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Clear Harbor Flash--Brexit Bruises Investors went into yesterday’s Brexit vote with surprising complacency. Risk assets rose in the days leading up to the vote on polls suggesting a solidification of “remain” sentiment, only to plunge overnight as the “leave” result became clear. While most Americans slept, crude oil plummeted as much as 5%; safety assets such as gold jumped 5%, with the yen rising and U.S. Treasury yields compressing significantly. U.S. equity markets opened markedly lower this morning.
Clear Harbor Q4 Outlook The sun has set on another quarter devoid of a Federal Reserve rate increase, helping both U.S. equities and fixed income product remain well bid. The S&P 500 rose 3.8% in the period ended Sept. 30, while the primary domestic bond benchmark, the Barclays Aggregate Bond Index, gained 0.4%. On the International front, the MSCI All World Index (ex-U.S.) trended higher by approximately 6.4% while the International Barclays Aggregate Bond Index rose by nearly 1.1%.