Commentaries

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

Yield Curve Inverts, Stocks Take a Tumble

Stocks took a tumble yesterday and bonds surged, as weak economic news in Europe and China coincided with an important development…

From Fed Rate Cuts to Additional Tariffs

Fed Cuts Rates and Confuses Markets In its July meeting, the FOMC reduced the fed funds target by 25 basis points…

2019 Mid-Year Market Outlook Commentary

Charting the Course: Navigating a Maturing Economic Cycle Highlights: We believe we will see continued economic growth (although at a slower…

2019 Mid-Year Market Outlook Resource Center

How to Prepare Your Clients for the Second Half of 2019Chief Investment Officer Sean Clark joins Liz Claman to discuss the...

By JAMIE MULLEN, Senior Portfolio Manager

2Q 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.

Q2 2019 SMA Fixed Income Commentary— How Can You Just Leave Us Standing? Alone in a World with Rates so Low…

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.

2Q 2019— Taxable Fixed Income

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

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.

By ERIC KAZATSKY, Portfolio Manager

Municipal Market News: What We’re Reading

Our roundup and recap of the most relevant municipal bond market news:

Municipal Market News: What We’re Reading

Our roundup and recap of the most relevant municipal bond market news:

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…

By MAIRA THOMPSON, Senior Portfolio Manager

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.

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…

By MASON WEV, CFA®, CMT, Portfolio Manager

2Q 2019— Stocks Say We Are in Paradise, but Bonds Say Something Else — Which Is Right?

Markets staged a fierce rally in the first quarter and followed through with further gains in the second quarter, despite a…

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…

By TONY SOSLOW, CFA®, Senior Portfolio Manager

2Q 2019 — SMID-Cap Steady

Since inception, the Navigator® SMID Cap Core U.S. Equity strategy delivered annualized gains of 11.50% gross (8.23% net) vs. 10.42% annualized…

2Q 2019 — International Equity Continues to Shine in Second Quarter

The Navigator® International Equity/ADR strategy delivered annualized gains of 5.19% gross (2.09% net) vs. the gains of 2.16% for the MSCI…

2Q 2019 — Small Cap Rallies with Value and Quality

For the five years ending June 30, 2019, the Navigator® Small Cap Core U.S. Equity strategy delivered annualized gains of 7.37%…

2Q 2019 — Value and Quality Characteristics ­Remain Solid in All Cap

Per our notes in the commentary Avalon on the extreme and persistent outperformance of large-cap and growth stocks at the detriment…

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