Dear Partners, The third quarter of 2023 saw a return of volatility in equity markets as the 10-year treasury yield spiked to levels not seen in more than 15 years. Against this backdrop, our GCI Select Equity strategy gave back some performance, however, our year-to-date numbers continue to be strong on an absolute basis while...
Dear Partners, After significant volatility to begin the year, the second quarter of 2023 saw a much steadier move higher in equity markets. Against this backdrop, our GCI Select Equity strategy produced solid absolute returns and modest relative performance. Individual account performance may differ based on asset mix, fees, and timing of investments. The move higher in...
Dear Partners, Markets continued to experience significant volatility in the first quarter of 2023. Inflation worries, recession risks, and the first bank failure in over 15 years all contributed to more underlying equity weakness than apparent in the headline numbers. Indices were largely held up in the quarter by significant outperformance in Mega-cap Technology –...
I am sure you have seen the news regarding the failure of Silicon Valley Bank (SVB). SVB has been the victim of an old-fashioned bank run (driven in part by the impact of rapidly rising interest rates, and in part by a non-sticky deposit base tied to the Silicon Valley boom and bust cycle)....
Dear Partners, This past year has been one of the worst for asset markets in over a decade and our core GCI Select Equity strategy was no exception – posting disappointing results. As you know, GCI was founded on the principle that investing in high-quality companies at attractive prices is the most durable and consistent way...
Dear Partners, Our performance in the third quarter of 2022 was disappointing. Our GCI Select Equity composite ended the quarter down 32.66% YTD gross of fees, trailing the broader market. This is a significant drawdown in isolation, but also not entirely unsurprising to have some weakness after almost a decade of very strong returns. Individual account...
Stocks fell sharply this past Tuesday with the S&P 500 ending the day down 4.32%. But even with that significant fall, the S&P 500 was still slightly up over the previous week. It is safe to say that markets have been volatile in a whipsaw fashion during 2022. As of writing, the S&P 500 is...
Ocado Group PLC (OCDDY) is our worst performing (in price terms) position so far this year. However, even while Ocado’s stock has fallen, our conviction that the underlying business continues to create real shareholder value has only increased. As a result, we recently increased our position at these lower price levels. As a brief reminder,...
Dear Partners, Our performance in the first half of 2022 was disappointing in many respects. The S&P 500 had its worst start to the year in over 50 years. Bonds fared no better, with the 10-year treasury reaching its highest yield since 2011. To put this into context, below is a chart of intra-year peak to...
In our previous article, we made the case for why active management still makes sense in a passive-orientated world. After all, if you want better than average returns, then you must be different from the average, which means taking an active approach. But how do you know which active fund to pick? How can you...
