Looking Ahead: Market Implications for a Trump Presidency

December 2016

With a new administration heading into Washington after an astounding Republican sweep, we turned to our trusted partners at Strategas, a leading research and advisory firm, for insights on how policy changes may impact markets. Dan Clifton, Partner and Head of the Washington Office for Strategas, shared his perspective.

Starting in January 2017, Republicans will hold a majority in both the House and Senate which gives the party flexibility to move legislation; in particular, on health care and tax reform.

Tax Reform

We have a 75 […]

U.S. Investing: The Healthy, Wealthy and Wise U.S. Consumer

November 2016

As the holidays approach, we wanted to share some intriguing trends on the U.S. consumer. Since the Great Recession, we have observed several changes in consumption patterns including the preference to spend on experiences over things, to improve personal finances and to bargain hunt. We’ve identified three key themes. Today’s U.S. consumers are healthy, more wealthy and they are wise.

The U.S. consumer and experience economy are healthy. Despite mixed reports, U.S. consumer spending has remained robust. According to the Department of Commerce, personal […]

Third Quarter: Registering Moderate Growth

October 2016

The U.S. economy continues to register moderate growth supported largely by the consumer-oriented sectors of the economy, with business investment and government spending making a modest positive contribution. The industrial sector and exports are struggling with tepid global demand and the impact of a stronger U.S. dollar. With the U.S. labor market approaching full employment, wage growth remains on an uptrend, but the pace remains below historical norms. Pricing power has been elusive and inflation remains benign. Focused on cost-cutting and efficiency, firms […]

Emerging Markets Investing: Bridging the Return Gap

September 2016

Emerging Market equities have bounced back in 2016 after five years of disappointing returns.
Today, investors face stretched valuations in the U.S. and other developed economies as growth
around the world has become more difficult to find. We maintain that an allocation to Emerging
Market equities can help bridge the return gap in a low yield, modest return environment and
ultimately improve investor outcomes. With that in mind, we asked Westwood International
Advisors’ (WIA) Emerging Markets Portfolio Manager, Patricia Perez-Coutts, to share her insights on the
current state of […]

2016 Election: 10 Financial Trends Your Should Know

August 2016

This year’s elections, especially the Presidential race, have captured attention for months. On the heels of the party conventions this summer, we have had many clients inquire about our expectations for the markets depending on the election outcome. We turned to our trusted partners at Strategas, a leading research and advisory firm. Dan Clifton, partner and head of the Washington Office for Strategas, shared some interesting insights on historical election cycles that we wanted to pass along to you this month.

Dan, you’ve researched […]

Second Quarter Review: The Rollercoaster Ride Continues

July 2016

2016 Second Quarter and One-Year Trailing Returns Across Asset Classes


Looking back, the aftershock of the Brexit vote by the U.K. became top of mind for investors as the unexpected became reality. Central banks around the world were quick to position themselves as a liquidity backstop to the markets, should they have needed them. Investors lowered their risk exposures with an orderly sell-off on the news of Brexit despite the initial shock. The S&P 500 tumbled 5% over two days; however, a sharp rebound […]

Low-Volatility Equity Investing: Global Convertibles

June 2016

Low-volatility equity strategies have emerged as a viable option for investors seeking risk-managed growth. Interest in de-risking equity portfolios continues to grow given increased volatility and emphasis on loss limitation. Much of this interest can be attributed to factors that may persist, such as global growth concerns, negative real interest rates, global currency volatility and lack of stability in the commodity complex. With that in mind, we asked Westwood Management’s Global Convertibles Portfolio Managers, David Clott and Shawn Mato, to share their insights on […]

There’s oil in your wallet

May 2016

The price of oil per barrel and the price at the pump dominate the news and are complicated by machinations with the Organization of the Petroleum Exporting Countries (OPEC) and international diplomacy, as well as concerns about the environmental impact of drilling. Oil is so pervasive in our economy that it impacts us all in the markets – far beyond the price per barrel. So we asked our internal experts at our affiliate, Westwood Management Corp., Todd Williams, CFA – Senior Vice President […]

First Quarter Review: A Tale of Two Markets

April 2016

U.S. Equity

The S&P 500 ended the first quarter of 2016 with a slight gain after rallying in fourth quarter 2015. While the Index’s 1.35% return may seem modest, it was an impressive result in light of the fact that the Index logged its worst start to a year, ever. The year began with negative equity performance in January that flipped to a sharp move up in equities mid-February, continuing into March. The first half of the quarter was driven by accelerated depreciation in […]

Volatility: Where are the bright spots in this bumpy ride?

March 2016

Recent bouts of volatility have unnerved many investors. At Westwood we believe this is a return to more normal levels of volatility and is a healthy sign. Some investors will invariably decide the volatility is too much and it is time to stand on the sidelines. For those who are long-term investors, this presents a great opportunity to identify unique opportunities given the changing market environment. With that in mind, we interviewed two senior members of our investment team, Lisa Dong, CFA and […]