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2013 Q1 Client Letter

We have completed your 2013 First Quarter Holdings & Performance Report,and it is now available in your Client Portal (Sharefile).Our lower risk portfolios yielded high single-digit returns while are more aggressive portfolios turned in low double-digit returns. The first quarter of 2013 provided great returns across the global equity markets after a flat fourth quarter in 2012. Generally, equities turned in positive returns, with Healthcare the big winner for the past twelve months.Conversely, Precious Metals were the noteworthy negative sector for the period.

In an effort to provide some investment insight, we included the average twelve-month performance results of the different equity categories in our portfolios (see chart below).

Looking forward, with no signs of significant inflation, we are confident that we are at waypoint 3 on our Economic Cycle Chart (see below). We continue to expect slow economic growth domestically which bodes well for equities. Corporate earnings continue to improve while valuations remain low, making it attractive to own stocks. Our allocations continue to be weighted in favor of US equities as domestic markets remain the most attractive globally.

As always, we greatly appreciate the confidence you have shown in our service. We thank you for your business! We would also like to send our best wishes to our friends, clients & family members who were affected by the bombings in Boston. A blog post was written on this event, “On the Events in Boston”.


Blair McCarthy | Bijan Golkar, CFP®

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