Global Portfolio Strategy | May 4, 2022

Key changes from April report: No changes Stocks resumed their downward trajectory from earlier in the year as the S&P 500 Index slipped 8.8% in April, the worst April for the index since 1970. The loss, driven primarily by inflation and Federal Reserve rate hike...

Global Portfolio Strategy | April 7, 2022

Key changes from March report Reduced S&P 500 yearend fair value target to 4,800 – 4,900. Slightly reduced equities overweight and fixed income underweight Increased yearend U.S. 10-year Treasury yield forecast to 2.25% – 2.5%. Upgrading healthcare view to...

Global Portfolio Strategy | March 7, 2022

Key changes from February’s report: Downgrading developed international equities to negative from neutral Stocks fell in February, as the S&P 500 Index lost 3.3% for the month to bring the year-to-date decline to 8.2% as of February 28. Russia’s invasion of...

Global Portfolio Strategy | February 3, 2022

Key changes from January’s report: § Upgrading emerging market equities to neutral from negative Stocks fell in January, as the S&P 500 Index lost 5.3% for the month. The Federal Reserve’s dramatic hawkish pivot garnered most of the blame for the weak start of...

Global Portfolio Strategy | December 1, 2021

Key changes from November’s report: Downgraded materials sector view from positive to neutral Upgraded view on Treasury securities from negative to neutral Stocks fell slightly in November, as the S&P 500 lost 0.8% for the month. For much of the month, stocks...

Global Portfolio Strategy | October 11, 2021

As we highlighted a month ago, September has spelled trouble for stocks historically. Right on cue, the S&P 500 Index slumped 4.8% last month, its first monthly decline since January 2021. After such a strong rally since the pandemic low in March 2020 without so...