Currently 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 the traditional pattern. It was...

In 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 Yield-Focus strategy specifically, reached a very strong multi-year relative performance peak approximately one year ago. Simply stated, the basic reason for the divergence over the past year relates to the available market opportunities for each specific strategy.