Research & Insights

Our investment decisions flow from incisive perspectives.

Category: Market Commentary

Q4 2019

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

With the US and China moving towards a slow-motion settlement (or more accurately, détente) of their trade conflict, investors were free to focus on the positives of ample liquidity, solid employment, muted inflation, and positive momentum… Read Full Post

Q3 2019

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

The month to month volatility seen in the second quarter continued in the third as competing narratives fought for investor mindshare.  On one hand, global growth showed more signs of a slow down with… Read Full Post

Q2 2019

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

In a seesaw market, much of the action was driven by investor perspectives on and news from trade disputes and central bank signaling.  Concerns over trade and a slowing macroeconomic growth outlook weighed on sentiment at… Read Full Post

Q1 2019

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

While significant, the drawdown and market pessimism seen at the end of 2018 was as short-lived as it was dramatic.  A somewhat abrupt about-face from the US Fed from prior hawkishness to moderate dovishness was enough… Read Full Post

December 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

After three quarters in which a host of geopolitical uncertainties and slowing global economic growth saw investors continue to boost US equities at the expense of everything else, the combination of increasing political dysfunction in the US… Read Full Post

November 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

Trade and geopolitical uncertainty continued to be on the forefront of investors’ minds in November. Although many markets (most notably emerging markets) posted positive returns for the month, the path to those gains was anything but smooth.… Read Full Post

October 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

October was host to a broad-based market decline as concerns over trade and uncertainty around the outcome of the impending US mid-term elections caused investors to reassess their positioning. The Russell 3000 Index finished the month with… Read Full Post

September 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

Trade was once again the most conspicuous concern for the markets in the quarter. With the posturing from each party becoming more and more confrontational, it was hard to see any “winners” emerging for all the “losses”… Read Full Post

August 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

August saw the continued dominance of the US markets. The Russell 3000 Index finished the month with a return of +3.5%. Smaller cap stocks led on increased risk appetite and a perception that they were more insulated… Read Full Post

July 2018

Kai W. Hong, CFA
Managing Partner & Chief Investment Strategist

July saw strong performance across most equity markets as concerns over the negative impact of trade wars subsided temporarily. The Russell 3000 Index finished the month with a return of +3.3%. Large cap stocks returned to the… Read Full Post

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