Nicholas Bohnsack
Chief Executive Officer

Envestnet’s Quarterly Market Rundown with Nicholas Bohnsack: Part Two, Artificial Intelligence

02/29/2024

Strategas Asset Management CEO & Portfolio Manager, Nicholas Bohnsack sits down Dana D’Auria of Envestnet for Part Two of Quarterly Market Rundown to discuss the impact of artificial intelligence on the investment landscape.

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Past performance is not indicative of future results.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.  Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

This communication was jointly prepared by Envestnet, Inc. and Strategas Asset Management, LLC ("we" or "us" or “our”). This communication represents our views as of 2/15/2024, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC and Envestnet, Inc. are separate and unaffiliated firms. This material should not be construed as a recommendation or endorsement of any particular product, service, or firm. Strategas Asset Management, LLC is an SEC Registered Investment Adviser affiliated with Strategas Securities, LLC, a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser. Both Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

Jerry Hendricks
Portfolio Manager

Three Key Data Points You Need Know This Week

02/27/2024

1. Macro Update with NB.

  • Strategas’ President and Head of Portfolio Strategy, Nicholas Bohnsack (NB), sits down with Envestnet’s Co-Chief Investment Officer, Dana D’Auria, to run through his latest macro thoughts on the overall investment landscape.  Watch Part 1 here:  Envestnet’s Quarterly Market Rundown with Nicholas Bohnsack
  • Items of note which NB and team are watching as we head towards November elections:
    • Inflation and the volatility of inflation expectations.
    • Level-setting valuations in line with interest rates and operating margins.
    • Identifying organic drivers of growth to pull capital into the economy and drive expansion.
  • Prior rate hikes historically have had an inverse relationship with corporate profitability and thus we are watching for reported net income and margin figures for any signs of sustainable weakness.

Source: FactSet Research Systems Inc. and Strategas Securities, as of February 13, 2024

2. Strategas’ Head of Policy Research, Dan Clifton's latest thoughts from his Feb 20th Policy Webinar:

  • Reelection years have averaged significantly stronger returns over open election years since 1960. This year is, so far, trending with past re-election years’ average performance.
  • Presidents have a strong incentive to keep the economy strong heading into re-election, as avoiding a recession has been 100% correlated with presidential re-elections as far back as 1912. Biden is directly employing, or benefitting from, several tools and actions currently.
  • The 2024 election will be decided by voters in a handful of states, but that decision will have huge implications for markets as former President Trump is eyeing an aggressive trade and immigration agenda coupled with deregulation while President Biden wants to continue his green energy agenda and Democratic spending priorities. The outcome of the White House, House and Senate will shape how policymakers navigate a massive fiscal cliff coming in 2025 as the 2017 tax cuts, ACA premium tax credits, and other measures expire. 

With such continued ambiguity surrounding the investment landscape due to the varying paths for policy, we believe the Strategas Global Policy Opportunities ETF (ticker SAGP) is well positioned to take advantage of such uncertainty as we enter into, what could be, a wild election year with numerous elections around the globe.

Source: Bloomberg LP and Strategas Securities, as of February 20, 2024

3. Thoughts from the Road.

  • While discussion around Nvidia Corp (ticker NVDA) dominated most of the conversations Strategas’ Head of Technical & Macro Strategy, Chris Verrone, had on the road recently, their positive earnings results may have eased some anxiety. 
  • He finds it a bit odd that there is such focus on Nvidia at the expense of the rest of the market where he observes strength has clearly broadened amongst other sectors such as Financials and Healthcare.
  • Additionally, greater than 80% of the small sample of institutional clients Chris spoke with, believe the next 5% move in the S&P 500 would be to the upside.
  • Chris also notes that there seems to be a lack of focus on Japan, as their equity market just broke out to a new, almost 35 year high.
  • Furthermore, while Strategas’ Chief Economist, Don Rissmiller, believes a rate cut won’t occur before June, consensus from Chris’s client meetings is for 50bp in rate cuts for the year…for now. Don also observes that rate cut expectations have been changing considerably of late, making a true consensus call difficult.

