Country Indices Flash Report – August 2024
EAFE ended the month at an all-time high, driven higher in August by weakness against all developed market currencies.
Bailard Recognized as a Top Corporate Philanthropist
Bailard today announced its ranking among the San Francisco Business Times’ annual top 100 Bay Area Corporate Philanthropists list, for the fourth year in a row. This year, Bailard earned 71st place, climbing eight spots from its position last year and once again joining esteemed Bay Area companies such as Google, Salesforce, and the San Francisco 49ers.
The Corporate Philanthropy Awards celebrate the Bay Area’s most generous corporate citizens, recognizing companies that give their time, talent, and resources to their communities. The annual list ranks the 100 top corporate philanthropists based on local cash giving and includes for-profit companies and nonprofit healthcare organizations that support Bay Area-based charitable organizations in the counties of San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. This year’s honorees were recognized at the Corporate Philanthropy Summit on July 25.
“Philanthropy has been integral to Bailard’s identity since its founding,” said Bailard’s Chief Executive Officer, Sonya Mughal. “Recognition as a top Bay Area philanthropist for the fourth consecutive year highlights the team’s commitment to our core values—accountability, courage, excellence, fairness, independence, and most of all, compassion. I am incredibly proud of our team’s dedication to making a meaningful impact in our community and improving the lives of those around us.”
The recognition highlights the efforts of both Bailard, Inc. and the Bailard Foundation. Earlier this month, Bailard proudly announced its Bailard Foundation reached $1 million in grants and donations distributed in its first five years. As of June 30, 2024, the Bailard Foundation has distributed $1,008,037 since its inception in June 2019, with over 90% directly benefitting the local Bay Area community.
The Bailard Foundation focuses on three core areas: affordable housing, homelessness & poverty, and financial literacy. In addition to aiding non-profit organizations selected by the Bailard Foundation Board, the Foundation also offers an employee matching program for charitable endeavors about which Bailard’s employees are passionate. To learn more about the Bailard Foundation, please visit our website here. Dive deeper into Bailard’s dedication to impact here.
On the Foundation board of directors are friends of Bailard—including chairperson Terri Bailard, widow of firm co-founder Tom Bailard—and current employees.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with $6 billion in assets under management as of June 30, 2024, Bailard is a majority employee-owned and women-led firm, Certified B Corporation™, and a Principles of Responsible Investing signatory.
About the SFBT Top Corporate Philanthropists
For 24 years, the San Francisco Business Times has published the Corporate Philanthropists List. The list features 100 top corporate philanthropists in the Bay Area ranked by local cash giving. It includes for-profit companies and nonprofit health care organizations that made contributions to Bay Area-based charitable organizations in the following counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. The Corporate Philanthropy Awards program was founded in partnership with Northern California Grantmakers. A portion of the proceeds goes to NCG to fund the Corporate Philanthropy Institute, with the mission to educate more companies about effective giving and best philanthropy practices. The aim is to honor those who give the most and in doing so to help raise the bar and inspire more giving. This achievement does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. The San Francisco Business Times Top 100 Bay Area Corporate Philanthropists is an annual award, given to Bailard by the San Francisco Business Times in July 2024, July 2023, July 2022, and July 2021. Each year, 100 firms appeared in the San Francisco Business Times list. Bailard ranked #71 in 2024, #79 in 2023; #82 in 2022; and #89 in 2021. There was no fee to enter. Bailard, Inc. received this award; almost all donations from Bailard are given through the Bailard Foundation, except for 4% in 2023; 2% in 2022; and 4% in 2021.
Country Indices Flash Report – July 2024
Macron’s gamble may have worked out after all, with the French election delivering a surprise defeat to the far right and a victory to the left-wing alliance. However, with no single alliance of parties having won a majority, the shape of its future government remains unclear.
Quarterly International Equity Strategy Q2 2024
Elections came into focus during the second quarter, with mixed impact thus far on global equities. Japanese intervention in response to yen weakness and a rebound in the Chinese equity market were among the quarter’s other short-lived events. Longer-lasting: a global monetary loosening cycle began to take shape, though the US Federal Reserve has not yet joined in. Amid these gripping but perhaps confusing headlines, we continue to emphasize company, industry, and country fundamentals—which are strong across many foreign market segments. We remain optimistic in a range of opportunities both in developed and emerging equities.
Quarterly Small Value Strategy Q2 2024
The equity markets continued to narrow in Q2. Large growth was the only winning style, and even that was deceptive as large growth returns were concentrated in the usual handful of mega caps perceived to be artificial intelligence (AI) beneficiaries. While showing some signs of weakness, economic growth remained positive while inflation continued to roughly moderate through the period. Interest rates rose in April, fell in May and were largely flat in June, ending the quarter very close to where they started.
