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Quarterly Commentary

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4Q16 CIO Commentary

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4Q16 CIO Commentary

In this quarter's CIO commentary, we take a look at the winners and losers coming out of the Trump victory, make a deep dive into the risk-reward tradeoffs offered you US equities at the moment, and name the one US foreign relationship to watch most closely in the Trump era.

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3Q16 CIO Commentary

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3Q16 CIO Commentary

Quarterly recap, election edition. We recap the 3rd quarter, including:

 — the issues that face Europe are many
 — the US election is looking a lot like the UK's EU referendum did one month out
 — expect a 7.5% return from this market? Think again. We have.

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1Q16 CIO Commentary

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1Q16 CIO Commentary

We recap 1Q16, including:

 — the spread of negative interest rates
 — the downside risk from upcoming UK & US votes
 — VMNFX named Morningstar Alternative Fund of the Year
 — the case for Euro equities and the case against fixed income

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4Q15 CIO Commentary

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4Q15 CIO Commentary

After a sharp contraction in the third quarter, developed equity markets rebounded strongly in the final quarter of 2015. U.S. equity markets led most regions in the fourth quarter, despite selling off more mildly in the previous quarter. Emerging market equities followed up its dreadful 18% third quarter decline with lackluster performance in the fourth quarter. Aggressive government stimulus and minor currency depreciation ameliorated concerns of a hard landing in the Chinese economy, driving the Shanghai Composite Index up 16% during the quarter. Fixed income sold off modestly.