Quarterly Letters

All Posts
Quarterly Letters
Insights
Press

Jan 28
1 min

December 2020 Quarterly Letter

This quarter we discuss the financial markets' incredible resiliency and look ahead to 2021. The seeds have been planted for a robust...

107 views

Brant Smith

Dec 4, 2020
1 min

September 2020 Quarterly Letter

We review the implications of a low interest rate environment and presidential elections. Also, how are 60/40 portfolios doing?...

31 views

Sunjin Kim

Sep 21, 2020
1 min

June 2020 Quarterly Letter

Global equity markets quickly recovered from their March lows, posting gains of over 19%. We take a look at what the second half...

18 views

Sunjin Kim

Sep 12, 2020
1 min

March 2020 Quarterly Letter

Markets repriced in 2019 following a weak 2018. We take a look at the prospects for 2020 given market valuations are now on higher ground.

2 views

Sunjin Kim

Sep 12, 2020
1 min

December 2019 Quarterly Letter

Markets repriced in 2019 following a weak 2018. We take a look at the prospects for 2020 given market valuations are now on higher ground.

0 views

Sunjin Kim

Sep 12, 2020
1 min

September 2019 Quarterly Letter

How will institutions meet their return targets in the years ahead given the challenges record low and negative interest rates may create?

1 view

Sunjin Kim

Sep 12, 2020
1 min

June 2019 Quarterly Letter

When it comes to impact, ESG, and SRI approaches to investing, we believe that doing good does not mean an organization needs...

5 views

Sunjin Kim

Sep 12, 2020
1 min

March 2019 Quarterly Letter

Given an extended bull market this quarter, we'll look at the concept of debt, the government, and this not so new-fangled thing...

1 view

Sunjin Kim

Sep 12, 2020
1 min

December 2018 Quarterly Letter

2018 brought negative returns to nearly every asset class. How are fundamentals, valuations, and sentiment lining up for 2019?

0 views

{"items":["601334665d7fd6001850ab33","5fc98509d93c850017b56567","5f680d28f4b03700170692bc","5f5c548eb5c1610017813275","5f5c5423d65535001750cd2e","5f5c53b6cdf4000018402a4c","5f5c513a07f11c0017c55634","5f5c5091262e800017d78ebc","5f5c4f0f6b34b9001843985f"],"styles":{"galleryType":"Columns","groupSize":1,"showArrows":true,"cubeImages":true,"cubeType":"fill","cubeRatio":1.3333333333333333,"isVertical":true,"gallerySize":30,"collageAmount":0,"collageDensity":0,"groupTypes":"1","oneRow":false,"imageMargin":32,"galleryMargin":0,"scatter":0,"rotatingScatter":"","chooseBestGroup":true,"smartCrop":false,"hasThumbnails":false,"enableScroll":true,"isGrid":true,"isSlider":false,"isColumns":false,"isSlideshow":false,"cropOnlyFill":false,"fixedColumns":1,"enableInfiniteScroll":true,"isRTL":false,"minItemSize":50,"rotatingGroupTypes":"","rotatingCropRatios":"","columnWidths":"","gallerySliderImageRatio":1.7777777777777777,"numberOfImagesPerRow":1,"numberOfImagesPerCol":1,"groupsPerStrip":0,"borderRadius":0,"boxShadow":0,"gridStyle":1,"mobilePanorama":false,"placeGroupsLtr":true,"viewMode":"preview","thumbnailSpacings":4,"galleryThumbnailsAlignment":"bottom","isMasonry":false,"isAutoSlideshow":false,"slideshowLoop":false,"autoSlideshowInterval":4,"bottomInfoHeight":0,"titlePlacement":"SHOW_ON_THE_RIGHT","galleryTextAlign":"center","scrollSnap":false,"itemClick":"nothing","fullscreen":true,"videoPlay":"hover","scrollAnimation":"NO_EFFECT","slideAnimation":"SCROLL","scrollDirection":0,"scrollDuration":400,"overlayAnimation":"FADE_IN","arrowsPosition":0,"arrowsSize":23,"watermarkOpacity":40,"watermarkSize":40,"useWatermark":true,"watermarkDock":{"top":"auto","left":"auto","right":0,"bottom":0,"transform":"translate3d(0,0,0)"},"loadMoreAmount":"all","defaultShowInfoExpand":1,"allowLinkExpand":true,"expandInfoPosition":0,"allowFullscreenExpand":true,"fullscreenLoop":false,"galleryAlignExpand":"left","addToCartBorderWidth":1,"addToCartButtonText":"","slideshowInfoSize":200,"playButtonForAutoSlideShow":false,"allowSlideshowCounter":false,"hoveringBehaviour":"NEVER_SHOW","thumbnailSize":120,"magicLayoutSeed":1,"imageHoverAnimation":"NO_EFFECT","imagePlacementAnimation":"NO_EFFECT","calculateTextBoxWidthMode":"PERCENT","textBoxHeight":0,"textBoxWidth":200,"textBoxWidthPercent":50,"textImageSpace":10,"textBoxBorderRadius":0,"textBoxBorderWidth":0,"loadMoreButtonText":"","loadMoreButtonBorderWidth":1,"loadMoreButtonBorderRadius":0,"imageInfoType":"ATTACHED_BACKGROUND","itemBorderWidth":1,"itemBorderRadius":0,"itemEnableShadow":false,"itemShadowBlur":20,"itemShadowDirection":135,"itemShadowSize":10,"imageLoadingMode":"BLUR","expandAnimation":"NO_EFFECT","imageQuality":90,"usmToggle":false,"usm_a":0,"usm_r":0,"usm_t":0,"videoSound":false,"videoSpeed":"1","videoLoop":true,"jsonStyleParams":"","gallerySizeType":"px","gallerySizePx":940,"allowTitle":true,"allowContextMenu":true,"textsHorizontalPadding":-30,"itemBorderColor":{"themeName":"color_12","value":"rgba(237,237,237,1)"},"showVideoPlayButton":true,"galleryLayout":2,"targetItemSize":940,"selectedLayout":"2|bottom|1|fill|true|0|true","layoutsVersion":2,"selectedLayoutV2":2,"isSlideshowFont":false,"externalInfoHeight":0,"externalInfoWidth":0.5},"container":{"width":940,"galleryWidth":972,"galleryHeight":0,"scrollBase":0,"height":null}}