Economic Commentary June 2019

on Aug 8, 2019 12:53:48 PM By | First Affirmative | 0 Comments | Economic Commentary
Record Archived By Mel Miller, CFA® | Chief Economist Download PDF The US economy enters July having achieved the longest economic expansion in history. The economy reversed the contraction that began in July of 2004, starting at the end of the second quarter of 2009.
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Market Commentary June 2019

on Jul 31, 2019 12:29:08 PM By | Theresa Gusman | 0 Comments | Market Commentary
In this issue: Quarterly Performance Benchmarks  |  Global Market Highlights  |  Outlook – Climbing a wall of worry…Until we get to the top  |  Quarterly Bond Market Overview Download PDF Mixed signals: New Highs, Decelerating Earnings Growth, Stretched Valuations By Theresa Gusman US equities continue to hit new highs. The S&P 500 posted its best first half in 22 years, rising 18.5% through the end of June. Stock markets advanced worldwide, with developed and emerging international markets up 14.0% and 10.6%, respectively, year-to-date, and 3.7% and 0.6% in the second quarter. Volatility persisted during the quarter, with global equity markets rising and falling along with trade tensions -- until it became apparent that the Federal Reserve would be quick to reduce rates amid slowing economic activity and continued low inflation. Fresh highs come amid slowing global growth, sharply decelerating earnings growth and stretched valuations.
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Affirmative Impact June 2019

on Jul 25, 2019 4:01:54 PM By | Holly Testa | 0 Comments | Affirmative Impact
Finally: Significant Progress on Board Diversity By Holly Testa Download the PDF First Affirmative has seen frustratingly slow, but nevertheless steady progress when it comes to board diversity. Of note this proxy season were our successful withdrawals of board diversity proposals at Masimo and Cambrex after both companies took steps to revise nominating committee guidelines and improve their search process to enhance board diversity.
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Sustainable Investment Solutions Symposium: The View From Boston

on Jul 18, 2019 12:20:31 PM By | First Affirmative | 0 Comments |
You’ve probably noticed that the First Affirmative team has been on the road quite a bit over the last few months as we co-present the 2019 Sustainable Investment Solutions (SIS) symposium series. Last week we were in Boston for yet another great SIS event.
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Investing for Impact: Stories from Sustainable Investment Solutions, Washington, D.C.

on Jul 11, 2019 1:53:48 PM By | Amy Thacker | 0 Comments |
I was so encouraged when I attended the recent Sustainable Investment Solutions event in Washington DC on June 25 sponsored by a group of premier asset managers. With close to 60% of the room filled with advisors, 30% of whom were attending their first ever impact investing event, there was robust discussion, a lot of great questions and genuine enthusiasm all around.
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FPA NexGen: The View from New Orleans!

on Jun 25, 2019 1:20:29 PM By | Danielle Burns | 0 Comments |
The vibe: dynamic! The venue: nostalgic! The content: strong! The event: impactfully unconventional.
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The Next Generation of Advisors is Embracing Sustainable, Responsible, and Impact Investing

on Jun 19, 2019 4:34:09 PM By | Theresa Gusman | 0 Comments |
First Affirmative’s key messages to advisors at the 2019 FPA NextGen Gathering:
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Market Commentary March 2019

on Apr 25, 2019 1:10:45 PM By | First Affirmative | 0 Comments | Market Commentary
Also In this Issue: Outlook — Modest Equity Returns Amid Higher Volatility | Quarterly Performance Benchmarks | Fixed Income Commentary Download PDF Volatility reigns: It just feels better on the upside By Theresa Gusman Volatility reigned in the first quarter. The US stocks surged higher, posting their best quarter in nearly a decade and offsetting the fourth quarter downdraft. Equity markets rebounded worldwide led by China, as US-China trade tensions eased, and the Fed signaled that it is unlikely to raise rates in 2019. The first quarter was the mirror image of the fourth. Growth stocks outperformed value, small outperformed large, economically sensitive sectors topped the performance charts, oil prices rebounded, and China was the top performing market in the world. We remain convinced that the fourth quarter ushered in a period of equity market volatility (which always feels better on the upside), asynchronous and decelerating global economic and profit growth, and negative earnings surprises.
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Economic Commentary March 2019

on Apr 25, 2019 1:10:23 PM By | First Affirmative | 0 Comments | Economic Commentary
Slowing Continues By Mel Miller, CFA® | Chief Economist Download PDF The December Economic Commentary highlighted my concern that the economy might have slowed “too much.” As I share the first quarter results in this publication, I still can not answer the question. The fourth quarter Gross Domestic Product (GDP) grew 2.2%. The first quarter GDP slowed from the fourth quarter but by how much? Is a recession on the near horizon? Let’s examine the data.
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Affirmative Impact March 2019

on Apr 25, 2019 1:10:10 PM By | First Affirmative | 0 Comments | Affirmative Impact
Government Shutdown Impacts 2019 Proxy Season By Holly Testa Download the PDF The start of this year’s shareholder proposal season was shrouded in uncertainty, as the government shutdown late last year included the Securities and Exchange Commission (SEC) that is responsible for oversight of the process. Companies have the option of filing no action requests with the SEC that, if granted, allow them to omit certain proposals that the SEC deems deficient in accordance with current rules. Shareholders have the option to defend their proposals. The SEC is back in action, but the back log of no action requests is substantial, according to a recent preview, with about three –quarters of over 50 no action requests filed still yet to be decided as of April 1.
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