Urupong/iStock via Getty Images Elevator Pitch I rate Wolters Kluwer N.V. (OTCPK:WOLTF) (OTCPK:WTKWY) [WKL:NA] stock as a Hold. My prior February 29, 2024 article touched on the company’s fiscal 2024 guidance relating to bottom line growth and capital allocation. This update looks at the potential for WOLTF to deliver an earnings beat in FY 2024…
Jitalia17 Resilient Labor Market, Stubborn Inflation Test Team Fed’s Rate Cut Path 2023 finished on a powerful note, fueled by near-historic performance in November and December, pushing the Bloomberg US Aggregate Bond Index into positive territory and potentially setting the tone for an ongoing recovery from 2022’s challenges. Alas, this was not to be the…
Olemedia Market Commentary In a volatile first quarter of 2024, markets moved choppily higher, delivering positive returns across most regions and countries. US stocks rose +10% (as measured by the Russell 3000 Index), led by large-cap stocks, which were likewise up just over +10%, followed by mid caps (+9%) and small caps (+5%), as measured…
AndreyPopov/iStock via Getty Images Market Commentary In a volatile first quarter of 2024, markets moved choppily higher, delivering positive returns across most regions and countries. US stocks rose +10% (as measured by the Russell 3000 Index), led by large-cap stocks, which were likewise up just over +10%, followed by mid caps (+9%) and small caps…
Martin Barraud Markets Review Past performance is not indicative of future results. Aristotle International Equity ADR Composite returns are presented gross and net of investment advisory fees and include the reinvestment of all income. Gross returns will be reduced by fees and other expenses that may be incurred in the management of the account. Net…
Igor Kutyaev/iStock via Getty Images (All MSCI index returns are shown net and in U.S. dollars unless otherwise noted.) Markets Review Sources: CAPS CompositeHubTM, Bloomberg Past performance is not indicative of future results. Aristotle International Equity Composite returns are presented gross and net of investment advisory fees and include the reinvestment of all income. Gross…
Galeanu Mihai Macro Overview The Micro Opportunities Strategy began 2024 trailing its microcap benchmark. During the quarter, the performance of the benchmark was predominantly led by unprofitable and heavily shorted stocks, presenting a significant challenge for the strategy to outperform due to the high-quality focus of our portfolio. Additionally, our stock selection fell short of…
Rasi Bhadramani Small vs. Large Caps In Q1 2024, the Riverwater Sustainable Value Strategy outperformed its benchmark, the Russell 2500 Value Index. Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit…
Klaus Vedfelt The Japanese yen (dollar/yen) traded Monday to 160.17, the first time above 160 since April 1990. The yen rallied to 154.54 after purported intervention. The Japanese currency had weakened back to 157.94 by Wednesday, before a second round of intervention pushed the dollar/yen down to 153. It was back above 156 on Thursday,…
sankai By Brian Angerame, Jeffrey Bailin, CFA, Aram Green & Matthew Lilling, CFA SMID Playing Catch Up in Growth Rally Market Overview Equity markets rallied in the first quarter as resilient corporate earnings, continued enthusiasm over artificial intelligence (‘AI’) and the prospect of interest rate cuts spurred performance that surprised even the most optimistic investors….