Quarterly Technology Equity Strategy Q2 2024
The Bailard Technology Strategy posted a 2Q24 total return of 9.75% net of fees, ahead of both the cap-heavy benchmark index (S&P North American Technology Index) as well as the competitor-comprised benchmarks. The Morningstar U.S. Open End Technology Category returned 3.24% and the Lipper Science and Technology Fund Index returned 5.10%, while the S&P North American Technology Index generated 9.36% and the Nasdaq-100 Index returned 8.05%. Over longer time periods of 3, 5, and 10 years, the Strategy’s net returns continued to lead the competitor peer benchmarks.
The Bailard Foundation Distributes $1M in its First Five Years
Through the Foundation and volunteer events, Bailard, Inc. continues to prioritize and support community impact
SAN FRANCISCO – July 17, 2024 – Bailard, Inc., an independent wealth and asset management firm in the San Francisco Bay Area, proudly announces that its Bailard Foundation reached $1 million in grants and donations distributed in just its first five years. As of June 30, 2024, the Bailard Foundation has distributed $1,008,037 since its inception in June 2019, over 90% of which has directly benefited the local Bay Area community.
“Reaching the $1 million mark is such a momentous milestone for the Foundation and the firm,” said Sonya Mughal, CEO of Bailard. “Through the Foundation, we’ve been able to make a real impact on the local community through causes that are dear to the hearts of our firm and employees. Bailard, for decades, has been devoted to bettering the community around us and giving back to those less fortunate, and the Foundation serves as a pillar of that commitment. I’m thrilled to see the good that it has already accomplished and look forward to all that it will accomplish in the future.”
The Bailard Foundation focuses on three core areas—affordable housing, homelessness & poverty, and financial literacy— which, to date, the Foundation has given $617,185. Beyond this focus, the Foundation offers an employee charitable matching program and continues to support long-standing community partnerships that pre-date its creation. Bailard also organizes frequent employee volunteer opportunities in the community, a practice that also pre-dates the Foundation’s creation.
Bailard launched the Foundation to formalize the firm’s decades-long dedication to giving back and to correspond with the 50th anniversary of the company’s founding in 2019.
“During my nearly 30 years at Bailard, I’ve seen how important giving back has been to the firm and its employees,” said Kim Aquino, CFP®, a Senior Vice President with Bailard and a member of the Foundation’s board of directors. “Launching the Foundation was such a natural step for Bailard and its values-driven, compassionate culture. Achieving the $1M mark shows how deeply Bailard and our employees care, not just about one another and our clients, but also the greater community. It’s been a real honor to serve on the board and act as a catalyst on behalf of the firm.”
Earlier this year, Bailard, Inc. announced its certification as a B Corporation™. Bailard, Inc. has also been named a Top 100 Corporate Bay Area Corporate Philanthropist by the San Francisco Business Times each of the last four years, from 2021 – 2024.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, value-driven asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long-term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible, and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $6.2 billion in assets under management as of 6/30/2024, Bailard is a majority employee-owned and women-led firm, a Certified B Corporation™, and a Principles of Responsible Investing signatory.
On the Foundation board of directors are friends of Bailard—including chairwoman Terri Bailard, widow of firm co-founder Tom Bailard—and current employees.
About the Corporate Philanthropy Awards: For 24 years, the San Francisco Business Times has published the Corporate Philanthropists List. The list features 100 top corporate philanthropists in the Bay Area ranked by local cash giving. It includes for-profit companies and nonprofit health care organizations that made contributions to Bay Area-based charitable organizations in the following counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. The Corporate Philanthropy Awards program was founded in partnership with Northern California Grantmakers. A portion of the proceeds goes to NCG to fund the Corporate Philanthropy Institute, with the mission to educate more companies about effective giving and best philanthropy practices. The aim is to honor those who give the most and in doing so to help raise the bar and inspire more giving. This achievement does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. The San Francisco Business Times Top 100 Bay Area Corporate Philanthropists is an annual award, given to Bailard, Inc. by the San Francisco Business Times in July 2023, July 2022, and July 2021. Each year, 100 firms appeared in the San Francisco Business Times list. Bailard ranked #79 in 2023; #82 in 2022; and #89 in 2021. The 2024 rankings list has not yet been announced but will be announced by the publication later this month. There was no fee to enter. Bailard, Inc. received this award; almost all donations from Bailard are given through the Bailard Foundation, except for 4% in 2023; 2% in 2022; and 4% in 2021.
All investments have the risk of loss. This is not a recommendation of, or an offer to sell, or solicitation of an offer to buy any particular security, strategy, or investment product.
Country Indices Flash Report – June 2024
Following its Swiss counterpart’s March cut, the European Central Bank appears poised to lower rates at its early June meeting. Markets may have anticipated this growing divergence between the Fed and peers abroad, as the dollar weakened slightly through May and European equities led.
Cheddar, “Fed Rate Cuts: What Will 25-50 Basis Points Mean for Tech and Markets?”