Uncertainties around inflation, Fed tightening, and the resilience of the U.S. economy grew more worrisome in the second quarter, sparking a broad-based selloff in stocks and bonds. Coupled with the declines of the first quarter, all maj...
By Meritage Portfolio ManagementWe are very pleased to announce the addition of two new professionals to our firm. MeLissa Trujillo joins us in a new role of Senior Portfolio Administrator. As an administrative member of the Investment Team, MeLissa supports our tradin...
By Meritage Portfolio ManagementWe try not to overdo these special market notes, but the recent volatility and weakness in the market is clearly deserving of an update. Our intent is to provide some context to what is going on and share a few thoughts on how we all...
By Meritage Portfolio ManagementThe gradual transition of the financial backdrop back to pre-pandemic conditions encountered new challenges in the first quarter, unnerving both stock and bond investors. At stake is an economy looking to maintain its upward trajectory, ...
By Meritage Portfolio ManagementSummary Market volatility has remained very high since our recent update in late January. We have seen additional evidence regarding the persistence of inflation and now the unfortunate incursion by Russia into Ukraine. We don’t try to...
By Meritage Portfolio ManagementWe thought we would pass along a few thoughts about the heightened volatility in the equity market. We don’t want to attach too much significance to the first 3 ½ weeks of the year (now officially the worst start ever) but we think ...
By Meritage Portfolio ManagementFrom a broad perspective, the world moved closer to normal over the past year. At the same time, there was very little about this year that seemed normal. Such is the process of putting the pieces back together, knowing the outcome won...
By Meritage Portfolio ManagementSeven consecutive months of positive returns came to an abrupt end in September, erasing gains for the quarter for most broad-based equity indices. This turn of fortune was accompanied by a mix of new and old developments that for now ...
By Meritage Portfolio ManagementThe Growth Equity strategy from Meritage Portfolio Management was awarded the “6 Star Top Guns U.S. Equity Universe” ranking within the Informa Investment Solutions (IIS) PSN manager ranking database. This well-respected quarterly ra...
By Meritage Portfolio ManagementMost broad equity market benchmarks finished the quarter at or near all-time highs. The strong gains in the quarter reflected a combination of near ideal underlying fundamentals, ranging from company-specific earnings and revenue trends ...
By Meritage Portfolio ManagementI am very pleased to announce Meritage Portfolio Management has recently surpassed the $2 billion mark for assets under management (AUM). For more than 25 years, our dual mission of investment excellence coupled with personalized investm...
By Mark E. Eveans CFA, President & Chief Investment OfficerAs we pen this first quarter update amidst the comfort of markets residing around all-time highs, we can’t help from looking back at our Investment Update this same time one year ago. The extreme uncertainty of that moment still come...
By Meritage Portfolio ManagementThe Growth Equity strategy from Meritage Portfolio Management was awarded the “6 Star Top Guns U.S. Equity Universe” ranking within the Informa Investment Solutions (IIS) PSN manager ranking database. This well-respected quarterly ra...
By Meritage Portfolio ManagementThe haste to put 2020 in the past is understandable on many levels, though from an investment perspective, equity investors may do so with mixed feelings. This improbable year finished strongly for stocks with most broad market averages ...
By Meritage Portfolio ManagementWe are pleased to announce what we believe is a significant enhancement to our security selection process. As you may recall, Meritage uses a combination of fundamental research with quantitative modeling in our investment process to i...
By Meritage Portfolio ManagementStocks advanced strongly in the third quarter, extending the rally from the pandemic-driven lows of late March. While the first phase of this recovery seemed to defy most conventional views at the time, the strength in the third quarte...
By Meritage Portfolio ManagementWe hope this note finds you well. As our client interaction remains more on the virtual side, we will continue to be more active with our periodic notes and updates. Following a strong second quarter, most trends have continued into th...
By Meritage Portfolio ManagementThe surprisingly strong rebound in stocks against a backdrop of severe economic and social duress is among many storylines that have emerged over the recently completed quarter. We’ll comment below on some of the drivers behind this st...
By Meritage Portfolio ManagementWe are very pleased to announce the promotion of Sharon Divine, CFA, to Co-Manager of the Meritage Value Equity strategy, now sharing that responsibility with me. Sharon has been with our firm for over 25 years and is a principal. She ma...
By Mark E. Eveans CFA, President & Chief Investment OfficerFollowing our previous studies of artificial intelligence and blockchain technology, this paper examines the extraordinary progress in the field of genomics. We have already seen some of the life-changing possibilities that have come fro...
