Brown Advisory

MARCH 18, 2022

CIO Perspectives Webinar, 2022 Asset Allocation Outlook mhannan Fri, 03/18/2022 - 06:42 Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. The war in Ukraine is causing even more uncertainty.

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Brown Advisory

MARCH 18, 2022

CIO Perspectives Webinar, 2022 Asset Allocation Outlook. Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. CIO Perspectives Webinar, 2022 Asset Allocation Outlook . Fri, 03/18/2022 - 06:42. Download transcript. Watch the Video.

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James Hendries

NOVEMBER 3, 2022

The market is always forward-looking, and asset prices tend to reflect what may happen months or quarters ahead. As we look ahead, the months of November and December have historically been constructive for asset prices. References to markets, asset classes, and sectors are generally regarding the corresponding market index.

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ClearMoney

NOVEMBER 4, 2021

As with many things in life, the truth is somewhere between the extremes: While both simulated and real-world data suggest momentum may not be suitable as a driver of long-term asset allocations, we believe momentum considerations can be integrated in a cost-effective way to help inform daily portfolio management decisions.

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Brown Advisory

JULY 24, 2018

But beyond the economic cycle’s age, several factors suggest that a more defensive mindset is worth considering: Valuations are elevated. Robust Q1 2018 earnings growth improved the valuation picture for U.S. It is worth noting that valuations are more reasonable in developed international and emerging markets; however, U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Brown Advisory

JULY 24, 2018

But beyond the economic cycle’s age, several factors suggest that a more defensive mindset is worth considering: Valuations are elevated. Robust Q1 2018 earnings growth improved the valuation picture for U.S. It is worth noting that valuations are more reasonable in developed international and emerging markets; however, U.S.

Valuation 52

Valuation Economics Asset Allocation Clients 52

Investing Caffeine

APRIL 1, 2022

Even our government is now attempting to increase supply by releasing up to 180 million barrels of oil from our country’s Strategic Petroleum Reserve (the largest release in the almost 50-year history of the reserve ), while also pushing for penalties on those energy companies sitting on unused permits (i.e., www.Sidoxia.com.

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Brown Advisory

FEBRUARY 15, 2019

Later in the year, markets became anxious about other topics, such as a potential economic slowdown, a new level of dysfunction in Washington (including unusual executive challenges to the Fed's independence and an extended partial government shutdown), and escalating trade disputes between the U.S.

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Investing Caffeine

FEBRUARY 1, 2022

As I have discussed numerous times in the past, money goes where it is treated best, which is why interest rates, cash flows, and valuations play such a key role in ultimately determining long-term values across all asset classes. With that said, I am always quick to point out that diversification in a portfolio is important (i.e.,

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Brown Advisory

NOVEMBER 12, 2019

On the other hand, based on the normal relationship of earnings multiples to interest rates, stocks are meaningfully undervalued relative to bonds and appear to be one of the few asset classes offering the prospect of inflation-beating returns. And is there enough concern over such a prospect to seriously undermine investor confidence?

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Brown Advisory

NOVEMBER 12, 2019

On the other hand, based on the normal relationship of earnings multiples to interest rates, stocks are meaningfully undervalued relative to bonds and appear to be one of the few asset classes offering the prospect of inflation-beating returns. And is there enough concern over such a prospect to seriously undermine investor confidence?

Investing 52

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James Hendries

MARCH 13, 2023

Instead, we got a shockingly fast collapse of a financial institution with over $200 billion in assets, which turned the market’s focus toward the stability of the banking system and what systemic risks banks might be facing. But valuations strongly favor value over growth. The S&P 600 small cap index has returned about 1.5%

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Truemind Capital

APRIL 19, 2024

Central Governments have given hope of meaningful rate cuts within this year. Equity markets are riding on the expectations of the strong comeback of the NDA-led Government resulting in policy continuity. Indian equity benchmark BSE Sensex went up by only 2% due to already stretched equity valuations.

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Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S.

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Brown Advisory

AUGUST 1, 2018

We tend to be strategic rather than tactical in our approach to investing, but a combination of recent fundamental developments and valuation changes has caused us to add a note of caution in conversations with clients and in the management of their portfolios. Concentration: Much of the U.S. Risks in Bonds.

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Brown Advisory

JUNE 3, 2015

Ahead of the first tightening by the Federal Reserve in nine years, we are shifting into less-traditional assets, anticipating that, at best, U.S. In anticipation of the policy switch, we have reallocated across a wide range of asset classes in an effort to limit risks and seize new opportunities. The Advisory | June 2015.

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Brown Advisory

APRIL 1, 2015

Almost exactly five years ago, we wrote a piece entitled Bubbles, which discussed the sharp rally in stocks from the lows of early 2009 and the risks of the growing federal deficit that resulted from government bail-outs and fiscal stimulus during the financial crisis. Not only have U.S. So, it may be a good time to revisit the bubbles theme.

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Brown Advisory

JUNE 21, 2017

Generally, index fund fees are low because management costs are minimal (investment judgment is not required to track an index) and administrative expenses are typically spread over a large asset base. are there better or worse moments in time to enact an indexing strategy) and choice of asset class (i.e.,

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Brown Advisory

JUNE 21, 2017

Generally, index fund fees are low because management costs are minimal (investment judgment is not required to track an index) and administrative expenses are typically spread over a large asset base. are there better or worse moments in time to enact an indexing strategy) and choice of asset class (i.e.,

Investing 52

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Brown Advisory

SEPTEMBER 3, 2015

Consider this scenario: An economy is shrinking, government debt is ballooning and emigration is eroding the workforce. Yet creditors shrug off signs of decline and cling to public-sector bonds yielding as much as 15%—until the government abruptly drops the pretense of fiscal solidity and labels the debt unpayable. Not Appropriate.

