Xponance, Inc.

This “Short Take” video by Adam Choppin, CFA, Vice President Assistant Portfolio Manager, Multi-Manager Strategies, talks about some interesting takeaways from Laboring Under Pressure: Are Labor Supply Trends Breeding Long-Term Stagflationary Conditions? To read the article related to this video, click the link below: https://lnkd.in/eAp6-MZs #XponanceShortTake

The electorate is in a foul mood. Not just in the U.S., but globally, where incumbent parties have faced unprecedented levels of reversal. In each of the 10 major countries tracked by the Financial Times’ ParlGov global research, incumbent leaders were either given the boot or a painful thrashing. Some like Emmanuel Macron’s Ensemble coalition and Narendra Modi’s BJP survived but only barely. Others, like Japan’s long dominant Liberal Democrats, the British Tory Party, and now the U. S. Democratic Party, did not. The two issues that dominated the elections in Europe and the U.S. were immigration and inflation. In this paper, (Part I),I look at the drivers behind inflation. In Part II, I will evaluate salient macroeconomic, demographic, and social factors that should inform immigration policy. In Part III, I will analyze policy solutions that have been put forward to address both issues, as well as their investment implications. To view the complete article click the following link: https://lnkd.in/eMtcgn2G #PresidentialElection #Economy #ImmigrationPolicy

As risk-on traders take a victory lap amid surging equity markets and now renewed monetary policy accommodation, the expectations for a soft landing in the U.S. economy now form the base case scenario for a preponderance of U.S. investors. We remain more cautious, seeing growing cracks in the economic foundations of the U.S. economy, especially in the labor market. Of most imminent concern is the diminished demand for labor (see?Chart 1), which is also evidenced in rising part-time workers who would prefer to work full-time, the Sahm rule, and increases in the portions of the unemployment rate due to raw job losses. Such fast-moving changes in labor demand are well-covered by several economic analysts. Less discussed, but also concerning, is what has heretofore been an absolute strength of the U.S. economy, an unexpected surge in high quality labor supply. This strength has the potential to quickly turn to a weakness that brings forward a long period of stagflationary wage pressures in the U.S. To read the complete article, click the link below: https://lnkd.in/eAp6-MZs

As we approach the end of 2024, market volatility persists, with the market narrative frequently shifting in response to new economic data releases. Throughout the past year, we have anticipated that the economy, and consequently the fixed income markets, were at an inflection point. We now believe that this moment has finally arrived. But what does this mean for fixed income markets and portfolio decisions in the fourth quarter of 2024 and beyond? #fixedincome #marketvolatility https://lnkd.in/eEN7FTPn

This “Short Take” video by Sumali Sanyal, Managing Director Senior Portfolio Manager of Systematic Global Equities, talks about some interesting takeaways from Navigating Market Crosscurrents:?Systematic Global Equities Update. To read the article related to this video, click the link below: https://lnkd.in/eU3f-k_P #XponanceShortTake

We pay tribute to our veterans and all those who have served on this Veterans Day. Their bravery and commitment are appreciated greatly. Let us take a moment and reflect on the contributions made by our veterans and express our gratitude! #ThankYouVeterans #VeteransDay

Market narratives have shifted significantly this year—from excitement surrounding artificial intelligence (AI) to apprehensions about big tech expenditure, and from recession worries to confidence in the resilience of the U.S. economy. In September, the Federal Reserve reduced interest rates by 50 basis points, marking the first monetary policy easing in four years. This policy shift is expected to bolster growth, stabilize a decelerating labor market, and prolong the current economic cycle. Equity markets are likely to respond positively to the Fed’s actions in the upcoming months, with signs of increasing market breadth and a reduction in the extreme concentration within a few mega-cap technology stocks seen earlier this year. To continue reading this article click the link below: https://lnkd.in/eU3f-k_P

We’re excited to share The Philadelphia Inquirer's latest feature on Tina Byles Williams, highlighting her inspiring journey from City Hall to building Xponance into one of the largest Black-owned asset management firms. Tina’s story is a testament to the power of resilience, focus, and the American dream. ? Read more about her incredible journey and her vision for the future of asset management: https://lnkd.in/g4ahJyw6 #AmericanDream #AssetManagement #Leadership

Great discussion between our Assistant Portfolio Manager, Adam Choppin, CFA , and longtime Xponance friend Robert Morier talking about how we pick managers, build portfolios, and think about the markets. Click the link to watch!

Great piece by Shundrawn Thomas in Family Wealth Report on the opportunity for family office investors in diverse-owned firms in the lower-middle market. Give it a read here: https://lnkd.in/dduQU5DH