PACKY Presents: July 2024 Bison Market Quick Hit

Hello there!

As summer flies by, we bring to you the latest edition of the Bison Wealth Market Quick Hit. We have included some highlights around last month’s markets, along with a look ahead through our positioning and outlook.

As always, please do let us know your thoughts, questions, and concerns. We’d love to hear from you.

Best Regards,

Patti Janco-Tupper & Becky Wuest Creavin

Bison Wealth

Market Roundup

• July saw a significant rotation in the US stock market with investors shifting away from mega cap, technology, and growth style factors in favor of smaller to mid-cap and value stocks.
• Small caps, as measured by the S&P 600 Index returned 10.79% in July vs. 1.22% for the S&P 500 Index.
• The Federal Reserve signaled that the inflation rate continues to decline, increasing the probability of Fed Rate cuts at the September Fed meeting.
• Bonds also rallied during the month driven by increasing expectations of a rate cut.
• Economic data continues to indicate slowing growth with ISM Manufacturing report coming in below market expectations.

Positioning & Outlook

• Diversification, a concept that has not been in favor for much of the year, started to pay dividends in July with a broadening segment of stocks gaining favor over the narrow set of names that have driven results in the first half of the year.
• We continue to favor maintaining a diversified approach within the equity markets which would include allocations to small, mid, and non-US segments as well as a consideration of adding a tactical component to complement the traditional strategic allocations.
• While markets are predicting, with 100% confidence, a rate cut in September, we continue to take a relatively neutral stance on duration in the portfolio to be positioned well for the rate cut without holding all our eggs in the Fed’s basket.
• We continue to be proponents of adding strategies for income and growth potential that have less exposure to traditional stock and bond markets, thus providing increased diversification, downside mitigation potential and complementary attributes, particularly with the potential for short-term volatility to increase as we near the November election.

DISCLOSURES

IMPORTANT INFORMATION

Investment Advisory services are provided through Bison Wealth, LLC located at 3550 Lenox Rd NE, Ste 2550 Atlanta, GA 30326 or Bison Advisors, LLC located at 140 Cateechee Trail, Hartwell, GA 30643. Securities offered through Metric Financial, LLC. located at 725 Ponce de Leon Ave. NE Atlanta, GA 30306, member FINRA/SIPC. Bison Wealth, LLC and Metric Financial, LLC are not affiliate entities. More information about Bison Wealth or Bison Advisors and its fees can be found in their respective Form ADV Part 2, which is available upon request by calling 404-841-2224. Bison Wealth and Bison Advisors are independent investment advisers registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training.

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The statements contained herein are based upon the opinions of Bison Wealth, LLC (“Bison”) and the data available at the time of publication and are subject to change at any time without notice. This communication does not constitute investment advice and is for informational purposes only, is not intended to meet the objectives or suitability requirements of any specific individual or account, and does not provide a guarantee that the investment objective of any model will be met. An investor should assess his/her own investment needs based on his/her own financial circumstances and investment objectives. Neither the information nor any opinions expressed herein should be construed as a solicitation or a recommendation by Bison or its affiliates to buy or sell any securities or investments or hire any specific manager. Bison prepared this Update utilizing information from a variety of sources that it believes to be reliable. It is important to remember that there are risks inherent in any investment and that there is no assurance that any investment, asset class, style or index will provide positive performance over time. Diversification and strategic asset allocation do not guarantee a profit or protect against a loss in a declining markets. Past performance is not a guarantee of future results. All investments are subject to risk, including the loss of principal.

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Index definitions: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.