Ideas

November 21, 2019

Derivatives Portfolio Manager Sean Heron shares an update on Glenmede's Secured Options Strategy and looks at market condition. With the S&P 500 at an all-time high, the backdrop for options has become more defensive. Investors are asking why options are expensive when the VIX index has dropped to such low levels. Sean offers three explanations for understanding recent options pricing.

November 15, 2019

As earnings season draws to a close, earnings appear to be driving market performance more than usual in the fourth quarter with 74% of S&P 500 Index stocks beating estimates and global macro concerns abating somewhat.

November 8, 2019

Since late August, the U.S. Treasury yield curve has steepened by 30 basis points, triggering a rotational shift with cyclical stocks outperforming defensive stocks. The shift reverses an 18-month trend, based on comparing the relative performance of financials vs. utilities as sector proxies.

Sean Heron, CFA, discusses Glenmede’s Secured Options Strategy and provides an overview of the chart of the month.

October 24, 2019

Our President  Peter Zuleba, CFA, Portfolio Manager Stacey Gilbert and Research Analyst, Amy Wilson, CFA discuss how risk premia reflect the extra return investors require to invest in risky assets versus more certain risk-free assets. Given the decade-long economic expansion, bull market in equities, and a 30-year bond bull market, where are U.S. risk premia today relative to history?
 

October 18, 2019

Listen as Portfolio Manager Jordan Irving gives an update on the impact of market dynamics on third quarter performance of Glenmede’s Small Cap Equity Strategy. Jordan discusses historical data showing that in recent similar conditions, small cap value selling has been followed by a reversal. Currently, strong company fundamentals are not being rewarded as the market preference for momentum and growth continues. Despite this trend, the strategy remains true to its mandate and long-term commitment to quality.

October 17, 2019

Hear from Val de Vassal, Portfolio Manager for Glenmede’s Quantitative U.S. Large Cap Growth Equity Strategy, about third quarter performance and the possible implications of relative valuation and volatility data for mega caps as compared to other large and mid cap stocks. He also comments on valuation and earnings growth factors that were drivers in September, as well as the team’s overall outlook. 

October 17, 2019

Hear from Val de Vassal, Portfolio Manager for Glenmede’s Quantitative U.S. Large Cap Core Equity Strategy, as he examines the key question of whether the market is at or near an infection point in its cycle. He reviews valuation data and relative volatility of mega caps as compared to other large and mid cap stocks, comments on the contribution from valuation and earnings growth factors in September and discusses the team’s overall outlook.

Sean Heron, CFA, discusses Glenmede's Secured Options Strategy and provides an overview of the chart of the month.

September 26, 2019

Read commentary from our Quantitative U.S. Large Cap Core portfolio management team on why we believe the strategy appears well position, despite recent under performance.

September 26, 2019

Read commentary from our Quantitative U.S. Large Cap Growth portfolio management team on why we believe the strategy appears well position, despite recent under performance.

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