A we put 2020 firmly in the rear-view mirror, we simultaneously contemplate the state of fixed income markets as we head into 2021. We spent much of our commentary budget last year discussing the massive dislocation and subsequent recovery in fixed income markets while also viewing these from a historical perspective.
2020, a year characterized by a global pandemic, saw dramatic reversals in sentiment and leadership in equity markets. After being panic-stricken in the first quarter when the pandemic broke out…
On January 6, 2020, the world watched in astonishment as a mob stormed through the U.S. Capitol to reject the legitimacy of the democratically elected candidate’s presidential victory. Once again, we were reminded that it is policy and not politics that drives risk asset performance.
Xponance®, Inc. has been named one of the 2020 Best Places to Work in Money Management for firms with 20 to 49 employees, announced by Pensions & Investments today. This is the firm’s first award.
December 10, 2020—Philadelphia, PA   Chicago-based Rush University Medical Center has hired Xponance®, Inc. to provide passive equity investment management services at its November board of directors meeting. Xponance®, a 100% employee owned, diverse investment manager based in Philadelphia, will manage a $50 million S&P 500 Index assignment for Rush.
Despite a meaningful lead in national polls by former Vice President Biden over President Trump, the next President of the United States will be decided by the outcome in approximately 13 states …
The final stanza of 2020 is upon us, and the fixed income landscape looks quite complacent across many sectors of the market. Treasury rates are somewhat of an exception, as the re-steepening of the treasury curve is pronounced …
History teaches us that financial assets and markets can survive and indeed thrive under different political systems (see China and Thailand for example), but social unrest and instability are their common and universal kryptonite.
The third quarter of 2020 saw equity markets post strong gains, capping the best two-quarter performance since 2009. Despite a spike in coronavirus cases in June and July, there has been a slow but steady recovery in economic activity.
The bellwether index for U.S. equity markets, the S&P 500, has seen a steady increase in stock and sector concentrations since 2017. This has created implications regarding the drivers of market performance …
As we move into the second half of 2020, we can only look back on the first half in amazement. In fact, 1H20 was a tale of two halves, for markets generally and the fixed income markets specifically. As we noted in our commentary for 1Q20 March was one of the worst months for…
When this year began, no one could have predicted the path we would travel in just six short months. While the first quarter of 2020 was one of the worst on record, the second quarter was one of the best. Equity markets have experienced wild swings…
Having troughed in May, high frequency economic data snapped back sharply in June, albeit not to pre-virus levels. One such indicator – the Global purchasing managers’ index (PMI) markedly improved in June from 42.4 to 47.8; but remains in contractionary territory…
The recent past has seen extreme divergence in the performance of small cap stocks versus their large cap counterparts. We take a closer look at this underperformance and discuss the impact of different market environments on the returns generated by small cap stocks. …
As people of good conscience raise their voices in response to the killing of George Floyd and a justice system whose impartiality too often excludes black and brown peoples, Dr. King’s words 60 years ago should haunt us all…
Growth managers have been outperforming core benchmarks and value managers by a wide margin the past 3+ years (Chart 1). In this analysis, we dig a little deeper to see what investment approaches …
Small caps have enjoyed a structural size premium (Chart 1 and Chart 2). Moreover, we have long maintained that high active share strategies are best deployed in less efficient market segments such as…
Our employee-owned firm, Xponance®, is led by an experienced team of women and diverse professionals with a shared passion to act in good conscience for our clients, communities and each other. As part of this mission, we take environmental, social and governance (ESG) issues seriously.
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