Xponance® Quarterly Reports Archives - Xponance | Asset Management and Investment

U.S. Fixed Income: Q4 2023 Update

Charles Curry Jr and Noel McElreath — Mon, 29 Jan 2024 19:24:21 +0000

The 4th quarter Treasury and spread rally rescued the broad fixed income market from another year of negative or barely positive (depending on sector) returns. In traditional bond market fashion, however, we find much to worry about with stretched valuations in most of the spread sectors and an uncertain path forward for the economy and interest rates.

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Systematic Global Equities: Q4 2023 Update

Sumali Sanyal and Cameron McLennan — Wed, 24 Jan 2024 20:46:40 +0000

As 2023 drew to a close, the financial markets began to manifest the early signs of a soft-landing scenario, marked by a robust rally in equity markets in the fourth quarter, showcasing double-digit gains. This period was characterized by broadening of market strength, with notable outperformance by small-cap stocks, heavily shorted names, lower-quality companies, unprofitable tech, and a mix of long-duration, meme, cyclical, and value stocks.

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U.S. Fixed Income: Q3 2023 Update

Charles Curry Jr and Noel McElreath — Fri, 27 Oct 2023 17:29:06 +0000

In this quarter’s update, we begin by looking at interest rates at the very broadest levels, i.e. Treasury markets and Federal Open Market Committee (FOMC) actions. We then take stock of the fixed income landscape, looking at current market metrics against a historical backdrop.

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Multi-Manager Platform: Q3 2023 Update

Thomas Quinn — Wed, 25 Oct 2023 19:37:23 +0000

In recent years, the investment landscape has been significantly influenced by unprecedented monetary and fiscal stimuli, leading investors to focus on changes in inflation. But the front lines for significant government and central banks’ war against inflation have significantly diverged.

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Systematic Global Equities: Q3 2023 Update

Sumali Sanyal and Cameron McLennan — Mon, 23 Oct 2023 19:51:06 +0000

The key question going into the final quarter of 2023 and glancing towards 2024, is whether U.S. consumers, that account for roughly two-thirds of its total activity, will continue to keep the economy afloat.

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U.S. Fixed Income: Q2 2023 Update

Charles Curry Jr and Noel McElreath — Wed, 19 Jul 2023 21:59:01 +0000

As we embark on the second half of 2023, we find a market in conflict. Despite the continued (relative) hawkishness by the Federal Reserve Open Market Committee (FOMC) and its members, most risk assets have continued to perform well.

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Systematic Global Equities: Q2 2023 Update: Navigating Uncertainty

Sumali Sanyal and Cameron McLennan — Wed, 19 Jul 2023 17:01:49 +0000

The second quarter of 2023 saw US equities climb higher powered by large cap growth companies leveraged to the AI (Artificial Intelligence) theme. A pickup in soft-landing expectations seemed to be among the more powerful tailwinds for equity markets.

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Multi-Manager Platform: Q1 2023 Update: Old Wisdom for New Risks: Navigating Market Uncertainty in Multi-Manager Portfolios

Thomas Quinn — Fri, 28 Apr 2023 14:42:31 +0000

In an ever-evolving investment landscape, the success of active managers extends beyond traditional fundamentals and analyst outlooks. Macro and geopolitical risks have taken center stage, transforming manager evaluation and portfolio construction.

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Alpine Snowball: Q2 2023 Market Outlook

Adam Choppin — Wed, 26 Apr 2023 18:14:28 +0000

The graveyard of once legendary business franchises has just added one more new member to its ignominious fraternity. The hastily arranged acquisition of Credit Suisse by its chief Swiss rival UBS in March 2023, ended the 166-year run of the global symbol of Swiss banking largesse. Credit Suisse was once the 15th largest bank in the world with offices in 50 countries and assets of over $1 trillion USD.

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Systematic Global Equities: Q1 2023 Update: Muddy Waters

Sumali Sanyal and Cameron McLennan — Thu, 20 Apr 2023 15:46:45 +0000

US equities were generally higher in the first quarter of 2023, but intra-quarter performance was mixed. The S&P 500 gained for a second straight quarter and got off to a strong start with over 6% returns in January, its best January since 2019.

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