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Reform, Potential Negatives and Known Positives, The Stars – Entasis Newsletter 1Q17

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Section Summary

  • Reform – At the start of 2017, consumers and businesses were excited by the prospects for an aggressive, pro-growth fiscal agenda coming from Washington. Optimism was tempered by a mix of potential impediments to future growth expectations.
  • Market Notes – The S&P 500® Index earnings growth rate for the first quarter is estimated to be +8.9%. If this growth rate materializes, it will be the highest year-over-year earnings growth for the index since the fourth quarter of 2013.
  • Equity & Fixed Income Comments – We did not make any large changes to portfolios in the first quarter because our outlook has not changed meaningfully.
  • Research Focus – There is nothing wrong with the methodology of the Morningstar Star Rating. The flaw is how it is used.
  • Client Focus – Dynamic Total Return is our most recent investment management offering. An overview of the investment strategy is included in our newsletter.
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