FeelPic By Grace Su & Jean Yu, CFA, PhD Improvers Outpace Broader Value Gains Market Overview Global markets generated positive returns in the first quarter driven by optimism over an economic soft landing, improving economic data, the prospect of rate cuts in the U.S. and Europe and structural economic and corporate reforms in Japan. The…
Sakorn Sukkasemsakorn/iStock via Getty Images Investing Environment US equity markets reached new all-time highs in Q1 supported by a resilient US economy, a general trend of disinflation and an acceleration in corporate profits growth. Given mostly benign economic data offering little indication that a recession is near, interest rate markets pared back the number of…
sankai Is There Wealth Creation Outside of the US? It appears the Magnificent Seven has supplanted FAANG stocks as the poster child for investing in US equities. Investors can be forgiven for increasingly ignoring international markets given the continuing outperformance of the US market. Just when the US market seemed to be running out of…
Michael H/DigitalVision via Getty Images By Charles Hamieh, Shane Hurst, Nick Langley, & Simon Ong Reshoring and Data Centers Support Select Utilities Market Overview Infrastructure assets trailed global equities in the first quarter amid a robust rally for equities, in many ways a continuation of the bull market begun in late 2023 as softening inflation…
MarekUsz/iStock via Getty Images By Albert Grosman & Brian Lund, CFA Picking the Right Odds, Not the Right Horse Market Overview Spotting a secular trend and identifying the winners, as many small cap investors are trying to do with AI- and bitcoin-related beneficiaries, is a time-honored investment strategy that has made investors a lot of…
Rasi Bhadramani By Reed Cassady, CFA, Albert Grosman & Sam Peters, CFA AI Solutions Require Solving Power Problems Market Update The market is focused on the transformative potential of artificial intelligence (‘AI’) but, in our view, has not come fully to grips with the real-world bottlenecks attached to this emerging technology. While markets appear to…
think4photop By Michael Clarfeld, CFA & Chris Eades Cyclical Kick Helps Midstream Lead Equities Market Overview and Outlook A boost for cyclical sectors amid rising oil prices helped energy infrastructure stocks outperform equities in the first quarter. Winter storms dampening production across several U.S. oil fields, a weaker U.S. dollar and lower production levels by…
hyejin kang/iStock via Getty Images The Short Duration Income Fund’s Institutional Class returned +1.16% in the first quarter compared to a +0.45% return for the Bloomberg U.S. Aggregate 1-3 Year Index. For the one-year period ended March 31, 2024, the Fund’s Institutional Class returned +5.46% compared to a +3.56% return for the index. Given the…
Thomas Barwick/DigitalVision via Getty Images “There are windows of time where opportunities emerge. You must capitalize on these opportunities when that window presents itself.” -Jason Robins During the quarter, we hosted Jason Robins, CEO and co-founder of DraftKings (DKNG), as a guest in our Peak Insights series. Throughout this series, we have held in-depth conversations…
metamorworks/iStock via Getty Images Dear Fellow Shareholder: Market Backdrop The Artisan Developing World Fund (Investor Class) returned 11.09% for the quarter ended March 31, 2024, versus 2.37% for the MSCI Emerging Markets Index (all returns in USD unless stated otherwise). Since June 30, 2015, the Artisan Developing World Fund has returned 117.20% cumulatively, versus 32.20%…
Richard Drury Investing Environment US equity markets reached new all-time highs in Q1 supported by a resilient US economy, a general trend of disinflation and an acceleration in corporate profits growth. Given mostly benign economic data offering little indication that a recession is near, interest rate markets pared back the number of expected Federal Reserve…
Ekaterina79 Despite close calls Saturday night and again on Thursday night, we at least made it through the week avoiding “the start of WWIII.” I’m afraid the same cannot be said for the beginning of WWDD (World-Wide De-Risking/Deleveraging). Key speculative leverage epicenters were under notable pressure this week – global bond markets, EM currencies and…
Galeanu Mihai/iStock via Getty Images By Samantha McLemore A Differentiated View on Diversification “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Misquote by Charles Darwin Patient Opportunity Equity strategy advanced 11.8% net of fees in the…