Source: Bloomberg LP and Strategas Securities, as of February 23, 2024

 

 

For more information on our specific Exchange Traded Products, please visit our website www.strategasetfs.com. For additional information on Strategas Asset Management, how to access our research or our other investment solutions please visit www.strategasasset.com or contact Patrick Rista, prista@strategasasset.com / (646) 292-7984 / or Jonathan Matta, jmatta@strategasasset.com / (216) 373-4145.

 

 

Past performance is not indicative of future results.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”).  This communication represents our views as of 02/23/2024, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product.  This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Nicholas Bohnsack
Chief Executive Officer

Envestnet’s Quarterly Market Rundown with Nicholas Bohnsack

02/23/2024

Strategas Asset Management CEO & Portfolio Manager, Nicholas Bohnsack sits down Dana D’Auria of Envestnet to share Strategas Asset Management’s Macro & Research outlook in Envestnet’s Quarterly Market Rundown.

 

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Past performance is not indicative of future results.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.  Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

This communication was jointly prepared by Envestnet, Inc. and Strategas Asset Management, LLC ("we" or "us" or “our”). This communication represents our views as of 2/15/2024, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC and Envestnet, Inc. are separate and unaffiliated firms. This material should not be construed as a recommendation or endorsement of any particular product, service, or firm. Strategas Asset Management, LLC is an SEC Registered Investment Adviser affiliated with Strategas Securities, LLC, a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser. Both Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

Jason Trennert
Chief Investment Officer

Strategan ETFs with Jason Trennert

01/23/2024

Strategas Asset Management CIO and Portfolio Manager Jason Trennert sits down with ETF Strategist Todd Sohn to explore the compelling case for investing in the Strategas Macro Thematic Opportunities ETF (ticker: SAMT) and dive into its key themes.

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To View Fund Holdings, Click Here. Holdings are subject to change.

 

Definitions:

The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States.  

Diversification is the process of spreading investments across different asset classes, industries, and geographic regions to reduce the overall risk of an investment portfolio. 

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.  

 

Past performance is not indicative of future results.

This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”).  This communication represents our views as of 01/18/2024, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product.  This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC is an SEC Registered Investment Adviser affiliated with Strategas Securities, LLC, a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser. Both Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

An investment in the Fund involves risk, including possible loss of principal.

Holdings are subject to change. Current and future holdings are subject to risk. 

Courtney Rosenberger Gelman
Portfolio Manager

Investing Through a Policy Lens: Why Now Might Be a Good Time to Consider a Policy ETF

11/02/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss why now might be a good time to consider a policy ETF in the finale of our six-part series, Investing Through a Policy Lens.

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

 

 

Dan Clifton
Portfolio Manager

Investing Through a Policy Lens: Why Now Might Be a Good Time to Consider a Policy ETF

11/02/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss why now might be a good time to consider a policy ETF in the finale of our six-part series, Investing Through a Policy Lens.

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

 

 

Courtney Rosenberger Gelman
Portfolio Manager

Investing Through a Policy Lens: How Can a Policy-related ETF Avoid Partisanship?

10/26/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton breakdown how a policy-related ETF can avoid partisanship

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

 

Dan Clifton
Portfolio Manager

Investing Through a Policy Lens: How Can a Policy-related ETF Avoid Partisanship?

10/26/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton breakdown how a policy-related ETF can avoid partisanship

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

 

Courtney Rosenberger Gelman
Portfolio Manager

Investing Through a Policy Lens: What sets the Strategas Global Policy Opportunities ETF (NYSE: SAGP) apart from other policy ETFs?

10/19/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss how the Strategas Global Policy Opportunities ETF (NYSE: SAGP) works and why it stands out from other policy ETFs in this week's edition of Investing Through a Policy Lens

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

Dan Clifton
Portfolio Manager

Investing Through a Policy Lens: What sets the Strategas Global Policy Opportunities ETF (NYSE: SAGP) apart from other policy ETFs?

10/19/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss how the Strategas Global Policy Opportunities ETF (NYSE: SAGP) works and why it stands out from other policy ETFs in this week's edition of Investing Through a Policy Lens

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

Jason Trennert
Chief Investment Officer

Market and Fund Update: Deglobalization Focus

10/13/2023

Strategas Asset Management CIO and Portfolio Manager Jason Trennert examines how the Strategas Macro Thematic Opportunities ETF's (ticker: SAMT) theme of De-Globalization is faring in the context of the current geopolitical landscape.

