Commentaries

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

Market Moves: Charting Our Strategies, September 2021

Congressional haggling, Fed asset purchase tapering, Chinese restrictions, concerns over the Delta variant, supply chain disruptions, and higher Treasury yields have conspired to be tough headwinds for the market, driving equity indices lower.

Perspective on Yesterday’s Selloff and Mounting Market Headwinds

As we approach the 4th quarter, there are many headwinds affecting the markets. Between the Federal Reserve’s beginning of bond purchase tapering, slower economic data, peak earnings growth, the upcoming debt limit, and China’s Evergrande crisis, the problems are starting to mount.

Market Moves: Charting Our Strategies, August 2021

The majority of stock indices advanced to new highs in August as current earnings, labor, and economic growth trends offset the threats of the COVID Delta variant.

Market Moves: Charting Our Strategies, July 2021

Large-cap value and international equities reasserted their performance advantage over large-cap growth in May as COVID cases continued to decline in the United States and began their descent globally.

By JAMIE MULLEN, Senior Portfolio Manager

3Q 2021— Taxable Fixed Income

A low volatility range bound market prevailed for most of the third quarter on the 10-year Treasury bond, which traded mostly between 1.25% and 1.35%.

3Q 2021 — Tax-Free Fixed Income

Municipal bond performance was weak in the third quarter of 2021; 5-year yields increased 4 basis points, 10-year yields increased 14 basis points, and 30-year yields increased 16 basis points.

2Q 2021— Taxable Fixed Income

The 10-year U.S. Treasury finished the first quarter yielding 1.74%, which was a swift rise from the 2020 closing yield of 91 basis points.

2Q 2021 — 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 MAIRA THOMPSON, Senior Portfolio Manager

3Q 2021— Economic Reopening, “Take Two”

The market climbed the wall of worry over a myriad of issues including Fed tapering, the Evergrande debt crisis, supply chain constraints, inflation, rising input costs, and higher commodity prices.

2Q 2021— Cracks in the Value Trade?

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 2021— The Broad Market Rally Continues in Q1

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 2020— Economic Reopening Sets Stage for Cyclicals

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.

By MASON WEV, CFA®, CMT, Portfolio Manager

3Q 2020— Coronavirus Pandemic Feeds Dislocations Between Winners and Losers

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

2Q 2020— COVID-19 Feeds Dislocations Between Winners and Losers

Investors’ burgeoning hope and subsequent buying frenzies led to a massive 20% rebound in the S&P 500 and other risk assets…

1Q 2020— Quick, Dramatic Pain, but Long-Term Opportunity

When we look at the title of our fourth quarter commentary, “2020 Should Be Highlighted By Stable Fed Policy & Election-Driven…

4Q 2019— 2020 Should Be Highlighted by Stable Fed Policy & Election-Driven Opportunities

While 2018 featured rising interest rates and losses among virtually all major asset classes, 2019 was the polar opposite. Both stocks…

By TONY SOSLOW, CFA®, Senior Portfolio Manager

2Q 2021 — SMID Cap

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.

2Q 2021 — Small Cap

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.

2Q 2021 — International Equity/ADR

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.

2Q 2021 — All Cap

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.