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May 31, 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.
April 30, 2024
The Japanese yen hit its lowest level versus the dollar since the 1980s late in the month, followed by a sharp bounce in the currency, which most suspect was driven by official intervention.
April 25, 2024
The global economic environment changed dramatically in the first quarter as bond yields, which had marched down in the 4th quarter on the belief that central bank pivots were fast approaching, reversed course. Prospects for mid-year reductions in short-term interest rates remain high for Europe and the UK, but persistent strength in the U.S. labor market has pushed prospects for a shift there closer to the end of 2024. Still, non-U.S. equities found purchase in solid earnings even as they faced headwinds from a strong dollar due to the evolving central bank dynamics and heightened geopolitical risks. As noted below, we see a range of foreign stocks that can flourish in the current environment and remain excited for the potential of stocks both in developed and emerging markets to compete well against U.S. peers.
April 17, 2024
The Bailard Technology Strategy posted a Q1 total return of 17.08% net of fees, meaningfully ahead of the competitor-comprised benchmarks, with the Morningstar U.S. Open End Technology Category return of 8.56% and the Lipper Science and Technology Fund Index return of 12.18%. The Strategy also led both the S&P North American Technology Index return of 15.31% and the mega-cap Nasdaq-100 Index return of 8.72%. Over longer time periods of 3, 5, and 10 years, the Strategy’s net returns continued to lead the competitor’s peer group benchmarks.
April 15, 2024
Equity markets rose again in Q1, but relative returns were skewed toward growth. The seven mega cap technology stocks that did so well in 2023 retained their “magnificence” in Q1, resulting in indices with Magnificent 7 exposure beating indices that lacked it. Curiously, rising interest rates over the quarter did not dampen investors’ enthusiasm for long duration (growth) assets, even with the Fed signaling that potential rate cuts may come later and to a lesser degree than had previously been anticipated.
April 2, 2024
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.
March 29, 2024
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%.
March 26, 2024
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.
March 21, 2024
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
March 19, 2024
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.
February 29, 2024
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.
February 15, 2024
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.
January 31, 2024
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.
January 29, 2024
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.
January 19, 2024
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.
January 18, 2024
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.

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All investments have the risk of loss. There is no guarantee Bailard will achieve its investment objectives. Please see each full insight post for its respective disclosures.