Portfolio Commentary

Dec 21, 2023

9:06 am

The performance marathon • There are several ways to skin the cat in equity markets, and not all of them are right all the time. • The fundamentals of the Titans portfolio continue to be solid. • If we break down the recent lag in the portfolio performance, it has primarily been because of non-participation…

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Doves in the Ascendency

Dec 19, 2023

8:59 am

• A dovish Fed meeting drives lower bond yields across tenors and countries • However economic data not universally supportive • Japan’s economy shows strength, but the BoJ still unlikely to materially move their current policy stance • Be careful in bond markets, limited near term value after the strong rally The doves at the…

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Investment Strategy

Dec 16, 2023

10:49 am

• Global markets have rallied over the last six weeks, led by a decline in US inflation and a dovish Fed. • Concerns arise from the rising US fiscal deficit and upcoming high levels of speculative-grade non-financial debt maturities. • Chinese economy is stabilizing; Emerging market economies in Asia are looking strong. • • We…

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A World of Contrasts

Dec 12, 2023

8:44 am

• US economic data regains strength after recent loss of momentum • Fed meets this week but is unlikely to move policy or alter its messaging to the markets • European economic data is weak and gives ECB room to make an earlier-than-expected cut in interest rates • El Nino creates potentially large problems for…

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