Since the initial resolution of the European Sovereign debt crisis in 2012, many boutique managers have rated Eurozone equities as a particularly attractive risk/reward opportunity. The initial premise was related to profit normalization. Compared to their European counterparts, the Fed and U.S. government reacted faster and more aggressively to the Great Financial Crisis.
The second quarter of 2022 saw equity markets finish lower for a second straight quarter. The decline in the S&P 500 in the first half of 2022 has been the largest since 1970. Inflation concerns were the biggest drag on risk sentiment in the second quarter.
We open another quarterly commentary with a discussion of just how bad the quarter was for fixed income markets. At the same time, however, a host of metrics suggest that many fixed income valuations are as attractive as they have been in several years. While we think caution and patience are the operative words in the spread sectors, we note some extreme dollar price drops given the movement in both rates and risk premia over the course of 2022.
Q1 2022 saw the largest one quarter outperformance of international value in twenty years, and yet 93% of international value managers underperformed the international value benchmark.1 While the disruption of commodity markets from the invasion of Ukraine led to outsized returns in commodity sensitive stocks …
There are decades when nothing happens and there are weeks when decades happen. The last three years and particularly the weeks since February 24th have coughed up more so-called ‘tail-risk’ events than the entire pre-pandemic decade!
As we close what has been among the most tumultuous quarters in fixed income history, we are struck by the fact that we are about to discuss interest rate moves and total returns of historic magnitude. Unfortunately, the past two years have led us to utter similar statements rather often.
US equities came under pressure in the first quarter of 2022 with the S&P 500 suffering its first quarterly decline since the depths of the pandemic in March 2020. While the Fed’s hawkish policy pivot dominated the headlines …
David Andrade, Chief Technology Officer of Xponance and General Manager of Aapryl, spoke about how technology can make the investment manager selection process more efficient with Wei-Shen Wong of WatersTechnology.
In a perfect world (for boutique managers), investment talent and execution would be enough. The best managers would prove their worth through performance, and allocations would follow.
Like many global investment managers, we have been asked by asset owners, their consultants, and the media about our exposure to Russia as well as our perspective on the investment impact of Russia’s invasion of Ukraine.
Philadelphia, PA – February 1, 2022 – Xponance, Inc., a leading multi-strategy investment firm, and As You Sow, a nonprofit that promotes environmental and social corporate responsibility, today announced that they have formed a new partnership.
For most of the world, the hope for 2022 is that it is the least bad year of the last three. But for global financial markets, this feels like a far-too-lofty aspiration. Following years of surging returns formost financial assets over the past several years …
Sino-pessimism is easy to find these days, perhaps with good reason. China spent 2021 cracking down on its most lucrative businesses, shuttering entire for-profit sectors, seeing several large property companies teeter on the edge of bankruptcy, suffer energy shortages, constrain the economy under an ongoing zero-Covid policy.
As we contemplate fixed income markets in 2021 and what is in store for 2022, it seems clear an inflection point is upon us. We have spent a large amount of the past few commentaries discussing inflation and the implications …
US equities were higher in 2021 with the S&P 500 up for a third straight year. There were a number of big themes in focus during the year. Covid vaccinations formed a key piece of the bullish narrative, particularly over the first several months of the year.
Xponance, Inc., a multi-strategy investment firm & industry leader in sourcing alpha from diverse professionals and managers, announced today the hiring of industry veteran Lisa Hinds as Managing Director, Client Engagement and Sustainability.
PHILADELPHIA, Dec. 13, 2021 /PRNewswire/ — Xponance, Inc., a multi-strategy investment firm, has been named one of the 2021 Best Places to Work in Money Management for firms with 20 to 49 employees, announced today by Pensions & Investments. The publication’s 10th-annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.
Environmental, Social, and Governance (ESG) investing has been one of, if not the most topical strategies in the financial markets this year. While various forms of responsible investment have been utilized by asset managers for almost four decades …
As we enter the home stretch of 2021, we are struck by the notion that economic conditions might actually make fixed income interesting again! Coming from a market practitioner, this sentiment is a bit tongue-in-cheek …