Jordan Feeg By Garey J. Aitken, CFA, & Michael Richmond, CFA Upgrading Portfolio Quality into Strength – Market Overview After nearly two years of managing through steadily higher policy rates and regular prognostications of economic troubles, investors clearly expected 2024 to be a transition year. Rather than a change, the first quarter of 2024 looked…
dragana991 Elevator Pitch I have a Hold rating assigned to The a2 Milk Company Limited (OTCPK:ACOPF) [A2M:AU] shares. My prior December 20, 2023 update was focused on a2 Milk’s stock price performance and the prospects for the Chinese Infant Milk Formula or IMF industry. I draw attention to the read-throughs from the latest management commentary…
Graphic designer/iStock via Getty Images Performance Review As of March 31st, 2024 NAV increase, net Cum Incept PF 2019 2020 2021 2022 2023 1Q/24 WBCP 82.04% 17.60% 19.05% 37.16% (15.38%) 8.38% 3.36% S&P 400 66.88% 5.72% 13.66% 24.76% (13.06%) 16.45% 9.96% Click to enlarge Inception of White Brook Capital Partners was August 16, 2019 Performance…
Donny DBM/iStock via Getty Images By Reed Cassady, CFA, Sam Peters, CFA, & Jean Yu, CFA The Internal Engine of Returns Market Overview We have previously written about how a lifetime of being a pilot can influence how one approaches portfolio management. The basic principle of flying is to generate lift, while the basic principle…
Khanchit Khirisutchalual Quarter and Calendar-Year Review The Oakmark Equity and Income Fund (MUTF:OAKBX) (“the Fund”) returned 4.92% during the first quarter, compared to 5.15% for the Lipper Balanced Fund Index. This was driven by an 8.53% return on our equity portfolio, which lagged the S&P 500 Index of 10.56%1. This was partly due to an…
Nikada The Oakmark International Fund (MUTF:OAKIX) (“the Fund”) returned 0.11% for the quarter ended March 31, compared to the benchmark, the MSCI World ex USA Index (net), which returned 5.59% for the same period. In addition, the Fund has returned an average of 8.55% per year since its inception in September 1992, outperforming the MSCI…
Trevor Williams By Scott Glasser | Michael Kagan | Stephen Rigo, CFA Paths to Outperformance Broaden Beyond Tech Market Overview The soft landing rally that took hold in November 2023 continued in 2024’s first quarter. The S&P 500 Index advanced in each month of the quarter, bringing the benchmark’s winning streak to five consecutive months…
Hiraman By Jeffrey Bailin, CFA & Aram Green Benchmark Concentration Even More Severe in Small Growth Market Overview Entering 2024, we were hopeful that, after a year of extreme relative underperformance versus large cap peers, conditions were aligning for a broadening market more favorable for small cap stocks. Thus far, it has been more of…
Trevor Williams Navigating market highs and (avoiding) value traps Last quarter, the S&P 500 Index hit a new high every month, as did each of our U.S. Funds. In March, I wrote a piece for our website discussing why new highs are important to us. On one of the recent new high days, I heard…
Ashish kamble/iStock via Getty Images Money Market Fund Assets (MMFA) surged $70.5 billion last week to a record $6.111 TN. MMFA have ballooned $1.553 TN, or 34.1%, since the Fed initiated its “tightening” cycle in March 2022. In just over four years since the onset of the pandemic, MMFA have inflated $2.477 TN, or 68.2%….
Pogonici By Peter Bourbeau & Margaret Vitrano Staying Disciplined in a Broadening Market Market Overview The positive momentum of 2023 extended into the first quarter as a likely economic soft landing and being past the peak of monetary tightening sent stocks broadly higher. The S&P 500 Index (SP500, SPX) advanced 10.56% for its best start…
Torsten Asmus/iStock via Getty Images Capital Markets Highlights In Q4 2023, U.S. stock1 and bond2 markets rallied on improving inflation data, strong economic growth, and comments from Fed Chair Powell suggesting the Fed’s interest rate hiking cycle is over and the prospects for a rare economic soft landing are improving. The quarter started poorly with…
tadamichi Commentary In 2023, the Polen Capital U.S. Small Company Growth Composite Portfolio (the Portfolio) returned 10.46% gross and 10.22% net of fees compared to a 12.75% return for the Russell 2000 Growth Index. In many ways, we believe it served as a testament to the resilience of our investment strategy amidst constant and severe…
Lemon_tm Dear Fellow Shareholders, FPA Flexible Fixed Income Fund (the “Fund”) returned 4.11% in the fourth quarter of 2023 and 9.02% for the year ended December 31, 2023. With inflation progressing towards the Federal Reserve’s 2% inflation objective, the Federal Reserve held the Fed Funds rate constant throughout the fourth quarter. The Federal Reserve also…
