Charts of the Month: Perspective on the Large Cap Rotation

Charts of the Month: Perspective on the Large Cap Rotation

Small cap stocks enjoyed a brief leadership position over large caps as the U.S. emerged from the recession, but the rotation has been short lived. Large caps have come into favor again, resuming a run of dominance that was in place before the pandemic.

A couple of charts below show how unusual...

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Does the Bank M&A Wave Still Have Legs?

Does the Bank M&A Wave Still Have Legs?

Banks are on pace for their biggest year of M&A activity, in terms of dollar volume since the financial crisis, confirming one of our investment theses for the industry. And we expect the spate of deals to continue, as several factors drive consolidation among small- and mid-sized banks.

As the...

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Investment Lessons from China Evergrande’s Troubles

Investment Lessons from China Evergrande’s Troubles

Real estate developer China Evergrande has been a source of volatility in recent weeks, as the market gauges the economic fallout if the company defaults on its debt and the government doesn’t step in to help the struggling firm.

Like any investor, we hope the company’s problems are not a source...

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Last Week’s Volatility Raises Questions About Downside Capture

Last Week’s Volatility Raises Questions About Downside Capture

Stocks recovered quickly from initial fears about COVD-19 and have continued to climb higher for the better part of the last year and a half. But volatile moments such as last week, when the S&P 500 registered its largest intra-day decline since January, serve as a reminder that a strategy’s...

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Tell-tale Signs Management Interests Are Aligned with Shareholders

Tell-tale Signs Management Interests Are Aligned with Shareholders

It’s hard to have conviction in a company’s direction without thorough knowledge of the people steering the ship. As such, we place a high priority on getting to know management teams before we invest with companies.

While much of what we learn from key executives comes from the hundreds of...

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Are Interest Rates Artificially Low? Insight on Fed Asset Purchases

Are Interest Rates Artificially Low? Insight on Fed Asset Purchases

Despite a rapid economic recovery, interest rates have stayed persistently low, and a market consensus has emerged that they will stay that way. But investors may be overlooking the outsized impact Fed asset purchases have had on rates, and what that could mean for the future.

As the chart...

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Inflation Guideposts: What to Watch in the Months Ahead

Inflation Guideposts: What to Watch in the Months Ahead

Transitory. Anyone following the markets recently has heard the word bandied about ad nauseam, and the question of whether inflation would serve to be temporary (transitory) or more permanent has often driven the daily movements of the market.

As the debate over “transitory or not” has heated...

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Stock Research: The Extra Mile

Stock Research: The Extra Mile

Prospector Portfolio Managers John Gillespie, Kevin O’Brien (CFA), Jason Kish (CPA, CFA) and Steve Labbe (CFA) recently conducted a video conference call with Stacy Havener, Founder & CEO of Havener Capital Partners, in which they shared their views on markets, inflation, and their approach to...

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What’s Next for the Financial Sector?

What’s Next for the Financial Sector?

On May 25, Prospector Portfolio Managers John Gillespie, Kevin O’Brien (CFA), Jason Kish (CPA, CFA) and Steve Labbe (CFA) recently conducted a video conference call with Stacy Havener, Founder & CEO of Havener Capital Partners, in which they shared their views on markets, inflation and value...

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The Non-Consensus View: What if the Fed is Wrong?

The Non-Consensus View: What if the Fed is Wrong?

On May 25, Prospector Portfolio Managers John Gillespie, Kevin O’Brien (CFA), Jason Kish (CPA, CFA) and Steve Labbe (CFA) recently conducted a video conference call with Stacy Havener, Founder & CEO of Havener Capital Partners, in which they shared their views on markets, inflation and value...

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The views described herein do not constitute investment advice, are not a guarantee of future performance, and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Investing involves risk, including loss of principal. Investors should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. Please review the offering memorandum or prospectus of a Fund for a complete discussion of the Fund’s risks which include, but are not limited to: possible loss of principal amount invested; stock market risk; value risk; interest rate risk; income risk; credit risk; foreign securities risk; currency risk and derivatives risk.

Nothing contained herein constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Any projections, outlooks or estimates contained herein are forward looking statements based upon specific assumptions and should not be construed as indicative of any actual events that have occurred or may occur. 

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