MARKET COMMENTARY

Volatility Marks Changing Weather for Investors

Volatility spiked in February, reaching an intraday high unseen since the 2008 financial crisis. We look at how a mix of investors helped drive a major theme for Q1.

04.30.2018 - Ian Riach, Chief Investment Officer

Volatility Marks Changing Weather for Investors

Equity market volatility became the catchphrase early in the new year. After experiencing very subdued levels for most of 2017, we saw the Chicago Board Options Exchange SPX Volatility Index (commonly known as the “VIX”) rise off historic lows in the first few weeks of January and then, on February 6, spike to an intraday high unseen since the 2008 financial crisis. The VIX is primarily used by the investment industry to estimate future equity market volatility, but its dramatic move also caught the mainstream media’s attention.

We believe many reasons, from both fundamental and technical standpoints, sparked the VIX’s behavior. Some of the more likely fundamental reasons include:

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MARKET COMMENTARY

Adjusting for Positive Performance

04.30.2018 Scott Guitard, Vice President, Portfolio Manager

Our disciplined strategy and ongoing tactical positioning continue to pass market tests and build generally positive performance. See how this quarter unfolded.

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MARKET COMMENTARY

Inflation Surprise This Spring?

04.30.2018 Giles Marshall, Vice President, Portfolio Manager,

Nine years of economic expansion and inflation nowhere to be seen—until now? We spot inflation sightings and highlight the potential impact on bonds and equity markets.

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