Performance with Prudent Stewardship and Stability.
The overriding tenet of our philosophy is to preserve capital and enhance its purchasing power. Our non-profit clients come to us with significant assets, usually the result of the generosity of philanthropists and the ongoing, prudent stewardship by Trustees and staff. They turn to us for stability in their investments and, where relevant, a better understanding of the interrelationship between the organization’s operating performance, debt structure, capital pools and the supporting endowment or foundation. We honor that trust by crafting investment programs that seek to protect capital while meeting long-term investment objectives.
For the eighth consecutive quarter, the US stock market moved upwards, confounding those who have been calling for an imminent correction. Despite valuation and geopolitical concerns, weather-related acts of destruction, and deep societal and political divisions here and abroad, the economic picture has brightened. A combination of business fundamentals, economic data and policy expectations has underpinned the ongoing strength of risk assets. Most importantly, the sharp uptick in corporate earnings and the prospect for even further earnings advancement has given “cover” to valuation doves. Globally, growth is accelerating as economic policies implemented over the past few years seem to be paying off. For the first time in more than a decade, all constituents of both the MSCI World Index of developed countries and the MSCI Emerging Markets Index are on a path of synchronized expansion.Click here to read the entire commentary