1st Quarter 2025: Tariff Tantrum Turbulence
Tariff Tantrum Turbulence As usual, we completed a rough draft of this commentary a week or so prior to the end of the quarter. We had planned to deliver a relatively routine letter, which would review the events of the 1st quarter and give readers a sense of forward outlook. It might go without saying, […]
JAG Growth Equity Thematic Insights: Q1 2025
April 2025 If you’re feeling a bit overwhelmed by the tsunami of news so far in 2025 – rest assured, you are not alone. The financial markets have been struggling to stay abreast of waves of market-moving headlines that have been breaking virtually nonstop in recent weeks. In response to this rapidly changing and uncertain […]
JAG Fixed Income Thematic Insights: Q1 2025
March 2025 – Context on Credit Spreads: Should Investors be Concerned? Summary Our clients routinely ask us to comment on the overall levels and trends in corporate credit spreads. For the last year or so, these inquiries have taken on a greater sense of urgency as spreads have tightened significantly. While we agree that the […]
4th Quarter 2024: Back to Back Bulls
Back to Back Bulls The S&P 500 rose to an all-time high in the fourth quarter and extended 2024’s gains as the Presidential election (finally!) moved into the rear-view mirror. Despite a few modest wobbles during the year, corporate earnings growth topped most expectations, the US economy remained on solid footing and the Fed began […]
JAG Growth Equity Thematic Insights: Q4 2024
December 2024 How to Invest in Concentrated Markets In our previous Insights pieces, we’ve explored key market themes, including the emergence of Generative AI and the growing impact of GLP-1 drugs on healthcare and consumer products. In this write-up, we will discuss a topic that has been garnering considerable attention – market returns being driven […]
JAG Fixed Income Thematic Insights: Q4 2024
December 2024 Summary Clients often ask us which corporate sectors, credit tiers, or tenors of the yield curve our team finds attractive. These are reasonable questions routinely addressed by fixed income managers. We tend to reframe the premise when asked ourselves. Rather than assigning outlooks to categorized segments, we prefer to identify those segments where […]
3rd Quarter 2024: Closing the Gap
Closing the Gap Stocks continued to advance in the third quarter, albeit with more volatility than experienced during the first half of 2024. Some of the market’s zigs and zags were driven by economic data, which appeared to be signaling a slowdown in the US economy. These concerns came to a head in early August, […]
JAG Growth Equity Thematic Insights: Q3 2024
September 2024 Summary We have extensively covered Gen AI developments in our previous Insights pieces and Q2 earnings season commentary was consistent with our expectations. Almost all of the world’s largest companies continue to prioritize AI infrastructure buildout. For example, Microsoft’s (MSFT) most recent quarterly capex was $19B and management noted that “cloud and AI-related […]
2nd Quarter 2024: The Concentration Conundrum
The Concentration Conundrum Enthusiasm for Artificial Intelligence (AI) once again powered the broad market higher last quarter, as the S&P 500 generated solid gains. By market capitalization, large caps outperformed small caps in Q2, as they did in the first quarter of 2024. On a sector level, performance was decidedly mixed. Five of the 11 […]
JAG Growth Equity Thematic Insights: Q2 2024
June 2024 Summary “Creative destruction” is a feature of capitalism and the modern global economy. The forces of innovation push society forward and ultimately result in better products and services for consumers. For investors, the rise of diabesity medications and Artificial Intelligence present opportunities as well as risks. Read more to learn how we are […]