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The Big Picture

MARCH 5, 2024

So they’d give individual asset allocation to people and they’d go invest their money. 00:14:30 [Speaker Changed] I talked about setting up the infrastructure to prepare to invest, and we looked at every asset class. What happened over the last year and a half or so is rates went up and valuations went down.

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Banking Portfolio Assets Investing 141

James Hendries

SEPTEMBER 27, 2022

The LPL Research Strategic and Tactical Asset Allocation Committee is increasing its recommended interest rate exposure in its tactical allocation from underweight to neutral. In the form of high-quality bonds, interest rate exposure has been a good diversifier to equity risk. Core vs Core Plus Bond Implementation.

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Brown Advisory

MARCH 28, 2019

The “5% rule” was instituted in 1981 by the IRS; this rule requires private foundations to distribute at least 5% of portfolio assets each year, and over time this rule has been voluntarily adopted by nonprofits of all types. Each “shoestring” curve represents the expected outcomes for various allocation targets, assuming a given spend rate.

Asset Allocation 52

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Brown Advisory

MARCH 28, 2019

The “5% rule” was instituted in 1981 by the IRS; this rule requires private foundations to distribute at least 5% of portfolio assets each year, and over time this rule has been voluntarily adopted by nonprofits of all types. Each “shoestring” curve represents the expected outcomes for various allocation targets, assuming a given spend rate.

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James Hendries

JUNE 26, 2023

However, the impending end of the Federal Reserve (Fed) rate-hiking campaign, and the economy’s and corporate America’s resilience, help make the bull case that steers LPL Research toward a neutral, rather than negative, equities view from a tactical asset allocation perspective. At the same time, the resilience of the U.S.

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Brown Advisory

OCTOBER 11, 2021

In this brief paper, we will touch on what we believe are some of the most important issues and questions—including the different types of assets, return potential, fees, liquidity, diversification, volatility and transparency—that investment committees must understand as they weigh adding alternatives to their portfolios. Source: BLOOMBERG.

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Brown Advisory

OCTOBER 11, 2021

In this brief paper, we will touch on what we believe are some of the most important issues and questions—including the different types of assets, return potential, fees, liquidity, diversification, volatility and transparency—that investment committees must understand as they weigh adding alternatives to their portfolios. Source: BLOOMBERG.

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Assets Portfolio Risk Tolerance Asset Allocation 52

James Hendries

JULY 13, 2022

Increased equity exposure in tactical asset allocation from 62% to 65%. Reduced low duration core bond allocation and increased allocation to small cap equities. The Strategic and Tactical Asset Allocation Committee (STAAC) changed its recommended asset allocation for July, shifting from core bonds to small cap equities.

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The Big Picture

NOVEMBER 8, 2022

No, I — the first thing I spoke at was a Goldman Sachs Asset Management conference, strange enough in a place called Carefree, Arizona. CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. So — CHANCELLOR: Well, yes. CHANCELLOR: Yes and no.

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James Hendries

NOVEMBER 15, 2022

One equity market debate discussed frequently in the LPL Research Strategic & Tactical Asset Allocation Committee (STAAC) is the growth vs. value style reversal experienced the past 12 months. Increasing the discount rate, which lowers the present value of future cash flows, and company valuations.

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Brown Advisory

MARCH 30, 2018

While February’s volatility did not materially change our asset allocation views, it reinforced to us the importance of a comprehensive discussion about how we think about risk and how we manage it. a maximum and minimum percentage) that serves as a boundary for our ongoing allocation to each asset class.

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James Hendries

JANUARY 13, 2023

economy to avoid recession, and support above-average valuations. The relationship between inflation and stock valuations is a strong one, as shown in Figure 2 , which meant the market could no longer support price-to-earnings (P/E) ratios over 20 (the same goes for the relationship between interest rates and stock valuations).

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Marketing Marketing Valuation Asset Allocation 52

James Hendries

AUGUST 15, 2022

The Strategic and Tactical Asset Allocation Committee (STAAC) made no changes to its recommended asset allocation for August. Corporate bonds are considered higher risk than government bonds. It is also a major component used to calculate the price-toearnings valuation ratio. We could see a retest of 3.5%

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James Hendries

JUNE 20, 2023

As such, we don’t think it will be long before official government numbers reflect the decrease in rent prices. LPL’s Strategic and Tactical Asset Allocation Committee (STAAC) recommends a neutral tactical allocation to equities, with a modest overweight to fixed income funded from cash. All index data from FactSet.

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Brown Advisory

SEPTEMBER 22, 2017

ESG and the Stock-­Picker’s Dilemma achen Fri, 09/22/2017 - 12:58 One of the greatest challenges that public equities investors face to integrating environmental, social, and governance (ESG) data into their decision making is the lack of proof that real – not hypothetical – investment strategies can use ESG factors to enhance performance.

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Brown Advisory

SEPTEMBER 22, 2017

One of the greatest challenges that public equities investors face to integrating environmental, social, and governance (ESG) data into their decision making is the lack of proof that real – not hypothetical – investment strategies can use ESG factors to enhance performance. Deutsche Asset & Wealth Management White Paper. The Guardian.

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James Hendries

AUGUST 15, 2022

Job gains were broad-based and especially prominent in sectors such as education, health care, and government. We maintain our preference for equities over fixed income and cash in our recommended tactical asset allocation. References to markets, asset classes, and sectors are generally regarding the corresponding market index.

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