018

Who am I to disagree? The volatility index of the stock market as measured by the VIX Index has told a…

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