National Investment Services covers fixed income & equity market topics in several types of research publications.

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QUARTERLY REVIEW

Q3 2017 Fixed Income Review

The Bloomberg Barclays Aggregate Index gained 0.85% during the third quarter as bonds provided investors with steady returns amidst escalating North Korean tensions and an unfortunate bevy of natural disasters. Fund flow data indicates that money continues to move into the broad market, helping mitigate some of the interest rate-driven volatility that appeared in late […]

November 29, 2017

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QUARTERLY REVIEW

Q3 2017 Equity Review

Equities did not break from their trend, as the S&P 500 rose more than 4% in the 3rd quarter. Market breadth had narrowed during the first half of the year as a shorter list of larger-cap, more growth-oriented stocks carried the broader indices higher, but leadership flipped around this quarter as small-caps, along with financial […]

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QUARTERLY REVIEW

Q2 2017 Fixed Income Review

Bonds rallied sharply this quarter as investors continue to place yield into their portfolios. While this unrelenting buying made for a rather uneventful quarter from a spread volatility standpoint, it certainly bolstered fixed income returns. The Bloomberg Barclays Aggregate Index gained 1.45% despite another Federal Reserve interest rate hike and record equity prices.

July 27, 2017

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QUARTERLY REVIEW

Q2 2017 Equity Review

While the gains were not as broad, equities continued their ascent during the 2nd quarter, and it has come without much of a fuss. According to the WSJ, “The S&P 500 hasn’t had a 5% dip since the post-Brexit vote drop, only the third time since the mid-1960s it has managed more than a year […]

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QUARTERLY REVIEW

Q1 2017 Equity Review

In our April 2016 quarterly commentary, we said that the market needs earnings to rebound, but more specifically we said that it needed higher commodity and oil prices. We also observed that given the connection between commodities, rates and the banks, a rebound in the former would bode well for the latter. A year later […]

April 7, 2017

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QUARTERLY REVIEW

Q1 2017 Fixed Income Review

The bond market regained its footing this quarter as interest rates moved in a narrow range despite improving economic conditions and a Fed rate hike. The Bloomberg Barclays Aggregate Index gained 82 basis points to start the year with longer duration and corporate assets performing best.

January 30, 2017

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QUARTERLY REVIEW

Q4 2016 Equity Review

2016 was a year of reversals in the equity markets, but one that was split very much down the middle. Value outperformed growth, small caps beat big caps for the first time since 2013, and the energy sector went from the worst performing sector in 2015 to first. While these shifts in leadership are consistent […]

January 7, 2017

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QUARTERLY REVIEW

Q4 2016 Fixed Income Review

Well it finally happened, and we are not talking about the Federal Reserve making a move or the reality TV star in the White House, but rather the fact that interest rates gapped higher. Unfortunately for bond investors, this was not a normal drift upward but something that the market has not witnessed in about […]

December 30, 2016

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QUARTERLY REVIEW

Q3 2016 Equity Review

Markets rebounded during the 3rd quarter, as signs of acceleration in the economy and worries associated with the U.K. and China receded. This pushed the more cyclical stocks and sectors of the market higher, with technology stocks the clear standout, while the classic defensive or lower volatility sectors were down after a red hot second […]

October 7, 2016

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QUARTERLY REVIEW

Q3 2016 Fixed Income Review

Bonds struggled to return their coupon but managed a positive showing. Investors wrestled with an improving economic backdrop and a Federal Reserve sending mixed-signals. The Barclays Aggregate Index finished 0.46% higher for the quarter, driving a 5.8% year-to-date gain.

September 30, 2016

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NEWSLETTERS

NIS Preferred Stock Fund Q2-16 Brexit Impact Comments

The second quarter ended with a market uptick in the volatility as UK voters surprised global markets by opting to leave the EU.

August 29, 2016

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QUARTERLY REVIEW

Q2 2016 Equity Review

In some ways it is hard to reconcile the fact that equity markets are hitting new highs here in early July, with the level of worry and angst that seems to only ease for a few days. Market participants see negative sovereign rates around the world, mounting debt levels in China, structural problems in Europe […]

July 7, 2016

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QUARTERLY REVIEW

Q2 2016 Fixed Income Review

Bonds continued their march higher as Treasury yields gapped lower on European growth concerns, spurred by the surprise Brexit vote for the United Kingdom to leave the E.U. The broad- based bond market ended the quarter on a very strong note as investors flocked to safe-haven assets. The Barclays Aggregate Index finished 2.21% higher for […]

June 30, 2016

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NEWSLETTERS

Analysis on Brexit

To Our Clients and Consultants: The UK’s EU referendum result was not what we anticipated, as we own less treasury bonds than desired (the only assets that are up at the moment). However, we are otherwise conservatively positioned and do not expect any company or issue specific problems with any asset that we own. If […]

June 24, 2016

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NEWSLETTERS

Fed Minutes Release and its Implications

To Our Clients and Consultants: Yesterday the bond market traded off on details released from the most recent FOMC (Federal Open Market Committee) meeting. The bond market most likely reacted to two sections in the report. The first detailed the Federal Reserve’s communications and subsequent market reactions. Basically, the market previously interpreted little chance of […]

May 19, 2016

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QUARTERLY REVIEW

Q1 2016 Equity Review

During a quarter when talk of a nearing recession was as prevalent as its been in a long time, we also established a new low in unemployment claims and received early signs of a pick-up in the ailing manufacturing sector with the March ISM New Orders posting a 16 month high. This dichotomy showed up […]

April 1, 2016

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QUARTERLY REVIEW

Q1 2016 Fixed Income Review

The bond market once again showed its resiliency as the Barclays Aggregate Index gained just over 3% during the quarter. This solid performance came as a surprise to many (including this author), as Treasury yields drifted sharply lower in the first two months of the year as the “risk-off” trade gained steam on global growth […]

March 31, 2016

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QUARTERLY REVIEW

Q4 2015 Equity Review

On the surface, the headline returns for 2015 look boring at worst, with the Dow Jones and the S&P 500 indices staying just above the 0% level, while the Barclays Aggregate Bond index was up a similar 0.6%. Under the hood, 2015 was a very narrow year in regards to stock leadership, with a short […]

January 1, 2016

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