Exchange-traded funds (ETFs) have been an integral part of our portfolio construction methodology for over two decades, alongside individual security selection. ETFs provide portfolio managers and investors exposure to defined indexes for a very reasonable fee – especially compared to traditional mutual funds – and provide superior tax efficiency to their mutual fund brethren when held in taxable accounts. Our objective is to deliver attractive risk-adjusted returns net of fees and net of taxes, and ETFs are a fine tool to achieve those results. A primer on ETFs:
Some insights on the market activity of Friday, February 2. While the headlines may be loud, it is important to provide some much-needed context for the noise and hone in on the signal, which is quite normal and generally positive.