Mutual Funds

Presidential elections tend to have limited impact on market performance, regardless of party win (although markets prefer Democratic switches). Investors should capitalize on the uptick in market volatility, which investors can use for strategic investing.

Private assets are the fastest-growing market in the financial world, but could be the most challenging field for ETF providers to penetrate.

Despite pullbacks and elevated volatility in the earlier days of the month, major equity indices were up in August.

Investors should be careful what they wish for in hoping for an aggressive Fed rate cutting cycle, given stocks tend to do better when cuts are slow and steady.

When we’re viewing markets, it’s not surprising sentiment shifts quickly if we don’t instantly see the anticipated results. Market pundits quickly point fingers and determine the Fed, economists, and participants are wrong. Reactions can be powerful in number and sway momentum for stocks and/or bonds.

A bright spot in Chinese investment could spell trouble for its financial institutions.

After a decade of consistent outperformance, Japanese small caps began underperforming their large cap peers in 2018, a trend that has accelerated since 2023.

We’ve always admired the great artistry of David Byrne from the Band Talking Heads. My favorite song of theirs is “Once in a Lifetime.” We think this song can tell our readers a great deal about how to look at our portfolio as we navigate an expensive and maniacal S&P 500 Index environment.

In this edition, Harold Evensky explores the challenges facing sustainable and active funds, the implications of the new DOL Fiduciary Rule, and the value of long-term performance projections. With candid observations and critical analysis--read on to gain perspective on navigating the complex world of investing, the importance of risk management, and the role of fiduciary advisors in securing your financial future.

The case for infrastructure investment is rising, but so are its costs.

A soft landing for the U.S. economy still appears to be the most likely outcome.

As more Chinese companies get comfortable paying dividends, investors may find new sources of equity return potential.

On the latest edition of Market Week in Review, Director and Senior Investment Strategist Alex Cousley and ESG and Active Ownership Analyst Zoe Warganz discussed key takeaways from the U.S. Federal Reserve’s (Fed) annual economic symposium in Jackson Hole, Wyoming.

After a bit of an early-August swoon, the stock market came roaring back in the last few weeks of the month. The S&P 500 finished up 2.4%, though certainly in the early days of August, that did not feel like a particularly likely outcome. In client conversations a few days into the selloff, our feeling was to stay put and not tinker with the portfolios we suggested in early August.

In our view, stagflation scenarios tend to be worse for balanced portfolios than recessions.

This week saw a nontech giant cross a unique milestone and a tech giant’s earnings report become a Mainstreet sensation.

As I write this, gold continues to trade above $2,500 an ounce after surging past the psychologically important level for the first time ever in mid-August. For seasoned gold mining investors, this should be a moment of validation. After all, the yellow metal has long been seen as the ultimate hedge against economic uncertainty.

The US economic data released in early August not only triggered a brief, but dramatic episode of financial-market volatility. It also fueled an abnormal degree of instability in forecasts by leading Wall Street economists, suggesting that they, like the Federal Reserve, may have lost their strategic bearings.

When you see that behavior at extreme valuations, it tends to be a sign of underlying skittishness and risk aversion. When valuations are setting record extremes because the news can’t get any better, even a slightly less optimistic outlook becomes a risk.

When global equity markets tumbled in early August, investors got a glimpse of what a deeper correction could like for the US giants, and it wasn’t pretty. The so-called Magnificent Seven have dominated US and global equity market returns since late 2022—and valuations have soared—as earnings growth rebounded and on expectations that they will be the big winners from artificial intelligence (AI).

Those warning that the US Federal Reserve is dragging the economy down are deeply mistaken. Far from being too restrictive, US monetary policy is almost certainly too loose, judging by the robustness of financial markets and broader economic conditions even after 500 basis points of interest-rate hikes.

While short-term fluctuations and sudden selloffs have tested the markets, key indicators such as corporate profits, employment data, and economic resilience have held firm.

The path for lower rates in the U.S. has finally arrived.

In an election year, we are bound to hear a lot of commentary about the merits and drawbacks of both major candidates’ economic policies. History shows that while a president’s policies can make life easier or more difficult for various sectors of the economy, U.S. Federal Reserve (Fed) policy has much more impact on the economy overall.

An extended period of elevated interest rates may have long-term implications for both consumers and businesses—affecting how investors value company shares.

Will 2030 DC plans perform better at preparing U.S. workers for retirement?

The healthcare sector offers a compelling mix of defensive characteristics and growth potential driven by innovation. It also features ample dispersion that presents stock pickers with an opportunity to parse potential leaders and laggards in pursuit of above-market return.

The most glaring uncertainties today, which contributed to early August seeing some of the largest market moves in the last several years, are the risks associated with the Federal Reserve’s dual mandate.

Portfolio managers should always have good explanations for their underweight positions. These days, it matters more than ever.

With US payroll and unemployment data surprising to the downside two Fridays ago, Treasury markets quickly repriced the probability of impending recession, helping set off a volatility spike in stocks across the world. According to Bloomberg, economists’ consensus probability of a US recession in the next twelve months is now approximately 30%.

My colleague Will Keenan recommended an outstanding book, The Professor, the Banker, and the Suicide King, by Michael Craig. The book is a short and entertaining read of how Andy Beal played the best poker players in the world heads-up. He not only gambled toe-to-toe, but he also reminded them that they were doing what everyone should think poker is: gambling.

Midstream’s second quarter earnings calls reinforced the positive outlook for US natural gas demand driven in part by expected power demand from data centers. This note discusses the advantages of natural gas for data centers, additional factors contributing to demand growth, and how midstream is uniquely positioned to benefit from these trends.

Happy National Cheap Flight Day! Yes, you heard that right—there is a national celebration day to mark the start of a lull in travel demand. Who knew this would be a day to celebrate? Regardless, it’s good news for consumers as airfares should continue their recent downward trend!

The market’s 8.5% decline during August sent shockwaves through the media and investors. The drop raised concerns about whether this was the start of a larger correction or a temporary pullback. However, a powerful reversal, driven by investor buying and corporate share repurchases, halted the decline, leading many to wonder if the worst is behind us.

This week we take a not-so-random walk through the data, trying to simplify what is actually a fairly complex subject. I think it is quite fun, but also important. Let's dive in.

This week, before she accepted the Democratic Party’s nomination for president, Vice President Kamala Harris threw her support behind President Joe Biden’s tax proposals for 2025, which include a steep 44.6% capital gains rate and an unprecedented 25% tax on unrealized gains.

Our outlook on the 11 S&P 500 equity sectors.

Over nearly three decades, I’ve been dedicated to the sport of running. For the last five years, I chased the elusive goal of qualifying for the Boston Marathon, my ultimate aspiration. It wasn’t until I sought the expertise of a professional coach that I finally achieved this dream.

Recent economic data points have been mixed. On the more positive side of the ledger, there’s evidence that inflation is cooling and consumer spending remains sturdy. Conversely, the jobs market is cooling.

Are we going to have a recession? Are we already in a recession?

With recent cooling in economic growth, an uptick in unemployment, inflation moderating back to the Federal Reserve’s (Fed) 2% target, and expectations for rate cuts, we believe the winds are shifting in the U.S. fixed income market.