Services Tags: Investment Consulting

Portfolio Trick or Treat

Coming into 2023, investors were cautiously optimistic about 2023 market returns; cautious considering the broad losses across asset classes during 2022 but optimistic about more attractive valuations and the inherent upside potential stemming from these price points. Nine months into the year, which of these opportunities have been “treats” for investors, and which have been “tricks”?

In this edition:

  • The biggest trick of them all: Investment grade fixed income
  • But not all of fixed income has been a trick…
  • Tricks come in all sizes: U.S. small-cap equities
  • Trick, treat, or both? U.S. growth stocks
  • Currency movements still tricky
  • More treat than trick: Emerging markets
  • If you’re not surprised, it’s not a trick: Commercial real estate

Jack Sannes Speaking at CFNEIA Professional Advisor Education Series 7/16

On Tuesday, July 16, Jack Sannes, CFA, CAIA will be speaking at a Community Foundation of Northeast Iowa’s 2024 Professional Advisor Education Series event in Cedar Falls, Iowa.

Jack will be presenting an overview of private equity and private credit investing for attendees. The Community Foundation of Northeast Iowa serves as a resource for attorneys, financial planners, CPAs, and other professionals to simplify giving for clients, recommend strategies, and help advisors connect with the community. Their quarterly series of complimentary charitable continuing education events brings together professional advisors around topics that will help to enrich their communities. For more information, please visit the CFNEIA website.

Marquette Speaking at Majority Action Webinar 6/28

On Friday, June 28, Ibrahim Rashid will be joining a webinar hosted by Majority Action entitled, “2024 Proxy Season Debrief: Analysis, Key Takeaways, and the Path Forward for Active Owners and Active Clients.”

The webinar will review the 2024 voting results on racial equity and climate, celebrate successes from key leaders, and discuss actions asset managers, investors, and fiduciaries can take to hold major asset managers and proxy advisors accountable, pushing for stronger policies and voting outcomes on these issues next year.

For more information on the event, please visit the registration page.

2023 Investment Symposium

Watch the flash talks from Marquette’s 2023 Investment Symposium livestream on September 15 in the player below — use the upper-right list icon to access a specific presentation.

 

Please feel free to reach out to any of the presenters should you have any questions.

Marquette Speaking at Institutional Investor 2024 Private Credit Forum 5/21

On Tuesday, May 21, Marquette will be speaking at Institutional Investor’s 2024 Private Credit Forum in Chicago, “Private Credit Vintage Bubble: The Delicate Balance Between Optimism and Caution.”

Kris Katarski will be moderating a fireside chat entitled, “Trends and Opportunities in the U.S. Lower Middle-Market, Private Credit, and Private Credit Secondaries,” described as follows:  This segment will dive into alpha opportunities that exist within the U.S. Lower Middle-Market relative to private credit and private credit secondaries, expounding on elements of inefficiencies, less competition, and aging demographics, amongst others.

  • What are the current opportunities, trends, and risk considerations identified in U.S. Lower Middle-Market private credit?
  • What is the definition of the U.S. Lower Middle-Market, supply/demand influences, alpha generation potential, and market valuation comparisons?
  • How has the growth in private credit led to more credit secondary opportunities?
  • What are secondaries’ expected risk-adjusted return profiles vs. other private market asset classes?
  • Have seasoned loans in U.S. Lower Middle-Markets exhibited lower default rates than larger loans?

The Forum will delve into the nuances of the private credit sector, including the allocator sentiment, macro and regulatory factors, and sector specifics that continue to drive growth. For more information, visit the Institutional Investor event webpage.

Marquette Speaking at Chicago Finance Exchange Annual Mid-Year Economic Update 5/20

On Monday, May 20, Dave Smith, CFA and Jessica Noviskis, CFA will be speaking at the Chicago Finance Exchange (CFE) Annual Mid-Year Economic Update.

Dave and Jessica will discuss the economic outlook for the second half of 2024 and beyond at the event. Chicago Finance Exchange is a community of women leaders in finance dedicated to exchanging ideas, experiences, and expertise for the success of its members, and the betterment of our community and the global marketplace. For more information, please visit the CFE website.

Marquette Views on 2024 U.S. Equities Outlook Featured on FIN News

Published May 14, Catherine Hillier, Research Analyst, was interviewed for “Q1 2024: Small-Cap Equity Hiring Sees Uptick,” by FIN News (subscription required).

Catherine discussed the outlook for U.S. equity performance, particularly in the small-cap space in the article, which posits, “Publicly-traded large-cap companies continue to garner the attention of media and investors, but allocator interest is beginning to look down market to the small-cap sector.”

The article also referenced Catherine’s November 2023 newsletter, U.S. Equities: Surprising Strength Gives Way to Macro Risks, and commentary in Marquette’s 1Q 2024 Market Insights webinar, available to watch as a recording here.

Halftime Adjustments

For anyone who regularly reads these letters, recall the market preview edition opined on the outlook for asset classes in 2023, particularly the likelihood of each delivering positive returns for the upcoming year. Given that we are halfway through the year, we would like to use this letter to make “halftime adjustments” to our outlook; with NFL training camps set to open later this month, we couldn’t resist the urge to borrow a football term. We hope this is a quick beach read as you enjoy your summer vacations and prepare for the second half of the year.

This edition re-assesses the outlook for fixed income, equities, and real estate for the second half of 2023.

Read > Halftime Adjustments

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Marquette Speaking at DFW Institutional Investment FORUM 4/16

On Tuesday, April 16, Marquette will be speaking at a roundtable hosted by the DFW Institutional Investment FORUM in Dallas, Texas.

Kris Katarski will be moderating the event, titled, “Emerging Markets, where are we now?” covering both emerging market debt and equity and how they fit into an institutional portfolio allocation.

The FORUM was created to promote the exchange of information and education for the benefit of a broad audience of institutional investors and consultants and hosts several events throughout the year for its members. Please visit their website for more information.