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Market Outlooks
Finding Dividends in Today’s Markets
This piece is approved to use with clients.
George Metrou, portfolio manager for the Dividend Select Equity Portfolios, talks about the poor performance of dividend-paying stocks so far in 2020, despite their reputation for being defensive. He also discusses why he holds cash, his thoughts on companies cutting dividends, and his outlook for income going forward.
Market Outlooks
Advisor Perspectives: CAPE is a Very Noisy Market Predictor
Analysts have many ways to estimate expected market returns. The challenge is to identify those few that provide usable information for making investment decisions. In this article, I discuss one of the common mistakes made in this type of analysis and why the cyclically adjusted PE (CAPE), developed by Robert Shiller, is not nearly as reliable a predictor of market returns as most claim it to be.
Market Outlooks
Behavioural Advisor: Beware Predictions and Magic Elixirs
The market and economy have gone through unprecedented events with a global pandemic, the shut-down of economies, massive government intervention and dramatic market swings.
Active/Passive Management
Advisor Perspectives: The Dawn of a New Active-Equity Era
Is the market environment turning favorable for active equity managers? It seems a strange question to ask in the midst of a pandemic and heightened market volatility, but history tells us that it is during just such turbulent times that active managers excel. There is accumulating evidence that market conditions are growing more attractive for showcasing stock-picking skills.
Market Outlooks
‘Essential Businesses’: Managing Focused Stock Portfolios in a COVID-19 World
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Our equity portfolio managers talk about how they're navigating the COVID-19 crisis and their outlook.
Market Outlooks
U.S. vs. International Stocks: Will Next Decade’s Performance Look Different From the Last?
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International equity markets have trailed the U.S. for more than a decade. Does that make this asset class an opportunity or a value trap? We describe why we think international markets are poised for outperformance.
Market Outlooks
After the Rebound, Is It Time to Sell?
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We believe markets have priced in a fairly optimistic economic recovery from the coronavirus crisis, but some markets have increased significantly, while others have lagged. Here’s our take on long-term opportunities.
Behavioral Finance
Behavioral Lessons in Difficult Times
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Even in the best of times, investing can be challenging. Ryan Murphy, Morningstar Investment Management head of Decision Sciences, discusses how, in difficult times, it can be helpful for investors to take pause.
Market Outlooks
Our Valuation-Driven Asset Allocation Views Looking Beyond COVID-19
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While we haven’t faced a global pandemic of this kind before and the path to normalization is uncertain, we are encouraged by the aggressive policy response from central banks and governments which we think will be effective in averting a financial crisis. Thus, we think the recent sell-off has created significant opportunities for long-term investors like us. Read our commentary to learn our latest thinking.