In: Strategy Commentaries

All Cap Core Commentary
3Q 2021 — All Cap
October 18, 2021

In Navigator® All Cap, we increased our exposure to Healthcare, Real Estate and Energy—three sectors in which we were underexposed relative to the benchmark that we believe have improving business momentum.

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SMID Cap Core Commentary
3Q 2021 — SMID Cap
October 18, 2021

Like our other portfolios, our Navigator® SMID portfolio attempted to balance growth and value buys during the quarter while removing companies which have demonstrated an inability to manage rising costs.

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ADR/International Equity Commentary
3Q 2021 — International Equity/ADR
October 18, 2021

As the quarter unfolded, slower economic conditions were met with increased regulation such that their broad stock market measures declined approximately 5%.

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U.S. Small Cap Commentary
3Q 2021 — Small Cap
October 18, 2021

Like our other portfolios, our Navigator® Small Cap portfolio attempted to balance growth and value buys during the quarter while removing companies which have demonstrated an inability to manage rising costs.

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Multi-Strategy Commentary
3Q 2021 — Supply-Driven Concerns Dampen Third Quarter
October 13, 2021

As the second and third quarters developed, the COVID-19 Delta strain, supply chain disruptions, a looming Fed taper, surging energy prices, and inflation fears, proved to be obstacles for the economy returning to its maximum potential.

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Global Tactical Commentary
3Q 2021 — Credit Markets Indicate Underlying Bullishness
October 13, 2021

2021 came in with a mighty roar, as during the first quarter alone, small-caps stormed to an 18% gain and outperformed the S&P 500 by 12%.

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Taxable Fixed Income Commentary
3Q 2021— Taxable Fixed Income
October 13, 2021

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%.

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Tax-Free Fixed Income Commentary
3Q 2021 — Tax-Free Fixed Income
October 13, 2021

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.

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High Dividend Equity Commentary
3Q 2021— Economic Reopening, “Take Two”
October 13, 2021

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.

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Fixed Income Total Return Commentary
3Q 2021 — Credit Remains Resilient Despite Market Headwinds
October 13, 2021

The market certainly has been dealing with many headwinds including the Delta wave, China’s increasingly hostile actions, the Federal Reserve announcing their intention to taper bond purchases, the Evergrande debt default, the U.S. debt ceiling, looming tax policy changes, inflation, supply chain problems, and peak economic and earnings growth.

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Taxable Fixed Income Commentary
2Q 2021— Taxable Fixed Income
July 19, 2021

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.

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SMID Cap Core Commentary
2Q 2021 — SMID Cap
July 19, 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
2Q 2021 — Small Cap
July 19, 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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ADR/International Equity Commentary
2Q 2021 — International Equity/ADR
July 19, 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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All Cap Core Commentary
2Q 2021 — All Cap
July 19, 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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Fixed Income Total Return Commentary
2Q 2021 — Risk Assets Continue to Rally
July 16, 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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Multi-Strategy Commentary
2Q 2021 — Record Setting Growth for Equities, but Inflation Concerns Abound
July 16, 2021

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

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Global Tactical Commentary
2Q 2021 — Strong Economy And Fundamentals Should Fight Off Valuation Risks – For Now
July 16, 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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Tax-Free Fixed Income Commentary
2Q 2021 — Tax-Free Fixed Income
July 16, 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
2Q 2021— Cracks in the Value Trade?
July 16, 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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