Commentaries

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

Tweets, Threats and Tariffs: Global Markets React

The trade negotiations that were supposed to be going so smoothly suddenly erupted into a storm of tweets, threats, tariffs and…

Yield Curve Inverts—Now What?

On Friday of last week, the yield curve finally inverted ever so slightly, by just 1 basis point, as the 3-month…

2019 Market Outlook

Is Volatility Here to Stay? Highlights We believe: The U.S. economy will continue to grow in 2019, although at a slower…

2019 Market Outlook Resource Center

Click here for the 2019 Market Outlook Slides Click here to view the Market Outlook blog post. A Holistic Investment Approach Finds...

By JAMIE MULLEN, Senior Portfolio Manager

1Q 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.

1Q 2019— Taxable Fixed Income

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

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

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 2018 — Tax-Free Fixed Income

Rates continued to rise during the quarter and the 2 to 10-year spread contracted another 9 basis points to 24 basis points.

By ERIC KAZATSKY, Portfolio Manager

Another Arrow in the Quiver for California Investors: Taxable Municipal Bonds

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

Tax Reform Impacts Call Into Question Coastal Muni Values

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

2019 Outlook: New Year Should Ring in New Muni Supply

December 2018 As we look forward to 2019, our individual sector outlooks are generally stable. However, there are a few points…

11 Months Down… One to Go

Supply Down but Rates Run the Show With 2018 coming to a close, we’re taking a look back at the municipal…

By MAIRA THOMPSON, Senior Portfolio Manager

1Q 2019— Second Wind for Dividend Stocks

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 2018 — A Return to Normal Volatility

U.S. equity markets experienced a broad decline on heightened concerns of slowing economic and profit growth, rising wages and tightening monetary…

3Q 2018 — The U.S. Goldilocks Period Continues…For Now

After a synchronized global recovery during 2016-2017, U.S. markets have experienced a positive divergence from most world economies in 2018. The…

2Q 2018 — Made in America

At the mid-year mark, earnings growth remains stellar aided by the 2017 Tax Cuts and Jobs Act which helped boost first…

By MASON WEV, CFA®, CMT, Portfolio Manager

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…

4Q 2018 — Fourth Quarter Lows Likely to be Retested, but Long-Term Valuation Picture Improved

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

3Q 2018 — Is the Economic Growth Cycle Too Slow and Steady to Become Imbalanced?

The third quarter was a positive one for U.S. equity investors, as a surging U.S. economy and labor market, in which…

2Q 2018 — Cyclical Bull Market Trends ­Continue, Despite Worries It Is Long in the Tooth

The second quarter of 2018 was much more quiet than the first, at least in U.S. markets. We began the quarter…

By TONY SOSLOW, CFA®, Senior Portfolio Manager

1Q 2019 — Value and Quality Characteristics ­Remain Solid in All Cap

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

1Q 2019 — Small Cap Rallies with Value and Quality

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

1Q 2019 — International Equity Continues to Shine in 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…

1Q 2019 — SMID Steady as Russell 2500 Gallops Ahead

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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