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First Quarter 2024 Newsletter


Market Commentary

The first quarter of 2024 saw the equity markets rally strongly to all-time highs.  Fixed income however experienced small losses given higher bond yields. 

 

This represents a decoupling of equities and fixed income for the first time in over 2 years and suggests that perhaps investors in the equity markets may be too optimistic regarding the timing and magnitude of future interest rate cuts especially in the US. 

 

We remain of the view that we are now in a structurally higher interest rate regime which will present challenges for equities and other traditional asset classes moving forward.  Accordingly, we remain hypervigilant on protecting client portfolios, avoiding excessive drawdowns, and allocating capital at the margin to stable investment strategies providing healthy combinations of lower volatility, income, diversification, inflation protection, and overall risk mitigation.

 

Portfolio Positioning and Outlook

We are confident that the Anchor Pacific Fortress Portfolios have and will continue to work to your benefit in meeting your long-term investment goals and provide a secure base for your financial operations.

 

As we digest the subtle adjustments in portfolio asset allocation made over the course of the last 12-18 months, no meaningful changes were made over the quarter and the core asset allocation closely resembles the one from year-end.

 

Our existing asset allocation for the Anchor Pacific Fortress Balanced Model Portfolio is below.


Asset Allocation of the Fortress Balanced Portfolio

 

Download the complete First Quarter 2024 Newsletter:

2024 Q1 Commentary
.pdf
Download PDF • 690KB

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Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and Canadian Investment Regulatory Organization ("CIRO"). Investment services are provided through Anchor Pacific Investments, an approved trade name of ACPI. Only investment-related products and services are offered through ACPI/Anchor Pacific Investments and covered by the CIPF. Financial planning and insurance services are provided through Anchor Pacific Wealth Management. Anchor Pacific Wealth Management is an independent company separate and distinct from ACPI/ Anchor Pacific Investments.

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