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Advisory Solutions Weekly Market Update

03.08.2021

Advisory Solutions Weekly Market Update

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Advisory Solutions Weekly Market Update

03.08.2021

Fixed Income Weekly Bond Market Review

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Advisory Solutions Weekly Market Update

03.08.2021

Equity Opportunities Weekly Market Recap

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The Lead -

02.04.2021

The Lead - "Defensive Investing – 20 Years Later"

  • The dynamics of market participants paying rich valuations for fashionable stocks are evident in 2021, just as they were when Benjamin Graham wrote his book on value investing in 1949 and in one of our first investor communications titled “Defensive Investing” from 2001.
  • Bloomberg noted this month that trillions of dollars are pouring into market capitalization-weighted index funds, and that, as a team of researchers from Michigan State, the London School of Economics, and California-Irvine noted, fund flows over the past 20 years may have disproportionately increased the price of the largest stocks in the market relative to smaller-cap companies.
  • We would note that these disparities appear to be impacting relative valuations as, per month end, the top ten companies (ranked by weight) in the S&P 500 Index were trading at 29x their forward earnings estimate, while the other 490 companies were trading at over a 30% discount.
  • Just as when we started 20 years ago, we remain committed to the same investment approach that served us well over that timeframe, as we seek to take advantage of these opportunities to source promising investments for our clients.

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The Lead -

01.07.2021

The Lead - "Value in Perspective"

  • We look beneath overall market performance to highlight potential opportunities pertaining to disparities between growth and value as well as large caps and small caps, amidst some historic anomalies.
  • While the outperformance of growth stocks relative to value stocks over the past 14 years is among the longest in terms of style cycles, the performance difference between large growth and small value is even more pronounced.
  • We highlight the concentration of the S&P 500® Index and institutional investors in a relatively small number of stocks.
  • With relatively low portfolio turnover in our fundamental equity strategies, and by owning stocks that differ from the benchmark, we adhere to processes that Empirical Research Partners suggests may enable investment managers to generate outperformance over time.

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The Lead -

12.03.2020

The Lead - "The Health of Healthcare Stocks"

  • The S&P 500® Index was up 14% at the end of November, but healthcare was one sector that did not fully participate.
  • However, we would note that in many instances, underperformance ahead of presidential elections tends to be followed by outperformance, as healthcare was among the most consistent outperformers of any S&P 500 sector (75% of the time) after a presidential election, per Ned Davis Research.
  • Several of our equity strategies have added healthcare positions in 2020 in anticipation of brighter days ahead.

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Investment advisory services are available through Sterling Capital Management LLC, a separate subsidiary of Truist Financial Corporation. Sterling Capital Management LLC manages customized investment portfolios, provides asset allocation analysis and offers other investment-related services to affluent individuals and businesses. Securities and other investments held in investment management or investment advisory accounts at Sterling Capital Management LLC are not deposits or other obligations of Truist Financial Corporation, Branch Banking and Trust Company now Truist Bank or any affiliate, are not guaranteed by Branch Banking and Trust Company now Truist Bank or any other bank, are not insured by the FDIC or any other federal government agency, and are subject to investment risk, including possible loss of principal invested.

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Sterling Capital Management LLC, a separate subsidiary of Truist Financial Corporation, serves as investment adviser to the Sterling Capital Funds and is paid a fee for its services as described in the prospectus. Shares of the Sterling Capital Funds are not deposits or obligations of, or guaranteed or endorsed by, Branch Banking and Trust Company now Truist Bank or its affiliates. The Funds are not insured by the FDIC or any other government agency. The Funds are distributed by Sterling Capital Distributors LLC, which is not affiliated with Branch Banking and Trust Company now Truist Bank or its affiliates.