News & Insights

Bailard’s Micro Cap Value Strategy has been recognized as Manager of the Decade and Bull/Bear Masters in the Micro Cap Value Universe in the PSN Top Guns list as of Q4 2024. The PSN Top Guns List for top performance in separate accounts, managed accounts, and managed ETF strategies.

Inflation continued to moderate across most major markets: the Fed’s preferred Core PCE reading cooled to 2.8% year over year, while British CPI fell to 3.4%, the Eurozone to 2.6%, and Switzerland to just 1.2%.

Bailard is thrilled to announce its inclusion in the PSN Top Guns List for top performance in separate accounts, managed accounts, and managed ETF strategies for the fourth quarter of 2023. This recognition, presented by Zephyr, highlights the achievements of product offerings within the PSN peer reporting framework. Bailard’s Micro Cap Value, Technology, and Technology & Science strategies achieved notable rankings on the list.

The Bailard Technology Strategy was a top performer in Morningstar's Overall U.S. Separate Accounts Category over 1-year period, and Morningstar's Technology Category over 1- and 5-year periods ending December 31, 2023

Bailard’s CIO Eric Leve was highlighted alongside some bright minds in the industry sharing strategies on how to invest $100,000 in today’s market. Beyond traditional avenues, Eric and his peers also explored unique ideas ranging from epic concerts, rescue cat cafes, and boundary-pushing travel.

Japan’s Nikkei 225 Index finally surpassed its high reached in 1989. Memory of deflation may not be beaten, but January data registered the 22nd consecutive month of +2% year-over-year inflation, the longest such stretch since the early 1990s.

Generative Artificial Intelligence, or "GenAI," has captured the world's imagination. We have written extensively on the trend and believe it will catalyze a sharp increase in productivity of knowledge workers. We are already seeing strong evidence of impact in several industries. Unfortunately, we also believe GenAI will serve as an accelerant to cybersecurity threats. Like strong winds in a forest fire, this will further enflame an already roiling threat landscape, enhancing the need for cybersecurity solutions and serving as a tailwind to cybersecurity demand.

Global tensions are rising in the Middle East and beyond. Iran targeted Sunni militias in Pakistan, and their proxies targeted an American air base in Iraq. Red Sea shipping disruptions have caused freight costs for many routes to more than double.

In the 4th quarter, global equity markets found a new pillar to build upon 2023’s already impressive investment results. Declining U.S. Treasury yields in the final two months of the year drove broad developed markets to within a hair’s breadth of EAFE’s all-time high. The year began with fears of global recession and high inflation in most major markets (excluding Japan). The year ended with “peak” optimism: that central banks, most critically the Fed, had brought inflation down to near normal levels without causing a recession. That optimism led to a broad expansion of global equity valuations in the 4th quarter.

The Bailard Technology Strategy posted a Q4 total return of 20.01% net of fees, meaningfully ahead of the competitor-comprised benchmarks with the Morningstar U.S. Open End Technology Category return of 16.48% and the Lipper Science and Technology Fund Index return of 16.18%. The Strategy also led both the S&P North American Technology Index return of 17.17% and the mega-cap Nasdaq-100 Index return of 14.60%. Over longer time periods of 3, 5, and 10 years, the Strategy’s net returns continued to lead the competitor’s peer group benchmarks.

Equity markets shot higher in Q4, delivering in most cases more than an average year’s worth of positive performance in three short months. Widespread belief that inflation was under control and the Fed was done tightening drove interest rates significantly lower throughout the period. That, combined with better-than-expected earnings reports, led to particularly strong equity returns during a time of year that is typically favorable for stocks already.

Jeremy Wager-Smith, Fixed Income Portfolio Associate, examines the dynamic shifts and key trends that shaped the bond market in 2023.

Our EVP of Domestic Equities and Head of Technology Investing Dave Harrison Smith, CFA joined a live Yahoo Finance broadcast to discuss his outlook for tech investing in 2024, including what comes next after Generative AI’s initial debut.

China (and Hong Kong) limped into the new year, cementing their status as the weakest markets in ACWI during 2023. An anemic fiscal response (and little support for the struggling real estate sector), ongoing political purges, distancing from the West, and moving closer to the U.S.’s enemies have all contributed to a dramatic cheapening of both markets

Bailard, Inc. an independent, values-driven asset and wealth manager in the San Francisco Bay Area, is pleased to announce that its Technology Strategy was a top performer in the Morningstar Technology Category for both the 1-year and 5-year periods ending September 30, 2023.

The Wall Street Journal's article featuring Eric Leve, Bailard's Chief Investment Officer, provides a practical perspective on managing cash holdings in the current economic environment. Leve emphasizes the risks of over-reliance on cash and the challenges of trying to time the market, offering guidance for investors aiming to optimize their portfolios.