Addressing Long-Term Goals During Short-Term Volatility

January 26, 2016 | Market Commentary

Assumptions about future returns are made every day by a wide variety of investors. These assumptions are often based on annualized returns that can mask tremendous amounts of performance variation.

The Market Rides the Volatility Wave — What to Know About China

January 20, 2016 | Market Commentary

U.S. equity markets got off to a rough start in 2016. During the first week of the year, major domestic indices were down around 6%, with the S&P 500 registering its worst five-day performance to open a year in history. Volatility continued last week. As with the market downturn last summer, China was at the center of discussions about equity market performance.

Inflation is Not Dead: What to Expect in 2016

January 11, 2016 | Fixed Income

Years of disinflation coupled with very low market expectations for future inflation have lulled many investors into a false sense of security that inflation can’t happen in the U.S.

The Fed Concludes its Countdown to Liftoff

December 17, 2015 | Fixed Income

Following its two-day December meeting, the U.S. Federal Reserve’s policy setting Federal Open Market Committee (FOMC) decided to adjust the federal funds policy interest rate for the first time since December 2008. The rate will increase from a range of 0% to 0.25% to a range of 0.25% to 0.5%.

A Long-Awaited Turning Point for Argentina?

December 10, 2015 | Emerging Markets

Argentina went to the polls on November 22 and elected Buenos Aires Mayor Mauricio Macri as its next president. Macri’s win over ruling-party candidate Daniel Scioli was seen as a rejection of the interventionist economic policies pursued by President Cristina Fernández de Kirchner...

Selectivity: The New Way Forward for Investors

November 19, 2015 | Investment Themes

Shifting tides in the global economic backdrop during 2015 led us to make broad changes to our equity sector allocations throughout the year. We believe these changes position investor portfolios to capture what we view as the best opportunities in global equity markets that we expect to play out over the next several years.

Risk Continues to Run Rampant In Russia

November 04, 2015 | Emerging Markets

In our recent Country in Focus article in Vantage, we discussed how Russia has been in the spotlight over the past few years with its controversial involvement in Ukraine and annexation of Crimea in 2014.

India’s Economy: Silver Linings Despite Opposition to Reform

October 23, 2015 | Emerging Markets

In late August, India’s parliament finished its summer session without passing two of Prime Minister Narendra Modi’s top priorities—a goods-and-services tax (GST) and revisions to the country’s land acquisition laws.

Marc Bushallow

Marc Bushallow

Managing Director, Fixed Income

No Change in Rates: Comments on the Fed Decision

September 17, 2015 | Market Commentary

Following their two day meeting in mid-September, members of the U.S. Federal Reserve’s policy setting Federal Open Market Committee (FOMC) decided not to adjust the federal funds policy interest rate. The rate will remain within the current 0% to 0.25% range, where it has been since December 2008.

Marc Bushallow

Marc Bushallow

Managing Director, Fixed Income

The Great Rate Hike

September 11, 2015 | Fixed Income

Recent headlines suggest that bond investors are bracing for heightened volatility in fixed income markets, with pundits citing an eventual Fed rate hike as the catalyst that could give rise to further market gyrations.

Puerto Rico Adds Pressure to Muni Market Outflows

September 10, 2015 | Fixed Income

Puerto Rico was thrust into the spotlight after missing a $58 million bond payment in early August. Fixed income markets stumbled on the news, but the country’s fiscal troubles should come as no major surprise.

Marc Bushallow

Marc Bushallow

Managing Director, Fixed Income

“Safe” Can Be Risky

September 01, 2015 | Fixed Income

The last several years have been defined by historically low interest rates, and using a bond index fund to gain market exposure to the broad fixed income market has become a more prevalent investor strategy.

Ebrahim Busheri

Ebrahim Busheri

Director of Research

Our Perspective on Recent Volatility

August 25, 2015 | Market Commentary

Last Thursday and Friday, domestic equity markets saw the sharpest two-day decline since 2011, with the S&P 500 Index, Dow Jones Industrials Index and Nasdaq Composite falling 5-6% over two days.

China: Should investors run for the exit?

August 12, 2015 | Emerging Markets

Chinese equity markets experienced unprecedented growth in the trailing 12 months ended May, with major equity indices returning more than 125%. Come June, however, cracks began forming, and some investors were left holding the bag.

Where are Interest Rates Headed?

July 29, 2015 | Fixed Income

Today, most market watchers agree that rates are poised to move higher. That being said, the interest rate conversation is also quickly shifting toward what happens after the first policy rate hike. Will the Federal Reserve continue on a path of predictable hikes, or will policy adjustments be sporadic and small?

Share Buybacks in Today’s U.S. Equities Environment

July 13, 2015 | Investment Themes

S&P 500 companies announced a record $133 billion in share buybacks in April, furthering a trend that has provided support to U.S. equity markets in recent years. The surge in companies buying back their own stock is getting a lot of attention these days.

The Pharma Pipeline: Exploring an Underestimated Investment Theme

June 29, 2015 | Investment Themes

Worldwide equity markets have had an impressive showing since emerging from the Great Recession. The run-up in prices has coincided with equities becoming broadly more expensive. Some regions offer more attractive opportunities than others from a valuation standpoint, but the overall environment has become generally more challenging.

Is Japan’s Economic Recovery Real or Imagined?

June 15, 2015 | International Markets

A quick glance across global equity markets reveals that Japan has been among the strongest performing countries recently. The Nikkei 225 advanced roughly 40% in the 12 months through May, beating returns of U.S. and global indices such as the S&P 500 Total Return Index and MSCI All Country World by sizeable margins.

Oil Companies Make Deep Spending Cuts

June 04, 2015 | Market Commentary

The nose dive in crude oil prices has been a major story across global economies and financial markets during recent quarters. Signs of weaker economic growth, coupled with unexpected incremental supply increases from countries such as Iran and Libya, dealt a crushing blow to the commodity last summer. Very quickly, the profitability dynamics of operating within the oil industry value chain changed dramatically.

Evaluating Active Managers: The Benefits of Being Different

May 27, 2015 | Active Management

Gaining a better understanding of active management in today’s evolving and sometimes volatile investment environment begins with a simple point: Not all active managers are alike. Since the market downturn of 2008, there has been a reappearance in industry dialogue of the claim that...