Policy Opportunities

Companies often use lobbying to position themselves before a shift in public policy or, to fend off challenges to their business model.
“Rent Seeking” is not a traditional factor accounted for in investment analysis and
can positively impact corporate profits via changes in public policy.

New Sovereigns

Aggressive "beggar thy neighbor" monetary policy has pushed the yield of sovereign credit to multi-cycle lows;
in some instances these rates globally have gone negative. The concomitant currency debasement has eroded the relative "safety" premium relative to equities, creating an opportunity for an alternative.

Dividend Growth

The scarcity of yield from conventional sources and the increasingly lofty valuations has created a need for a more nuanced approach to dividend investing. Companies scoring well by dividend yield and dividend growth have, independently, produced the strongest risk-adjusted returns. Together they are the powerful source of total return.

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INSIGHT

Jan'19 Bohnsack

Give A Little, Get A Little

The S&P 500 was down -19.8% percent from its all-time closing high in September to its December Christmas Eve low. Since then a rally of more than +11% has reduced investor pessimism, but raises the question: Where do we go from here? In this month’s Insight, we address this question and provide our take on an approach investors should consider.
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INSIGHT

Dec'18 Bohnsack

'Tis the Season

In this month’s Insight, the team discusses their outlook as we head into 2019. Despite a global growth slow down they remain constructive as the data continues to support solid retail sales, underpinned by full employment, rising wages, manageable inflation, and stable prices. U.S. investors have indicated their preference for a slower pace of rate hikes, underscored by a major decline in the indices recently.