June 2020 – Monthly Commentary

July 17, 2020  |   Monthly Commentary   |     |   0 Comment

June 2020 In the decades that the Halyard team has been managing the Reserve Cash Management (RCM) strategy we’ve explained that the goal of the RCM is to outperform the money market universe while avoiding the downside risk the universe has demonstrated on occasion.  We endeavor to accomplish that through security selection, believing the mistake of so many investment advisors have made has been to focus investment in the highest ...

May 2020 – Monthly Commentary

June 17, 2020  |   Monthly Commentary   |     |   0 Comment

May 2020 The Reserve Cash Management composite continued to enjoy the benefit of spread tightening in May, generating a total return net of fees of 0.36%.  The characteristics of the composite changed little from the prior month and the average credit rate is A+. The Federal Reserve executed their lender of last resort function brilliantly.  That is until the June 10th post-FOMC press briefing.  Prior to the ...

April 2020 – Monthly Commentary

May 18, 2020  |   Monthly Commentary   |     |   0 Comment

April 2020 We open this monthly commentary with a discussion of the year-to-date performance of our Reserve Cash Management composite.  We manage the underlying portfolios of that composite in a highly conservative fashion and that’s reflected in the performance.  Through April, the total return has been 0.45%, net of fees.  That compares favorably to PIMCO’s MINT, and Blackrock’s NEAR, which are the largest short maturity fixed income ETF’s in the ...

March 2020 – Monthly Commentary

April 24, 2020  |   Monthly Commentary   |     |   0 Comment

March 2020 Since we penned our last monthly update, the unthinkable has come to pass.  The Coronavirus death toll, which just a month ago seemed an abstract concern, has come to cripple the daily activities of the entire world.  Social distancing, face mask demand, shortages of staples such as paper goods, pasta, and flour have become part of our common consciousness.  Our leaders have begun to talk of restarting the ...

February 2020 – Monthly Commentary

April 24, 2020  |   Monthly Commentary   |     |   0 Comment

February 2020 We’re going to start this monthly update by focusing on the positive because there is so little of it in the media lately.  The most notable news was the February employment report which astounded investors with a gain of 273,000 net new workers joining the workforce, 100,000 more than had been forecast.  Moreover, the previous month was revised from 225,000 net new workers to 273,000.  The unemployment rate ...