By Leonard C. Mitchell, CFAWe hope everyone is staying healthy. As most of us will see some moderation to our shelter in place guidelines in the coming days and weeks, we expect our habits of staying safe will remain as essential as ever. Since much has transpired...
By Meritage Portfolio ManagementIt’s hard to know where to start. The suddenness of what’s transpired over the past six weeks revealed a vulnerability to our way of living previously only appreciated by those of the scientific community. Ten million people have fil...
By Meritage Portfolio ManagementDiscussion In the past week, we have seen unprecedented, disruptive events occurring at speeds that stretch anyone’s comprehension. As these developments unfold, the markets are extrapolating this new information each day into longer-t...
By Meritage Portfolio ManagementWe don’t often field a lot of questions about bond safety, nor would we expect to under normal circumstances. Not surprising nor alarming, signs of stress have crept into the bond market over the past couple of weeks causing bond price...
By Meritage Portfolio ManagementThe Meritage Growth Equity strategy emphasizes high quality stocks with above average Cash Flow Return on Invested Capital (CFROI). Relative to growth benchmarks, our process has led us to overweight the Information Technology and Health...
By Leonard C. Mitchell, CFAThe focus of this note is to apprise you to the steps we are taking to assure the ongoing continuity of our business and provide for the health and safety of our associates and all we may come in contact with. In addition to the...
By Meritage Portfolio ManagementIt has been a while since market conditions have compelled us to send a short note like this between quarters. Our intent here, as we have done in the past, is to provide perspective on volatility and offer a few thoughts regarding expec...
By Meritage Portfolio ManagementIn the waning days of the 2019 legislative session, Congress passed a new law, The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) that modifies rules on IRAs and employer retirement plans. These provisions becam...
By Meritage Portfolio Management2019 was a banner year for both stocks and bonds. In stark contrast to how the end of last year wrapped up, seemingly everything fell into place for stocks in the final quarter this year. This lifted broad market returns to their best ...
By Meritage Portfolio ManagementMeritage Portfolio Management is pleased to share that the firm has been named to the 2019 Top 100 Financial Advisory Firms in the nation – CNBC FA 100. The list was selected from more than 1,000 qualifying financial advisory firms u...
By Meritage Portfolio ManagementMeritage associates, friends and family members gathered to support a world free of Alzheimer’s at the 2019 Walk to End Alzheimer’s on Sunday, October 6 in Corporate Woods. Many thanks to our fundraising contributors for supporting o...
By Meritage Portfolio ManagementStocks advanced slightly in the third quarter, adding to their strong gains in the first half and closing just under the market highs of late July. Volatility remained high as headlines around China trade negotiations and prospective Fed...
By Meritage Portfolio ManagementU.S. stocks added to the strong gains of the first quarter, giving the broad market its best six month start in over twenty years. A slightly longer perspective shows more moderate returns, with stocks just ahead of where they were in la...
By Meritage Portfolio ManagementExecutive Summary Over the years, we have addressed the periodic performance swings between value equity strategies and growth equity strategies. Differences have historically been cyclical in nature and often associated with the sta...
By James M. Klein, CFADeeply oversold conditions at year-end set the stage for a vigorous recovery for stocks in the first quarter of 2019. Similar to other corrections during the course of this bull market, the retracement in stock prices has occurred quickl...
By Meritage Portfolio ManagementBlockchain technology offers many advantages over traditional record-keeping methods, such as cost savings, speed, accuracy and security. It eliminates the middleman and provides a mathematical basis for trust. Intrigued with its possibi...
By Leonard C. Mitchell, CFAGood News Many interim-quarter updates we send are typically in response to an unexpected market decline, so instead, we thought we would take the opportunity to provide commentary after what has been a more positive experience. Equity m...
By Mark E. Eveans CFA, President & Chief Investment OfficerThe stock market pulled back sharply in the fourth calendar quarter. Earlier-year gains were erased as declines breached bear-market territory for most broad-based indices. A year that began with high expectations and optimism around...
By Meritage Portfolio ManagementMeritage CIO, Mark Eveans, recently sat down with The Wall Street Transcript to discuss the firm’s investment process and specific investment ideas within our separate equity strategies. This publication has been interviewing money man...
By Meritage Portfolio ManagementAt Meritage we are fortunate to have a loyal and caring group of associates, now going back over our 27 years (and even longer linked back to our predecessor firm). Each year we recognize notable anniversaries. This year’s honorees...
