In: Strategy Commentaries

All Cap Core Commentary
1Q 2021 — All Cap Outpaces Benchmark with Help from Consumer Discretionary
April 13, 2021

For the first quarter of 2021, the Navigator® All Cap strategy had a return of 11.75% (10.94% net) vs. a 6.35% gain in the Russell 3000 Index.

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ADR/International Equity Commentary
1Q 2020 — International Equity/ADR Continues to Outperform in 2021
April 13, 2021

For the first quarter of 2021, the strategy had a gain of 7.91% gross (7.12% net) versus the 3.49% gain in the MSCI All Country World ex-USA Index.

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SMID Cap Core Commentary
1Q 2021 — Healthcare and Information Technology Boost SMID Cap in Q1
April 13, 2021

In the first quarter of 2021, the Navigator® SMID Cap strategy had a gain of 18.74% gross (17.91% net) vs. the 10.93% gain in the Russell 2500 Index.

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U.S. Small Cap Commentary
1Q 2021 — Small Cap Shines on the Heels of a Steepening Yield Curve
April 13, 2021

For the first quarter of 2021, the strategy had a gain of 18.99% gross (18.14% net) vs a 12.70% gain for the Russell 2000 Index.

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Global Tactical Commentary
1Q 2021 — Stocks Outperform Treasuries by Most Since 2009
April 13, 2021

Even though we have been living through the disruptive effects of a pandemic, markets and the economy have recovered beautifully from the initial shock in February and March of 2020.

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Multi-Strategy Commentary
1Q 2021 — Risk Appetite Remains Strong
April 13, 2021

The first quarter saw the continuation of very strong equity markets, but the leadership profile has now changed.

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Tax-Free Fixed Income Commentary
1Q 2021 — Tax-Free Fixed Income
April 13, 2021

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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High Dividend Equity Commentary
1Q 2021— The Broad Market Rally Continues in Q1
April 12, 2021

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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Fixed Income Total Return Commentary
1Q 2021 — Credit and High Yield Hold Up Strong in the Face of Rising Yields
April 12, 2021

2021 is off to a strong start with the economy very strong and gaining momentum as the vaccine rollout continues and the economy reopens.

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Global Tactical Commentary
4Q 2020 — Valuations Point Towards 2021 Risks, But Credit Trends Remain Supportive
January 21, 2021

Market Recap The fourth quarter of 2020 began with a turbulent and corrective market in October as investors anxiously worried about…

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U.S. Small Cap Commentary
4Q 2020 — Small Cap Trails Record Russell 2000 Gain
January 21, 2021

Bitcoin Vigilantes Market Recap Anticipating strong economic and earnings gains in 2021 after the COVID inspired recession in 2020, broad stock…

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All Cap Core Commentary
4Q 2020 — Multi-Style, Multi-Cap Lifts All Cap in Fourth Quarter
January 21, 2021

Bitcoin Vigilantes Market Recap Anticipating strong economic and earnings gains in 2021 after the COVID inspired recession in 2020, broad stock…

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ADR/International Equity Commentary
4Q 2020 — International Equity Ends 2020 on a High Note
January 21, 2021

Bitcoin Vigilantes Market Recap Anticipating strong economic and earnings gains in 2021 after the COVID inspired recession in 2020, broad stock…

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SMID Cap Core Commentary
4Q 2020 — SMID Remains Steady as Russell 2500 Gallops Ahead
January 21, 2021

Bitcoin Vigilantes Market Recap Anticipating strong economic and earnings gains in 2021 after the COVID inspired recession in 2020, broad stock…

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Multi-Strategy Commentary
4Q 2020 — 2020: Better for Our Money Than for Us
January 19, 2021

Market Recap 2020 is gone—and good riddance. It was a year of unprecedented turbulence, volatility, and vivid dangers to our financial,…

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High Dividend Equity Commentary
4Q 2020— Economic Reopening Sets Stage for Cyclicals
January 19, 2021

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
4Q 2020 — Tax-Free Fixed Income
January 19, 2021

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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Fixed Income Total Return Commentary
4Q 2020 — Economic Growth Rebounds, but Risks Remain
January 15, 2021

Market Review The fourth quarter began with investors still on edge with a lot of uncertainty from the looming presidential election,…

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Opportunity Update Commentary
3Q 2020— Coronavirus Pandemic Feeds Dislocations Between Winners and Losers
October 20, 2020

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

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SMA Fixed Income Commentary
3Q 2020 SMA Fixed Income Commentary
October 19, 2020

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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