Quarterly Commentaries

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Q1 2021

Strong economy, nuanced markets

We have a very positive economic outlook for 2021, but we believe allocation decisions are key to balancing market opportunity with nuanced risks this year.

Q1 2021

Interim update: fixed income outlook

We have received many questions recently on our outlook for interest rates, inflation, and fixed income. We see near-term risks to fixed income returns and weigh those risks against the role fixed income plays in balanced portfolios and our active positioning of fixed income allocations.

Q4 2020

From rebound to recovery

Amid global economic recovery from the COVID-19 pandemic, we see early-cycle opportunities for select U.S. sectors and overseas geographic regions in 2021.

2020 YEAR-IN-REVIEW

2020 year-in-review

The COVID-19 pandemic ended a decade-long bull market, but the COVID bear market reversed almost as quickly as it began. 2020 has since been a story of resilience and recovery, with risks and opportunity along the way.

Q4 2020

2020 election commentary: divided we stand

Biden’s win is significant in many ways, but we believe the likely outcome of divided government may be more impactful for markets and the economy. Compared to a sweep by either party, split power with smaller majorities in each house of Congress provides little path for a party to implement extreme policies. Looking forward, we remain focused on the sector impacts of the election outcome.

Q3 2020

A non-partisan vote for sector analysis

The COVID-19 pandemic and the U.S. election are near-term risks, but we expect economic growth will continue with market leadership shifting toward sectors and regions that benefit from cyclical tailwinds.

Q3 2020

2020 election preview: focus on the sector impacts

Election uncertainty is high, with polls in question after 2016 and prediction markets recently near even odds, but we believe lack of a strong consensus reduces the risk of a market-dislocating surprise. Thus, we are focused on potential sector impacts of various election scenarios.

Q2 2020

Seeing economic recovery, managing continued risks

There has been a strong pickup in economic activity in recent weeks, which the markets seem to have anticipated. We believe our portfolio positioning balances the potential opportunity from a continued market rebound against ongoing risks.

Q1 2020

Contemplating the shape of things to come

In terms of initial impact, the COVID-19 pandemic may be the greatest economic shock in living memory. For markets, given the damage to date, we believe we may be closer to the end than the beginning of the downturn, and we are seeking to manage risk around the potential inflection point.

Q4 2019

Cautious optimism for 2020

We anticipate positive economic growth and market returns in 2020, though moderate growth faces risks and equity returns are unlikely to match 2019 levels.

Connect with us

To learn more about how our proprietary sector-based approach can help you in meeting your investment objectives, please call us at 888.500.9025, or email us at info@westendadvisors.com.