Featured Commentaries Archive
The U.S. economy continues to move ahead at a sustained but moderate pace. It is evident that even with unprecedented federal fiscal and monetary stimulus, real Gross Domestic Product (GDP) growth much above 3% has been difficult to achieve during this recovery. Unfortunately, second quarter real GDP may have increased only 1.5% due to weaker than expected consumer spending. In addition, while inflation remains generally well contained, higher energy and food prices have caused us to increase our inflation forecast for a second time this year... Read full article.
- July 21, 2011 2nd Quarter 2011 Commentary - ASTON/TAMRO Small Cap Fund
Ever Hopeful
Stock market volatility colored the second quarter landscape with the end result being a slight decline in small-cap stocks and a neutral to positive swing for large-caps. Defensive sectors of the market rose, while cyclical areas experienced profit taking. Much of the economic news during the past three months reflected weakening conditions for growth. .. Read full article. The headlines have been quite negative on many global economic and political issues. However, recent discussions with several companies in the portfolio indicate that the outlook from a bottom-up perspective looks better than previously expected. .. Read full article.
The second quarter of 2011 can be summarized as a period of moderate to high volatility in a relatively narrow range. While the Fund sought to control volatility, it also fell prey to the market’s swings during the quarter and underperformed the benchmark (35% Russell 3000 Index/35% MSCI World ex-US Index/30% the Barclays Capital Aggregate Bond Index)... Read full article.
Overview
The Fund slightly outperformed the Russell 1000 Value Index in the second quarter of 2011. .. Read full article.Steady as She Goes
International equity markets had another positive quarter, as the Fund’s MSCI EAFE Index benchmark rose by 1.6%. This was, again, another good result for international equities in the face of headwinds. The Health Care sector was the best performing sector for the second quarter of 2011, rising by 8.9% in the quarter... Read full article.The Fund outperformed its benchmark the MSCI US REIT Index over the quarter. Both sector allocation and stock selection contributed positively to the outperformance. The main contributor to the excess return was stock selection within the Office sector followed by our overweight position in Malls. Within the former sector, Boston Properties rose strongly over the period as did Douglas Emmett. .. Read full article.
Amid a period of renewed volatility that saw the broader equity market (as represented by the S&P 500 Index) eke out a 0.1% gain, the Fund slipped 1.1% during the second quarter. This still easily bested the more than 5% decline in its HFRX Equity Hedge Index benchmark, however. Since the Fund’s inception on April 1, 2009, it has generated a cumulative gain of 27.3%, well above the 11.3% of the benchmark. Year-to-date, the Fund has outperformed both its benchmark and its peer group, the Morningstar Multialternative Category. .. Read full article.
Flat Quarter Masks Substantial Volatility
Global equity markets faced the proverbial wall of worry during the second quarter. The fiscal crisis in Greece caused fear of a possible liquidity crisis, while rising oil and commodity prices stunted the economic recovery in the U.S.—leading to increased inflation within Emerging Markets. U.S. unemployment remained stubbornly high as the Federal Reserve’s second round of quantitative easing (QE2) came to an end. .. Read full article.Stocks Flat Following a Volatile Quarter
It was a volatile quarter for equity markets with stocks gyrating on robust earnings early in the period followed by weak economic data. Although management comments provided advance warning of a contraction in growth, the pivot point occurred on April 29 when the slowdown officially appeared in the U.S. Gross Domestic Product (GDP) numbers. A stream of disappointing economic news continued through May, particularly in housing and labor, which weighed on equities. In June, the fiscal crisis in Greece added to the turbulence, with investors initially fearing a broader debt contagion and later celebrating the passage of austerity measures. Toss into the mix the end of the second round of quantitative easing (QE2), more economic braking in China, and the deficit stalemate in Congress and investors were given considerable reason to reduce risk exposure during the period... Read full article.Stocks Flat Following a Volatile Quarter
It was a volatile quarter for equity markets with stocks gyrating on robust earnings early in the period followed by weak economic data. Although management comments provided advance warning of a contraction in growth, the pivot point occurred on April 29 when the slowdown officially appeared in the U.S. Gross Domestic Product (GDP) numbers. .. Read full article.Stocks Flat Following a Volatile Quarter
It was a volatile quarter for equity markets with stocks gyrating on robust earnings early in the period followed by weak economic data. Although management comments provided advance warning of a contraction in growth, the pivot point occurred on April 29 when the slowdown officially appeared in the U.S. Gross Domestic Product (GDP) numbers. A stream of disappointing economic news continued through May, particularly in housing and labor, which weighed on equities. .. Read full article.Similar to the summer of 2010, a growth scare struck the market during the second quarter of 2011 fueled by the Greek drama II, the supply chain disruptions within the electronics and auto industries from the Japanese earthquake/tsunami, plus the end of QE2 (the Fed's second quantitative easing ) and the debt ceiling debate in Washington. We tend to compare these scares to aftershocks—with the Fall 2008 financial crisis serving as the primary earthquake and recent events just another among many aftershocks. .. Read full article.