By Meritage Portfolio ManagementMeritage Portfolio Management — Growth Equity Strategy Honored as PSN Top Guns Large Cap Equity Universe Meritage Growth Equity Strategy Again Awarded Top Guns Distinction in National Database Performance Results The Growth Equity strate...
By Meritage Portfolio ManagementOverland Park investment manager rolls out a highly rated small cap equity strategy for institutional and high net worth investors. After several years of managing two small cap equity strategies using internal corporate funds, Meritage ...
By Meritage Portfolio ManagementStrong economic and corporate fundamentals fell into place in the third quarter, triggering an impressive rally in stock prices. Annualized GDP growth exceeded 4% and corporate earnings (abetted by tax reform) grew over 20% for a second ...
By Meritage Portfolio Management“Artificial Intelligence is the electricity of the 21st century.” Andrew Ng, Stanford University “We want Google to be the third half of your brain.” Sergey Brin, Alphabet President Introduction The revolution is upon us. The rap...
By Leonard C. Mitchell, CFAThe Growth Equity strategy from Meritage Portfolio Management was awarded the “Top Guns U.S. Equity Universe” ranking within the Informa Investment Solutions (IIS) PSN manager ranking database. This well-respected quarterly ranking i...
By Meritage Portfolio ManagementAll of us at Meritage appreciate our good fortune to be a part of a successful business and live in a community that truly comes together to help those who are less fortunate. Our associates are encouraged to be involved with charitable ...
By Meritage Portfolio ManagementBroad equity markets posted positive returns in the second calendar quarter, rebounding from the modest declines of Q1. While the news flow regarding continued economic growth and strong corporate earnings was generally positive, the mar...
By Meritage Portfolio ManagementSince we last distributed a special commentary on general market conditions (MARKET PERSPECTIVE, FEB 6, 2018), stocks have rebounded from lows established on February 8, recovering most of the 10% decline. Thankfully, what we experienced...
By Mark E. Eveans CFA, President & Chief Investment Officer“Every company today is a technology company – they are either in the technology business or they are becoming more dependent on technology to help run their business.” Len Mitchell, Meritage Sr. Portfolio Manager The advancement i...
By Meritage Portfolio ManagementThe Growth Equity strategy from Meritage Portfolio Management was awarded the “Top Guns Large Cap Universe” within the Informa Investment Solutions (IIS) PSN manager ranking database. This well-respected quarterly ranking is widely u...
By Meritage Portfolio ManagementIt was the third quarter of 2015 that stocks last turned in negative returns, triggered by recession fears and collapsing oil prices. While this quarter’s market decline of 1% – 2% came amidst stronger economic trends and positive earn...
By Meritage Portfolio ManagementMeritage Growth Equity Strategy Again Awarded Top Guns Distinction in National Database Performance Results
By Meritage Portfolio ManagementAnother sharp drop happened on Thursday, similar to last Monday’s (Feb. 5) decline. Our conclusion remains the same, as stated in our February 6 memo – “Perspective on Markets”. Our view is that this is an overdue valuation corre...
By Mark E. Eveans CFA, President & Chief Investment OfficerThe stock market’s dramatic 8% drop in the last six trading days is breathtaking and disconcerting, especially yesterday’s 4.1% decline. Our view is that this is an overdue valuation correction, which we do not expect to escalate int...
By Mark E. Eveans CFA, President & Chief Investment OfficerA strong fourth quarter gave stocks their best year since 2013. Broad equity indices hit multiple new highs as volatility remained historically low through year end. Feeding off the momentum that began in late 2016, the S&P 500 finis...
By Meritage Portfolio ManagementMeritage Growth Equity Strategy Again Awarded Top Guns Distinction in National Database Performance Results
By Meritage Portfolio ManagementStocks added impressively to their gains of the first half, marking the eighth consecutive quarter of positive returns for most broad based indices. Much of what transpired in the markets fit the “more of the same” narrative that has...
By Meritage Portfolio ManagementIt was a good quarter for both stocks and bonds, adding to the solid returns of the first quarter. Numerous equity indices ended the quarter at or near record highs, in spite of a relatively flat month of June. Stocks, broadly speaking, ...
By Meritage Portfolio ManagementA Strong Start: The momentum from last quarter carried into the New Year as the broad based equity averages completed their sixth straight quarter of positive returns. Investors’ attention was pulled between growing uncertainty coming ...
