Softening economic data and ongoing trade disagreements highlight the need for a patient, disciplined investment approach.
Heightened trade tensions and mixed economic data led investors to focus on mitigating perceived risks.
A skittish tone to the markets drove volatility higher and provided opportunities for active managers to harvest gains and deploy capital into overlooked opportunities.
By chasing dubious growth projections from the latest and greatest story stock, investors are setting the stage for potential pain.
Security selection was strong with the Strategy’s Energy and Information Technology names boosting results.
Oversold conditions at the end of 2018 led to a burst of buying activity to start the year, and the equity markets rebounded sharply.
We remain confident that underlying fundamentals remain solid and expect the economy to continue to grow at a measured pace.
The impact of emotion has created a bear market for logic in the markets.
Security selection was strong and the Strategy beat its benchmark, the Russell 3000® Value Index, for both the quarter and full year.
A focus on potential economic pitfalls resulted in a jump in volatility, a move toward more defensive areas of the market, and a heightened focus on valuations.
We remain confident that while the pace of earnings growth may slow in 2019, underlying economic fundamentals remain relatively solid.
Economic uncertainty could cause investors to seek more reasonably valued businesses over high-flying glamor names.
Employment and corporate earnings remained robust, but building headwinds stoked debate about whether the economy was entering a new phase.
Strong employment figures, robust manufacturing readings, and bullish consumer sentiment reignited a fear of missing out on the part of investors.
Investors sought clarity as they faced conflicting macro headlines for much of the period.
An uncertain future has led some investors to take a risky path in pursuit of growth and momentum.
©2019 Heartland Advisors | 789 N. Water Street, Suite 500, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856
Past performance does not guarantee future results.
Sector and Industry classifications are sourced from GICS®.The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global Market Intelligence (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.
Separately managed accounts and related investment advisory services are provided by Heartland Advisors, Inc., a federally registered investment advisor. ALPS Distributors, Inc., is not affiliated with Heartland Advisors, Inc.