The 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 a resurgent economy finished the year in the opposite camp.  The...

Meritage 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 managers and CEOs for over 50 years for an institutional subscriber base.The full interview...

Meritage 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 strategy from Meritage Portfolio Management was awarded the “Top Guns Large Cap Universe” ranking...

Strong 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 consecutive quarter. Markets also took a more measured view of the trade concerns, in spite of an escalation in tariffs. By quarter’s end, most major stock indices had registered new all-time highs.

Broad 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 market struggled for direction amidst longer-term uncertainties regarding the duration of the current economic cycle. As we discussed in our note last quarter, this is consistent with a market in transition, as the outlook for better growth also signals the latter stage of an economic cycle that now exceeds nine years.

Since 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 then was an overdue, “normal” market correction, not the beginning...

It 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 earnings news, the modest loss masks a 10% correction from the January highs.

Another 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 correction, which we do not expect to...

The 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 into an all-out meltdown or crash. While we...

A 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 finished the 2017 calendar year without a single down month for the first time since 1970.

Bond returns were generally positive for the year as longer-term interest rates ended the year somewhat lower compared to the beginning of 2017.  Shorter-term rates moved noticeably higher in the fourth quarter, most likely in anticipation of additional rate hikes from the Federal Reserve in 2018.