By Meritage Portfolio ManagementGame Changer: Nobody saw this coming, but in the collective wisdom and unemotional ways of the market, it didn’t take long to comprehend that this was monumental. The combination of a highly improbable election outcome with such wide-r...
By Meritage Portfolio ManagementCurrently in the midst of its eighth year, this bull market is the second longest on record. Conventional wisdom would suggest this puts us in the late stages of a traditional business cycle. The current cycle, however, has not followed ...
By Meritage Portfolio ManagementConfidence Rising: Stocks closed higher in the third quarter amidst a relatively benign backdrop of news and events. In the context of stagnant growth and negative earnings trends, advances like this would seem to be driven more by senti...
By Meritage Portfolio ManagementCliffhanger: Stocks completed a near 6% round trip in a rousing final week of the second quarter, leaving most of the broad equity averages at slightly positive levels for the three months. The U.K. vote to leave the European Union cle...
By Meritage Portfolio ManagementSomething for Everyone: Stocks declined over 10% in the quarter. They also gained more than 10%. Oil dropped 30% and gained almost 50% in the quarter. The Fed advised to expect four more rate hikes this year and then took that off ...
By Meritage Portfolio ManagementThis has clearly been a difficult start to the year, as volatility has picked up meaningfully from an extended period of relatively calm markets. For many of us, the equity market meltdowns of 2000-2002 and 2008-2009 are fresh in our mem...
By Meritage Portfolio ManagementThe year ended for stocks and bonds, not far om where they began. Seems fitting to come full circle like this, if only fitting were part of the plan.
By Meritage Portfolio ManagementThe unusually tight trading range that defined the stock market in the first half of the year gave way to the downside in the third quarter. Slowing global growth became a flashpoint of concern midway through the quarter, triggered by di...
By Meritage Portfolio ManagementIn contrast to strongly positive returns during the past twelve months for the Meritage Value and Growth Equity strategies, the Yield-Focus strategy has experienced a tough year. Yield equity strategies in general, and our differentiated...
By Meritage Portfolio ManagementBeware Greeks Bearing Gifts (or Referendums) A relatively quiet quarter for stocks was interrupted at quarter-end as the charade of negotiations around Greece’s solvency had an untimely reality check. Modest equity gains that had accum...
By Meritage Portfolio ManagementGoing Nowhere, Fast Broad stock returns were relatively unchanged for the quarter, a fitting outcome for a market that moved frequently with conviction in both directions. It is also not surprising to see a consolidation of the very stro...
By Meritage Portfolio ManagementIn the Books A strong fourth quarter lifted U.S. stocks to record highs, generating the third consecutive year of double-digit returns. A familiar combination of solid corporate earnings, Federal Reserve stimulus and few attractive alt...
By Meritage Portfolio ManagementComing off a strong second quarter, stocks turned in a mixed performance for the three months ending September 30. The fundamental backdrop for stocks remained relatively stable, with interest rates drifting slightly lower and generally ...
By Meritage Portfolio ManagementMore of the Same, This Time Quiet is not an adjective often used to describe financial markets, but it fits, along with steady, resilient, calm and positive for the second calendar quarter. News flow over the quarter was relatively uneve...
By Meritage Portfolio ManagementA Tentative Start On the heels of the strong finish to last year, stock market averages posted flattish to moderately positive results for the quarter. Beneath the surface of this relatively lackluster outcome are several observable shif...
By Meritage Portfolio ManagementWe should not be surprised to see investors on high alert for the next bubble. As with most things, all of us have a heightened sensitivity to recent events. This explains why sales of flood insurance spike higher right after that so...
By Meritage Portfolio ManagementThis piece is another in a series that takes a closer look at how investors typically make investment decisions. In this case, we look at one of the key inputs in developing an investment strategy – risk tolerance. An investor’s...
By Meritage Portfolio ManagementIn the spirit of this column’s focus on broadening our conventional thinking, we draw upon the wisdom of turkeys and the existence of swans, specifically black swans. What this has to do with the capital markets is detailed in the th...
By Meritage Portfolio ManagementIn our initial “Worth Mentioning” note last quarter, we wrote that the intent of this correspondence is to address a single investment topic from a fresh perspective. As topics go, the headline above would seem a little ambitious f...
By Meritage Portfolio ManagementMost investors are familiar with the claim “It’s different this time” – a siren’s song, often heard right before the inevitable collapse of whatever was supposed to be different. We heard it in spades with the dotcom craze. At it...
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