May 2023

By the Way - Macro commentary

The S&P 500 continued to trade in a range around the 4,000 level until last week when Congress passed the debt ceiling deal, the FED seemed prepared to not raise rates at the June meeting, and the May jobs report beat expectations by a wide margin. I remain sceptical of the durability of the breakout given several headwinds facing the market going forward, but remain mindful that fighting the tape is often an expensive exercise. Market breadth has been awful. Bull markets feature wide-spread strength across many sectors, but 2023 has displayed just the opposite. The S&P 500 is up 11.2%, but an equally weighted 500 is only 1.5% higher. Over 100% of this year's gains came from the top ten weighted stocks in the Index, and less than half of the S&P constituents are trading above their 200-day moving average...(continue reading...)

Mulvihill ETFs monthly

• 10.1% Yield, monthly distributions
• Highest yielding Canadian Bank ETF
• 2x the yield of Canadian Bank stocks
• Option writing + modest leverage (25%) enhance portfolio yield
• 25+ year track record managing Canadian Bank mandate

CBNK Monthly Update

Learn more?mulvihill.com/CBNK

• 7.7% yield, monthly distributions
• Over 4x the yield of S&P 500 Health Care Index
• Option writing + modest leverage (25%) enhance portfolio yield

XLVE Monthly Update

Learn more?mulvihill.com/XLVE

• 5.8% yield, monthly distributions
• Tax-efficient ROC distributions
• Option-based strategies enhance underlying dividends
• Actively managed portfolio of North American stocks

MPY PM Commentary Q1 2023

Sign up for our monthly email