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There are 3 pertinent portfolio construction topics as we head into the fall: How do we position portfolios for structurally higher inflation in the years to come? In 1970s/1980s, inflation stayed high for 5-10 years. As we like to say, once the genie comes out of the bottle, it’s hard to put it back in. Most 60/40 portfolios still have a lot of long duration & deflationary exposure and may not do well in an environment of higher inflation/higher rates. There is an insatiable

Equities Rebound in July Despite some turbulent months in the first half of the year, equities posted strong returns in July, given the Nasdaq-100 Index gained 16.4% since June 16th, likely on the back of an anticipated dovish Federal Reserve. For the month, US growth was the best performer (+12.5%), followed by US mid-caps (+10.9%) and US small-caps (+10.1%). Bonds also fared well as high yield credit returned 6.7%, investment grade corporates gained 4.4%, and TIPs rose 4.3%