“Cautiously bullish” is how money manager Churchill Management Group describes their tactical portfolios at present. Their latest commentary addresses the concern that the market may not be as wonderful as we are told. “Given that we are well past the “buy zone” off the bottom, at this stage we are examining our indicators for signs of a top, or when it will be time to protect. Fundamentally, the story has changed very little. The key driver has been the historically low interest rates causing a lift in asset values. No matter how bad U.S. economic fundamentals come in, the Fed’s ability to keep interest rates low works as the trump card that keeps investors in the stock market and prices moving higher. In simple terms, many investors are frustrated by the low returns on other investment alternatives, such as bonds, and feel forced into the stock market in hopes of increasing total returns. The laws of supply and demand then take hold, and with the increased demand for stocks, prices go up.“ Download Churchill's Full Commentary Here Get Free Research Reports on Churchill Management [+] Read More

In 1994, Steve Cucchario founded what would later become Windhaven Investment Management, an investment advisory firm that uses actively managed ETF portfolios1 to “capture growth in rising markets while attempting to reduce exposure in declining ones.”2 Now, after 20 years running the company and serving as Chief Investment Officer, Cucchario has left for “personal reasons.”1 Investors who have assets with Windhaven or are considering investing should speak with their financial advisor about the implications of Cucchario’s departure. Windhaven’s initial success and tremendous growth came partially as a result of Cucchario’s vision and leadership, so investors must ask themselves if the future performance of the strategy is jeopardized by his departure. Will the principles that Cucchario instilled in Windhaven that led to its success also depart with him? [+] Read More

“Investors do not exist in a world of ‘100 year averages.’ Instead, they live in a world of 40 year investment horizons, where significant declines can “permanently impair retirement portfolios as investors do not necessarily have ‘more time’ to make up from large losses.” This is one of the core tenets that applies to many of money manager Newfound Research’s risk managed investment strategies. One such strategy, the Newfound Risk Managed Small Cap Sectors, is designed to protect and participate: “Participate in the strong growth profile of long-only, un-levered small-capitalization equity portfolio, while still protecting capital through rules that allow the portfolio to move to a 100% cash position in order to protect against large losses.” The intended benefits to you are two-fold: capture the returns of small-cap stocks over time, while having an active, tactical money manager strategy that can move to cash if it perceives increased downside risk. [+] Read More

There are two goals of the Churchill Management Group's Maximum Growth Strategy: achieve superior returns when it sees low-risk opportunities in the markets, and protect capital when risks in the stock market are deemed high. In an attempt to maximize returns, the portfolio managers will increase equity exposure and use leveraging techniques when they sense “top-down” low risk environments. In an attempt to protect capital, they may move all or a portion of equity exposure to short-term fixed income instruments or cash equivalents when risk in the stock market is deemed high. If you’re looking for a tactical money manager strategy to manage risk in your portfolio, the Churchill Maximum Growth Strategy is one option to consider. To quickly compare Churchill to other tactical money managers and to learn more about the approach, click here.1 [+] Read More

Many investors today are faced with the same problem: how do you generate income in your portfolio when interest rates are so low? In the current market, finding asset classes that generate income at significant enough levels can be difficult: Traditional Income Generators (Click chart for larger version) Source: Newfound Research LLC. Short-Term U.S. Treasuries represented by SHY. Short-Term Corporates represented by CSJ. MBS represented by MBB. Intermediate Term U.S. Treasuries represented by IEF. Total U.S. Bond Market represented by AGG. Long-Term U.S. Treasuries represented by TLT. Intermediate Term Corporates represented by LQD. High Yield Corporates represented by HYG. Yields computed using smoothed trailing 252-day dividends. Starting date for graph is April 2008 because that is first date yields could be computed for all of the ETFs used in the analysis. Newfound Research LLC, a Boston-based tactical money manager focused on risk management, recognizes this problem and has created a distinct solution: The Newfound Risk Managed Income Strategy. The overarching goal of the investment strategy is simple: increase portfolio income in a prudent manner, by investing in traditional equity, fixed income and alternative-income vehicles in a risk-managed framework. In a fully bearish environment, the portfolio has the ability to move entirely to cash. [+] Read More

For many investors, a globally diversified portfolio makes sense as part of their investment plan. Within this field, international money manager Cambiar Investors' International Equity ADR strategy combines a deep level of focus and experience in international stocks, and it has demonstrated the ability to deliver positive results over time. WrapManager included it on our “Top Equity Money Manager Picks for 2014” list, and Investment Advisor Magazine awarded Cambiar and the strategy a “2012 SMA Money Manager of the Year [Award] for International Equity.” [+] Read More

Chairman, Chief Investment Officer, and Co-Founder of Good Harbor, Neil Peplinski, aptly describes the Good Harbor Tactical Core US strategy using a short quote: “Investing in the stock market is important for long-term success…but so is capital preservation during times of market stress.” [+] Read More

Emerging Markets money manager Lazard Asset Management believes emerging market equities are nearing a bottom and valuations represent significant opportunity. “As emerging economies exit a period of China-led growth and cheap credit, attention has turned to the economic imbalances that developed during the boom years. These imbalances and their solutions vary by country. For example, China will probably reduce investment and increase consumption while the reverse is true for Brazil. The announcement and implementation of reforms is a crucial next step, and could result in a strong upside opportunity for emerging equity markets in 2014.” Download Lazard Asset Management's Full Commentary Here Get Free Research Reports on Lazard Asset Management [+] Read More

Newfound’s Tactical, Risk-Managed Strategies Available to Help Investors Achieve Investment Goals San Francisco, CA – May 9, 2014. WrapManager, Inc. (www.wrapmanager.com), an investment advisor specializing in building investment plans and recommending money managers for investors, is pleased to announce that they now offer three risk-managed investment strategies from Newfound Research LLC (www.thinknewfound.com), a quantitative asset management firm focused on tactical, ETF managed portfolios. [+] Read More