INVESTMENT MANAGEMENT
MOMENTUM
current reading
positive
MOMENTUM
While overall equity momentum remains strong, we’re seeing narrowing breadth exemplified by the tech-heavy NASDAQ gaining +17% so far in 2024 while the old-economy Dow Jones Industrial Average is up just +5%.
We’ll want to see more broad-based gains if this current bull market is going to have sustained legs, but for now our Momentum Dial remains Positive.
ECONOMIC FUNDAMENTALS
current reading
negative
ECONOMIC FUNDAMENTALS
We’re continuing to see higher interest rates and depleted savings weigh on broad economic activity, with Walgreens the most recent company to announce significant store closures due to falling consumer spending.
While the global economy continues to muddle through this period, the risks of a future downturn leave our Fundamental Dial in a Negative position.
MARKET VALUATION
current reading
negative
MARKET VALUATION
Valuations were roughly unchanged during the month of June, with gains in the S&P driven by projected earnings growth of +9% for Q2.
While lower interest rates should help relieve pressure on stocks, P/E ratios still sit near the high end of their historical range, which leaves our Valuation Dial in a Negative position through June.
Our composite Three Dials reading remains in a Moderately Defensive position through the end of Q2, with two dials Negative and one dial Positive.
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DISCIPLINED RISK MANAGEMENT
Our investment philosophy, known as the “Three Dials”, factors in three primary indicators: Momentum, Economic Fundamentals and Valuation.
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The Three Dials provide a cohesive reading on the health, or “pulse” of the markets. The Dials provide a passive investment approach, with an active overlay. Each dial adjusts to data-driven indicators for maximized risk efficiency and an optimal allocation of diversified assets within your portfolio.
MONITORING AND REBALANCING
We conduct regular reviews to help ensure that your portfolio is aligned with your investment objectives and is appropriately positioned with the market environment.
TRANSPARENCY AND ACCOUNT AGGREGATION
We offer a secure digital dashboard that serves as a home to all of your connected financial accounts, so you have a complete view of where you stand financially at any point in time.