pixelfit Before quickly moving on to March and beyond, posterity beckons for some documentation of an extraordinary February. For the month, Bitcoin surged $18,972 (45%), surpassing October 2021’s previous monthly record gain ($17,540). Nvidia surged 29%, Meta 29%, Lattice Semiconductor 26%, Coherent Corp 25%, and Applied Materials 23%. The Semiconductors (SOX) returned 11.1%. The Nasdaq…
Just_Super Markets Review (All MSCI index returns are shown net and in U.S. dollars unless otherwise noted.) Sources: CAPS CompositeHubTM, Bloomberg Past performance is not indicative of future results. Aristotle International Equity Composite returns are presented gross and net of investment advisory fees and include the reinvestment of all income. Gross returns will be reduced…
Userba011d64_201 “Periphery and core” and global government finance Bubble analytical frameworks continue to offer a fruitful perspective for better understanding today’s extraordinary backdrop. At the “periphery,” China’s Bubble deflation has reached another critical stage. Here at the “core,” “Terminal Phase Excess” is also at a critical juncture. Bloomberg’s Jonathan Ferro: “You think the biggest risk…
MicroStockHub Markets Review (All MSCI index returns are shown net and in U.S. dollars unless otherwise noted.) Sources: CAPS CompositeHubTM, Bloomberg Past performance is not indicative of future results. Aristotle International Equity Composite returns are presented gross and net of investment advisory fees and include the reinvestment of all income. Gross returns will be reduced…
BlackJack3D Markets Review The U.S. equity market rebounded, as the S&P 500 Index (SP500, SPX) rose 11.69% during the period. Concurrently, the Bloomberg U.S. Aggregate Bond Index rallied, increasing 6.82% for the quarter. In terms of style, the Russell 1000 Value Index underperformed its growth counterpart by 4.66%. Sources: CAPS CompositeHubTM, Bloomberg Past performance is…
Jinda Noipho/iStock via Getty Images By Garey J. Aitken, CFA, & Timothy W. Caulfield, CFA Market Overview The S&P/TSX Composite Total Return Index returned 8.1% in the fourth quarter. Benchmark 10-year interest rates in Canada and the U.S. reached 2023 highs of 4.24% and 4.99%, respectively, in October before ultimately giving way in the final…
Galeanu Mihai THE NORWEGIAN ILLUSION “Electric vehicles (EVs) are piling up on lots across the country as the green revolution hits a speed bump, data show.” USA Today, November 14, 2023 “Hertz Global Holdings announced Thursday it planned to cut one-third of its global EV fleet over the year. Following the announcement, Hertz CEO Stephen…
Yuichiro Chino/Moment via Getty Images Seeks Growth & Capital Preservation (Performance (%) as of 12-31-2023) Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Polen International Growth (MUTF:POIIX, MUTF:POIRX) (Gross) 15.59 29.29 29.29 -0.64 7.18 – 8.95 Polen International Growth (Net) 15.23 27.73 27.73 -1.57 6.26 – 8.02 MSCI ACWI (ex-USA) 9.75 15.62…
monsitj Market Commentary High yield bonds and leveraged loans produced gains in the fourth quarter, with high yield bonds outperforming their floating rate peers. During the quarter, benign inflation and dovish Fed rhetoric helped drive interest rates meaningfully lower, which benefited high yield bonds in particular. In addition, credit spreads tightened in both asset classes…
Lemon_tm Gold gives back gains Gold prices fell back to US$2,053/oz, to finish the month 1% lower,1 and departing from historical seasonal strength (Table 1). A retracement following such a stellar finish to the year was probably on the cards, with global gold ETF outflows accelerating to 51t and a reduction in COMEX futures net…
krisanapong detraphiphat/Moment via Getty Images By Brian Angerame, Jeffrey Bailin, CFA, Aram Green & Matthew Lilling, CFA Small and Mid Caps Attractive Amid Rate Transition Market Overview and Outlook Equity markets generated strong returns in the fourth quarter, bolstered by declining bond yields and a resurgence of optimism that the U.S. economy could indeed achieve…
shapecharge 4Q23 Market Overview Global financial markets rallied in 4Q, with small cap stocks leading the way. Dovish FOMC commentary driven by lessening inflation concerns drove the stock market higher. Interest rates declined and expectations for a soft landing increased as recession fears faded. The FOMC stayed the course with no changes to interest rates…
da-kuk The Core Plus Income Fund’s Institutional Class (MUTF:WCPBX) returned +5.84% for the fourth quarter compared to a +6.82% return for the Bloomberg U.S. Aggregate Bond Index (Agg). For the calendar year, the Fund’s Institutional Class returned +7.05% compared to +5.53% for the index. Longer-term results (3-, 5-, and 7-year) continue to outpace the index….