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Past performance is not indicative of future results.

This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”).  This communication represents our views as of 10/09/2023, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product.  This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC is an SEC Registered Investment Adviser affiliated with Strategas Securities, LLC, a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser. Both Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

An investment in the Fund involves risk, including possible loss of principal.

Holdings are subject to change. Current and future holdings are subject to risk. 

Courtney Rosenberger Gelman
Portfolio Manager

Investing Through a Policy Lens: How Lobbying Data Can Be an Asset When Investing

10/12/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss how lobbying data can be an asset when investing, in our third installment of Investing Through a Policy Lens

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The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

Dan Clifton
Portfolio Manager

Investing Through a Policy Lens: How Lobbying Data Can Be an Asset When Investing

10/12/2023

Strategas Asset Management Portfolio Managers Courtney Gelman and Dan Clifton discuss how lobbying data can be an asset when investing, in our third installment of Investing Through a Policy Lens

Loading the player...

The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. The linked video represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the fund or any security in particular. This research is provided for educational purposes only. Strategas claims no responsibility for its accuracy or the reliability of the data provided. This information is not intended to provide legal and/or tax advice. Please consult your financial advisor for further information. For fund holdings and standard performance click here https://strategasetfs.com/sagp. Holdings are subject to change. Information on non-Strategas funds is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares, other than the Strategas Fund, that is described in this video.

Jerry Hendricks
Portfolio Manager

Deploying a Recession Protection Theme

10/10/2023

Economic headwinds, elevated market valuations, and tight credit conditions have us on alert again for a slowing economy, or, at the very least, a repricing lower of the overall equity market.  In this light, we have adjusted our portfolio to a more defensive posture with the below summary of recent actions:

Summary of changes

  • Deployed a recession protection theme.
  • Reduced weight to our AI theme
  • Maintained weights to our De-Globalization and Cash Flow Aristocrats theme.
  • Maintained an elevated cash level.

                 Entering 2023, we were of the opinion that tighter monetary policy would eventually filter into demand (and thus the labor markets) to slow economic growth enough to present a recessionary environment.  What we did not count on was a reversal of tighter policies like we witnessed in March following the collapse and subsequent bailout of Silicon Valley Bank.  We believe the reduction in the Treasury General Account injected liquidity into the system and added to the subsequent buoyed consumer spending and a resilient labor market to help propel equity prices higher, forcing our hand into a barbell approach whereby we added our Artificial Intelligence theme and moved out of our more defensive positions.        

                 However, we now find ourselves at a crossroad, with the still elevated market valuations combining with tighter fiscal and monetary policies, upcoming economic headwinds, and an uncooperative treasury market.   To be sure, we find ourselves of the opinion that artificial intelligence will continue to have an impact on productivity in the long run and thus, should remain a part of the portfolio.  But with the liquidity impact of the Bank Term Funding Program waning, consumers savings accounts dwindling, fiscal support on the decline, and energy prices elevated, can the consumer continue to spend at the pace witnessed during the first 3 quarters of the year?  We believe that ultimately the fiscal bill will come due and the impact of such, will have a negative impact on economic data and equity prices.  This transition has us adjusting the portfolio by reducing (though not eliminating) our AI weights and adding a Recession Protection theme. In this mindset, we favor shorter duration equities, or those well-established companies which produce high levels of current cash flow, during this period in which we believe inflation and by extension, long-term interest rates, may remain elevated. 

Economic Headwinds

  • Tight monetary policy historically leads to weaker demand.
  • Consumer savings ebbing post COVID relief.
  • COVID aid programs down $48bn in the third quarter
  • Higher energy prices eating up more of consumer’s wallet.
  • Student loan payments resuming
  • West coast individuals paying delayed taxes from April.
  • Consumer confidence measures moving lower.
  • Banks tightening lending standards which historically hits manufacturing.,
  • The UAW strike (along with other strikes) impacting labor and supply.
  • Panama Canal disruptions impacting supply chains.
  • Global economies faltering:
    1. Europe has been mixed (and continues to see pressure from regional geopolitical issues).
    2. China, in contrast, has been weaker than expected this year.
  • Government Shutdown on hold but not resolved.
  • Labor market imbalance keeps the central bank restrictive.