Eagle Views

Special Coverage

  • June 15, 2017
    James Camp, CFA, head of Eagle's Fixed Income group, offered his thoughts on Wednesday's move by the Federal Open Market Committee to increase short-term rates by 0.25 percentage points to a range of 1.0 percent-1.25 percent:

    Today's move was expected. There had been some talk in the last couple of weeks of whether the Fed might not vote on an increase at this meeting due to some mixed economic-data signals. However, we have maintained for some time — and continue to believe — that Fed Chair Janet Yellen is intent on “normalizing” interest rates and will continue to do so as long as the U.S. economy is moving in a positive direction. The terminal funds rate likely will be lower — and remain lower for longer — than many pundits will suggest. The Fed will remain deliberate because near-term inflation data have peaked and, in fact, may have rolled over (based on, among other readings, recent commodity prices). Consequently, the 10-year U.S. Treasury yield has fallen to a post-election low of about 2.10 percent.

    The Fed has well-signaled its intentions and the markets at this point mostly shrug at the increases. Yellen and her peers are now openly discussing their desire to reduce the balance of debt the Fed accumulated in its rounds of “quantitative easing” designed to stimulate the U.S. economy after the Great Recession.

White Papers

  • Muted optimism for continued growth
    The U.S. equity markets shrugged off early-2016 concerns about a global recession and chugged along until the populist-driven summertime Brexit vote. The U.S. presidential election overhung the markets through the fall. The Federal Reserve made it two Decembers in a row of small interest-rate increases. The markets shrugged, though, and finished the year with a strong rally. The investment professionals' discussion included what 2017 might bring overall; the Fed's next possible move; prospects for the domestic economy as well as the increasingly relevant global economy; and — perhaps most interesting to readers — how they have positioned the investment portfolios they run.
    Click here to read the paper. (pdf)

  • The United States Healthcare Industry
    An argument for active management in the small-cap healthcare space
    — Feb. 2017
    The cost of healthcare is widely considered unsustainable. Healthcare is a $3.3 trillion dollar industry, or 17 percent of gross domestic product (GDP). Healthcare spending is projected to rise to one-fifth of GDP by 2025.1 Eagle's small-cap healthcare portfolio managers and analysts see opportunity despite the uncertainties that accompany the inevitable changes in the large and dynamic industry that is healthcare.
    Click here to read more (pdf)

    1 Source: Centers for Medicare and Medicaid Services

Capital Markets Review


Quarterly

This booklet provides readers with relevant macroeconomic data. Further, it highlights select asset-class and valuation metrics.

Monthly

These single-sheet snapshots provide an overview of index returns, currency-exchange rates, style returns and more.

Capital Markets Review Quarterly Report

Click here to read.

 

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