December 2020 – Monthly Commentary

January 12, 2021  |   Monthly Commentary   |     |   0 Comment

December 2020 The Halyard Asset Management Reserve Cash Management (RCM) strategy generated 1.23% after fees and expenses for the year.  That compares favorably to the 0.32% total return of the iMoneyNet Money Fund average.  As of January 1, 2021, the RCM strategy has a duration of less than 5 months and a weighted average yield to maturity of approximately 0.37%.  In comparison, the benchmark has a yield-to-maturity of 0.00% due ...

November 2020 – Monthly Commentary

December 18, 2020  |   Monthly Commentary   |     |   0 Comment

November 2020 It’s a paradox that as we wind down this very difficult year in which the pandemic ravaged so much of our day-to-day lives that the capital markets should close out the year on such a quiet note.  The bond market continues to benefit from the Federal Reserve’s open market buying and we have no expectation that the Fed will reduce their purchases anytime soon.  That’s especially the case ...

October 2020 – Monthly Commentary

November 19, 2020  |   Monthly Commentary   |     |   0 Comment

October 2020 Since our last monthly update we have seen the Presidential election mostly come and go, have seen the coronavirus cases spike, and have learned of two successful vaccines.  The country is split in terms of satisfaction with the outcome of the election, but investors are looking past the surge in the virus to the potential endgame the vaccines present.  That optimism is reflected in the performance of the ...

September 2020 – Monthly Commentary

October 22, 2020  |   Monthly Commentary   |     |   0 Comment

September 2020 The bond market was little changed in September as investors grappled with continued virus uncertainty and traders with school-aged children tried to figure out the logistics of educating their young.  The latter issue made for uneven liquidity during the month which may have factored into the performance of the stock market.  For the month, the S&P 500 was down -3.91% breaking the string of consecutive positive months that ...

August 2020 – Monthly Commentary

September 22, 2020  |   Monthly Commentary   |     |   0 Comment

August 2020 As we close out summer and the final month of the third quarter, the bond market has been relatively stable compared to the bipolar volatility of the stock market.  Earlier this month, stocks suffered an unexpected downdraft after rising steadily from the March low.  Speculation is that a sizeable Asian-based hedge fund had bought call options on a number of the largest tech equities.  To hedge the sale, ...