Similar to the summer of 2010, a growth scare struck the market during the second quarter of 2011 fueled by the Greek drama II, the supply chain disruptions within the electronics and auto industries from the Japanese earthquake/tsunami, plus the end of QE2 (the Fed's second quantitative easing ) and the debt ceiling debate in Washington. We tend to compare these scares to aftershocks—with the Fall 2008 financial crisis serving as the primary earthquake and recent events just another among many aftershocks. .. Read full article.
The Fund outperformed its Russell 1000 Value Index benchmark during the second quarter. Stock selection and sector allocation were both positive with stock selection contributing 66% of the outperformance and sector allocation 34%. Holdings in eight of 10 sectors in the portfolio bested their respective sector and/or the overall index during the period. The two areas of the portfolio that lagged were Materials and Utilities... Read full article.
The second quarter was another volatile one for equity markets. After reaching new highs in April propelled by generally positive first quarter earnings reports, the market embarked on a steady descent from early May to the middle of June as renewed concerns about the economy, the end of the Fed’s second round of quantitative easing, and a possible Greek default emerged. The market then rallied late to bring the major indices back to around the break-even level for the quarter... Read full article.
- April 27, 2011 1st Quarter 2011 Commentary - ASTON/Fortis Real Estate Fund
The Fund strongly outperformed its MSCI US REIT Index benchmark during the quarter. Both sector allocation and stock selection contributed to the relative performance, with the lion’s share of the outperformance the result of superior stock selection. The absence of any Net Lease holdings accounted for the bulk of the sector contribution, with an underweight position in Lodging and overweight stakes in Self-Storage and Canada also aiding returns... Read full article.
- April 27, 2011 1st Quarter 2011 Commentary - ASTON Dynamic Allocation Fund
The first quarter of 2011 was characterized by increasing concerns about U.S. fiscal and monetary policy, especially the effect of the pending conclusion of the Federal Reserve’s second quantitative easing program (QE2) and a declining US Dollar. Hence, anything related to a declining dollar “hedge” performed relatively well. .. Read full article.
Despite the revolutionary fervor sweeping the Middle East and the devastating Japanese earthquake, tsunami, and resulting nuclear crisis, the stock market (as measured by the S&P 500 Index) posted gains of nearly 6% during the first quarter of 2011. Fixed-income markets were generally more subdued in delivering only nominal gains. .. Read full article.
Equity markets showed remarkable resilience during the first quarter of 2011, rallying in the face of sharply rising oil prices and a devastating earthquake and tsunami in Japan. Even the release of weak economic data in early March failed to have a lasting impact on stocks. Small-cap stocks performed especially well during the quarter, with the Russell 2000 Index gaining nearly 8% versus a little more than 6% for the larger-cap Russell 1000 Index. At the end of the first quarter, the Russell 2000 was more than 40% above its August 2010 low and about 1% below its all-time high set on July 13, 2007... Read full article.
Amazing Quarter
International equity markets delivered positive returns during the first quarter of 2011, as the Fund's MSCI EAFE Index benchmark rose 3.4%. This was an amazing result considering the tumultuous events of the past several months. To recap, we saw protests that led to the fall of governments in Tunisia and Egypt, the outbreak of civil war in Libya, civil unrest in Bahrain, and a nascent protest movement in Saudi Arabia. .. Read full article.
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