2015 Year in Review | January 2016

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

The first half of 2015 largely continued the choppiness of the prior year as many markets remained somewhat rangebound. Markets were fairly narrow with a handful of larger cap, growth-oriented names with the so- called “FANGs” – Facebook, Amazon, …

Read More


2014 Year in Review | January 2015

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

Unlike 2013 which was mostly a straight path upwards, 2014 was characterized by alternating periods of rally and reversal, so much so that the Russell 3000 Index was essentially flat through mid-October.  Strong US economic and company …

Read More


Risk and the Real World | September 2014

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

Fundamentally, risk can be seen as the probability of not meeting one’s expectations. In this context, risk may lead to positive or negative outcomes, but most focus is given to downside risks (a negative result on both an absolute …

Read More


Russia Sanctions Highlights | August 2014

Faith Musingarimi, Assistant Vice President at Bivium Capital

Sanctions on Russia stemming from its annexation of Crimea in March have evolved from initial restrictions on some high profile Russian individuals, to most recently, sanctions targeting key Russian industries as the Ukrainian crisis has continued to escalate. Following the July announcements by …

Read More


2013 Year in Review

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

If 2012 could be described as “exceptional,” 2013 was truly “astounding.” However unlike the previous year, regional and asset class differences were stark. US equities as represented by the Russell 3000 Index finished with a +33.6% return, the developed …

Read More